How to build a relationship with investors and board members
After your business gets investors, it’s time to get serious. Within the first 90 days, there’s a handful of things you can do to make sure you, your investors, and your board have a solid relationship. For example:
Schedule a full-day offsite meeting for your third board meeting. This gives you an opportunity to learn your board’s interests and pressure points at the first two meetings and then incorporate that knowledge into your offsite session. The goal of the offsite board meeting should be to 1) develop a common understanding of your business amongst the participants, 2) agree to the strategic framework around which you will develop and business the business, 3) identify and articulate the critical business metrics around which you will measure the progress of the business, and 4) agree to the level of reporting and the associated framework around which you and the board will discuss the progress of the business. Bring your executive team in for key segments of this meeting – give them some face time with the board to reinforce access and accountability. This is your opportunity to demonstrate mastery of the key business drivers while developing an atmosphere of “we” at the board level. CEOs that are disconnected from their board often find themselves disconnected from their company.
More startup ideas.
Photo credit: fotoliaPosted by Josh Urich