How to leverage your board
Dear Founders,
Let's talk about turning your board from a necessary evil into a secret weapon. As a founder, your board can be a goldmine of expertise, connections, and strategic insight – if you know how to leverage it.
First, understand what your board is for. Yes, they have governance responsibilities, but their real value is in advisory. They're not there to run your company, but to help you run it better.
Composition is crucial. Aim for diverse expertise and perspectives
Set clear expectations from the start
Preparation is your best friend. Craft concise, insightful board materials. Set and distribute agendas in advance. Have pre-meeting conversations with key members to align on critical issues.
During meetings, focus on strategic discussions, not status updates
Leverage individual strengths
Conflicts will arise. Address disagreements proactively. Know when to push back on board suggestions – it's your company, after all. Navigate founder-board tensions with transparency
Use your board as a strategic asset. Set accountability measures and goals. Leverage their connections for partnerships and key hires. And when it's time for fundraising or exploring exits, your board should be your secret weapon.
Avoid common pitfalls:
- Don't rely on the board for day-to-day operational decisions.
- Never hide bad news or sugar-coat problems.
- Don't let the board run the company – that's your job.
Remember, your board needs will evolve as you grow. What works at seed stage won't cut it at Series C. Be prepared to refresh board composition as needed.
A well-leveraged board can be the difference between a good startup and a great one. It's not about ticking corporate governance boxes – it's about building a brain trust that propels your company forward.
So, are you getting the most out of your board? If not, it's time to step up your game. Reach out if you need support in this or any challenges you are facing.
领英推è
5 Tweets to feed your mind?
#1
Amen
#2
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Executive Coach for Founders and CEOs (Ex Google X, Ex VC)
6 个月Super insightful!
Founder @ Bachmann Catalyst | Coaching for CEOs & Exec Teams | Dad, Writer, Musician
6 个月Great episode!