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How to Build Effective Board Meetings: A Guide for Startups
After closing a Series A round and establishing a board of directors, startups may feel overwhelmed at the prospect of holding effective board meetings. Tracy Young, CEO and co-founder of after sales software startup TigerEye, suggests that startups structure one-hour board meetings that create real value for founders and investors. In this TC+ article, she explains how to replace an enormous deck with a three-page memo and create a board meeting that is strategic, not too in the weeds, and productive.
Section 1: The Problem with 80-Page Board Decks
Board decks that are 80 pages or more are more common than not, and they can be overwhelming, non-strategic, and unproductive for both founders and investors.
Section 2: The Solution: A Three-Page Memo
Replace the traditional long and detailed board deck with a three-page memo that clearly and succinctly outlines the key points that need to be addressed.
Section 3: How to Structure a One-Hour Board Meeting
A one-hour board meeting should begin with a few minutes for administrative updates and should include a 10-minute status update on current initiatives and challenges. The remainder of the meeting should be focused on raising new topics or discussing strategic issues.
Conclusion
Although board meetings can be a daunting task for startups, by structuring them effectively, they can help move the company forward and ensure that all stakeholders are aligned. By following the guidelines outlined in this article, startups can make the most of their board meetings and create real value for themselves and their investors.
FAQ
What is a board of directors?
A board of directors is a group of individuals that represent the interests of the shareholders and oversee the management of a company.
Why are board meetings important for startups?
Board meetings provide an opportunity for startups to update their investors on progress, discuss strategic issues, and align their stakeholders.
What is a board deck?
A board deck is a document that is typically presented to a board of directors and outlines the current state of the company, strategic initiatives, and challenges.
How can a startup make board meetings more productive?
By focusing on strategic issues and replacing long board decks with a three-page memo, startups can make board meetings more productive and effective.
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