One of the least favourite things about raising money from VCs is having to deal with board meetings once you’re funded. Most board meetings suck. I’ve sat through my fair share on the company side. To date, as an investor, I’ve tried to avoid them favouring regular informal interactions.
But since board meetings are inevitable companies and investors need to work better to get the most out of them. Done right, they can be of huge value.
I’ve included some readings on how to do boards right below. In addition, I have prepared a model board package. This draws VERY heavily on the amazing board packages that portfolio company Localmind puts together. The structure is simple yet comprehensive:
- Get all agenda items and objectives established up front so we know what to cover
- Get approvals and governance out of the way
- Give clear, quick updates on all aspects of the business
- Share dashboard, KPIs, roadmaps and get the board thinking as an extension of management
If it was up to me, I’d limit formal meetings to governance and a brief CEO update, then terminate the meeting, but keep everyone around for an informal advisory session to dig into the dashboard and roadmaps.
As you will see, the model board package has not been formatted. Just the outline. Feel free to try it out at your board meetings and make sure they’re not “bored” meetings!