How to Apply Board Meeting Advice

As a VC, here is exactly what I emailed every portfolio CEO before we joined their board: “Most BOD meetings create a huge burden on the CEO and are unproductive. You don’t have to make pretty slides (unless you’re visually inclined). A written memo format works too. Just make sure to send out any BOD materials at least 3 days ahead. Assume everyone has read it in advance so you can focus on the big picture. Think of the BOD meeting as a chance to get free advice on 1-3 strategic topics where you think other BOD members can help you. Aim for less than 20% of the time to be focused on metrics and at least 80% on the strategic topics of your choice. It all starts with how you structure the agenda. Don’t give too much time to the financials & metrics (as long as you sent them out in advance). Here’s an example of a format that can work well: 5m: CEO update 5m: Financial update 5m: Metrics update 5m: Industry updates 20m: Strategic Topic 1 20m: Strategic Topic 2 20m: Strategic Topic 3 10m: CEO & BOD members only discussion An example of some strategic topics to discuss might include: - We have 9 months of cash left, how should we manage burn - Our customer base is too concentrated. Let's chat about diversification. - Privacy policy changes in the industry and our reaction? - Can we get input on next year's proposed annual plan? - Should I promote this internal candidate or go external? - Our team and I are feeling burned out, what are we doing wrong? - I want to pivot the business, let's walk through my plans. Feel free to bring in other executives or fractional leaders if it helps sets context but make sure there’s enough time for just you & the BOD (e.g. the executive session).” No one gave me any of this advice and just expected me to know what to do. I wasted so much time putting together slides and then felt obliged to explain every single metric. It was also so boring for everyone involved. When you focus on strategic topics, you can put your BOD members to work for you and help you think through things that are important to you. It took years and years of making these mistakes until I finally figured out how to use this time wisely… so I truly hope this helps other Founders.

Most CEOs treat board meetings like show and tell. They trot out department heads to give status updates on every minor detail. I've been on both sides of the table, and the best CEOs I've seen take a very different approach. They focus on their top 1-2 most critical issues. These are issues that either: 1. Inhibit short-term success 2. Pose a risk to long-term success They know what business issues are critical to those two points, and they zero in. When you overload the board with random data points, they don’t know what’s important. If you bring them into the weeds on every issue, you’re inviting micromanagement. Personally, I’ve sat through way too many board meetings that feel like a departmental show and tell. But that’s not what the board is for. They’re a strategic resource, there to advise on the most important business problems. Want better board meetings? – Focus on the top 1-2 issues and go deep. – Get the senior leaders responsible to present the issues to the board. – Provide context (where we are today) using data and qualitative info. – Have responsible senior leaders present 1-2 strategies for solving the issue. Once you present the board with solutions to your big issues, THAT’S when things get interesting. Because you’ve given the board something specific they can actually respond to. When you provide them with a clearly defined problem and several potential solutions, they can drop in with insights and expertise—which is what they’re there for. Now you’re collaborating, problem-solving strategically. When you approach meetings this way, you demonstrate that you understand your major business problems and the data needed to quantify them. You show the board that your executive team is on the ball with solutions at the ready. Don’t waste your time with the board on low-level non-issues. Go deep on what matters and use their collective wisdom and broad perspective to take informed action.

Too many execs treat board meetings like a quarterly show and tell. They spend 90 minutes walking through earnings slides and patting themselves on the back for updates they already sent in a pre-read. It’s a waste of firepower. Your board isn’t there to admire the view. They’re there to help you steer the ship. These are seasoned operators with decades of pattern recognition, network reach, and scar tissue you don’t have yet. So use it. Treat your board meeting like a working session. Not a victory lap. Here’s how to do it right: 1. Kill the recap. If you’re walking through every slide line by line, you’ve already lost. Send the deck 72 hours in advance. Expect them to read it. Spend the time tackling what isn’t in the slides. 2. Lead with problems, not polish. “Here’s what we did” is safe. “Here’s what we’re struggling with...how would you approach it?” gets you actual value. The best boardrooms sound more like war rooms than status updates. 3. Tap the network. These folks sit on boards, run funds, and know every exec in your space. Ask for intros. Talent referrals. Customer warm ups. If they’re not helping you win the next deal or hire, what are we doing here? 4. Keep it tight. No wandering. No meandering product demos. You have smart people in the room for 90 minutes...treat every minute like it costs you equity. Because it does. Your board is a strategic weapon - if you know how to wield it. But if you’re just using them for approval and applause? You’re playing small. And wasting a massive advantage.

I haven’t met a founder that loves board meetings. They can easily be a low ROI activity. Dave Balter shared an improvement w/ me that I love. Examples 👉👇 Board meetings are critical, but can quickly consume a ton of the time of the executive team and not help the company move forward in a meaningful way. Dave Balter (Founder/CEO at Flipside and Venture Partner at True Ventures) joined Reforge as a Board Observer a couple of years ago and shared a simple addition to board meeting notes that I’ve found really effective. The pre-meeting CEO Report To The Board. 🤭 The Problem: More People, More Things Go Unsaid 🤭 Over time more people tend to be included in creating and delivering the board meeting notes. When more people are included, more things tend to go unsaid. 1️⃣ The larger the group, the more a board can feel uncomfortable asking you the CEO super direct questions in front of the rest of your team. 2️⃣ Sometimes you as a CEO can’t be as direct with an underlying challenge with one of your execs. 3️⃣ You as the founder/CEO may have a feeling/intuition on some things that are hard to capture in notes or presentations. 💣 When things go unsaid, they will blow up in your face in a bigger way at a later date. So how do you solve this? 📝 The CEO Report To The Board 📝 The CEO Report is a simple and short note to the board. It is only for the CEO and Board. The purpose of the CEO Report is to use it as a tool to shape the board meeting conversation. You as the CEO can: ↳Surface your deepest concerns in the most direct and honest way. ↳ Give context that might not be captured in the board meeting notes directly. ↳State where you need help, engagement, and feedback in the meeting 🚦 Green / Yellow / Red 🚦 The format uses the simple stoplight format: 🟢 This section is for areas that are going well. 🟡 This section is for emerging complexities and potential future issues. These are not things you need to take take care of right now, but you want to be in the back of people’s heads as they engage in the board meeting. 🔴 Immediate challenges that need work and focus. This is where most of the focus and discussion will be. Dave and I have shared real examples of our CEO Reports on Reforge Artifacts product. Links in the comments along with a post to a more detailed breakdown.