Ridge Ventures‘ Yousuf Khan is a partner. His previous roles include being CIO of Automation Anywhere, CIO and Vice President of Customer Success at cloud-based AI platform, Moveworks, as well as CIO of Pure Storage and Qualys.
- The following are ten suggestions for facilitating fruitful board sessions.
- In order to succeed in corporate sales, you need focus on CIOs.
An article running a successful board meeting was published a few weeks ago. Since then, I’ve been asked repeatedly: What constitutes a quality board update?
As far as I’m concerned, it’s a valid question. Most startup owners have very little data to work with in the early stages of the company. If you don’t have any information about your customers or products to base your update, it might be challenging to create a productive and effective board deck.
It’s critical to strike a balance between offering a business evaluation and building trust with your board of directors.
Set the groundwork
A easy method to make sure you’re giving board members with the information they want to see, while it may seem overwhelming, is by asking them.
In addition to providing a sense of direction, reaching out to your board allows you to create a stronger connection with them. People cherish the chance to express their opinions.
Remember that investors are always scrutinizing you as a leader, learning how to work with you and looking for strengths and weaknesses.
As many board members are also investors, it’s important to be direct and ask if they have any worries about the investment and how these issues might be handled now that the connection has been established.
Do some research on your own. Find out who your board members are and how long they’ve been on other boards. Do they work with a wide range of businesses? What’s the public opinion of them? If they have had bad experiences with other businesses, it will affect their expectations while working with yours. Find a technique to get insight into how an investor operates if they are new to your board but have served on another for the last two years on another one.
In addition, don’t be afraid to ask other entrepreneurs for advice. Find out what other individuals in your network are doing, what resonates with their board, what investors react to, and what their board’s composition is.
There is a lot of work involved in putting up an investor deck (or it should be). Because you’ll be doing this on a regular basis, it’s imperative that you plan out your workflow meticulously in order to generate high-quality results.