Board meetings are a part and parcel of the lives of working professionals. This is where innovative thoughts and ideas come up and people can also recognize the mistakes and misunderstandings made during a particular course of time. If we talk about a startup board meeting then there are numerous other aspects related to it. It is very important for the startup founders to have a strong and healthy relationship with investors. This can be done through regular board meetings which help in strengthening this relationship. However, some of them do not have an idea about how to manage this relationship which is actually okay. They will obviously learn this gradually once they start learning about the same. There are some ways in which the founders can smoothly run startup board meetings for the greater good of their business.
- The first thing to do is to send all the materials related to the meeting in advance to the investors. These materials can be anything including issues, queries, background readings, data, etc. Once the investors become well – versed with whatever the necessities are, they will definitely come prepared which will result in a successful board meeting.
- The founders should make it a habit to keep the investors informed about all the necessary details related to their business. However, that does not mean that they need to be aware about every bits and pieces related to it. They can be updated about certain relevant information related to the company such as expenses, hires, challenges and issues, revenue generation, etc. This will ultimately keep everyone updated which will be helpful in holding a board meeting.
- No one likes to be at a meeting for the entire day. It must be ensured that the board meeting is completed within a specific amount of time. The founders and their team should make a list of the key strategic points which they want to highlight and should also make a review of whatever is discussed there. This will help in wrapping up the meeting on time.
- Founders should always keep a track of the KPIs (Key Performance Indicators) which are very much necessary to analyze the success of any organization. Moreover, they should be always ready to change the KPIs whenever required. These inputs should be provided to the investors too so that they can suggest changes from their side.
Board meetings are extremely necessary to maintain a healthy and long term relationship between founders and investors. And once the founders master the rules to efficiently run a board meeting, it will not only benefit their business but their professional relationships too.