1/ Is your board becoming unwieldy as you scale past Series B?
That's probably because you're trying to fit too much into the same format. Some ideas on how to solve that.
That's probably because you're trying to fit too much into the same format. Some ideas on how to solve that.
2/ Problems: you don't know who to invite. Exec team benefits from being involved but investors hesitate to be direct. A number of issues can't be discussed openly. Engagement isn't great and it all feels a bit theatrical. Takes too long to prep and most comments are generic.
3/ Diagnostic: you're running too many meetings as one. In a COVID world with everyone in remote locations, there's no need for that. Break it up!
4/ Cat A: Reporting - becomes a monthly activity, asynchronous in nature, with a robust set of KPIs supported by well-understood definitions, management accounts, a real time Metabase or Google Studio dashboard if you have it. Perhaps a quick commentary, Amazon memo style.
5/ Cat B. The Board Meeting. It's a BOARD meeting - so discuss board matters. Hiring, firing, financing, acquisitions, ESOP, big thorny problems that you need to be able to explore freely. Length: 60-90minutes. Freq: bi-monthly. Ad hoc if urgent.
6/ Cat C. THEMES. Deep dive into specific aspects of the business or big strategic questions. By all means invite all of your exec team. Board members participate if they feel strongly about the topic and have something to add. Context is clear - brainstorm, explore, decide.
7/ In other words, break open the set of activities where you want your investors engaged - "right tool for the right job". Reduce the amount of prep required by making stuff automated and packaged. Be brutally clear about your objectives and what you want to achieve. Voila.
8/ Less overhead, less confusion, better engagement, better decisions. You're welcome 🥸.
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