Many board meetings are bored meetings. Management teams whisk through slides trying to get through a presentation to share how great things are going and they are eager to get through the meeting so they can get back to their real jobs. This is a shame since the value that the right board could add is immense if you select the right board members and manage them effectively.
Yesterday I wrote a blog post about what the role of a board actually is. In short the board is there to represent the interest of all shareholders (big & small) of the company and all other stakeholders (debt, creditors, employees, etc.). The board’s job is to review the company’s financial performance and strategy and help provide counsel to the executive team.
Some boards are highly functional, many are not. Sometimes dysfunctional boards are a result of having investors who don’t really understand their role on the board or have the right skills or experiences to be helpful. Sometimes poorly run boards are a function of the executive team not knowing how to get the most out their boards (and also their investors).
I can’t change who your board members are so let me offer some thoughts on how to make your interactions with your board more productive.
Communicate frequently and proactively
The most effective CEOs that I’ve observed send regular, short, board update emails every few weeks or monthly just to give the board a sense of what is going on. Of course it’s not required and many don’t do it. But I find that the more informed your board is and the more you’re staying on their radar screen the more effective they’ll be for you.
As a starting point the more you’re on their mind the more likely they’re out advocating on your behalf when they are out talking with senior executives at potential customers, future potential investors, potential employees, biz dev partners, journalists and all of the other constituencies where investors should be helping you.
The more you keep investors update the more likely they will respond and try to be helpful for problems you’re trying to solve. The most updated they are the more prepared they are when they do turn up at board meetings. And the more informed they are (thus the less surprised they are if things aren’t going to plan) the more they feel bought in to your company’s successes or setbacks and the more productive they will become.
Keep your updates short and to the point or they run the risk of not being read and also don’t waste your time on too long of updates.
I wrote a much longer post a while back on
It feels as though 2017 is likely to go down in history as the year that lasted about a decade in our collective minds. With a new presidential administration, there’s been a groundswell of interest and engagement around policies that impact the country, and more directly, the entrepreneurs looking to build businesses within it.
But even with engagement at an all-time high, headlines are seemingly focused on just a few areas:
- We’ve seen heavy-handed immigration policies struck down in court, twice.
- We’ve seen the last of a healthcare debate that raged through two houses of Congress, went through half a dozen Congressional Budget Office scores and a multitude of variations, only to get knocked down in the dead of night.
- We’ve heard a lot about trade, and by extension bringing back jobs like manufacturing and coal mining.
- We’ve heard even more about building walls.
There have been good fights Continue reading "4 policy changes Heartland entrepreneurs really want"