The Perfect Pitch: The First Board Meeting

10-steps to manage a successful board meeting

Nitya Rajendran, Senior Associate

At some point in your company’s life, you’ll form a board. The first board meeting can bring up a flurry of emotions, but this is a great opportunity. Learning how to get the most out of your board is an essential skill for CEOs to have; your board members should have a wealth of different professional experiences and industry expertise, making them an invaluable resource as you scale your business. Based on my experiences as a board member, here are some pieces of advice on running your first board meeting:

1. Provide a pre-read — deck, financials, and KPIs at least a few days before the meeting: Give board members time to digest the materials ahead of time. If the board meeting is the first time they’re looking at the slides, they won’t be able to give thoughtful advice.
2. Connect with each board member ahead of the meeting: It can seem time-consuming, but another way to ensure board discussions are productive is to identify what board members are thinking about before the board meeting. Asking your board members if there are any key topics they may want to include ahead of the meeting will lead to a more fruitful board discussion.
3. Don’t get bogged down in details: Go into the board meeting knowing the 2–3 critical issues you want to discuss with your board. It can be easy to get into the weeds of execution, but you only have a few hours so use the time wisely. Any reporting of numbers or other facts should be Q&A only or to add color. Don’t read your slides — make the meeting a discussion.
4. Manage the agenda and keep the meeting to a timeline: This is a tough one, especially since you want to ensure that everyone feels heard. Try to allocate time limits for each section and guide your board to stick to them, so you get through everything you want to discuss.
5. Come prepared with ideas and a POV: Come with a few strategic questions, present them with pros and cons, and provide a recommendation and clear point of view. Open up the discussion to feedback, listen, digest, iterate on your ideas, and outline the best next steps. CEOs know their business better than anyone else, so don’t leave it up to board members to generate ideas on their own — give them something to respond to.
6. Be honest: Your board is on your side. They want you to succeed, so avoid the temptation to try to impress them. They’ve already invested in your business, so don’t be afraid to share any issues with them.
7. Leverage your team: This is a win-win. It helps develop your team by having them present and gives the board exposure to the great team you’re building. Some companies want the entire leadership team to present, and others choose to bring in key members throughout the meeting to cover specific topics. Do what feels right for you.
8. Facilitate an executive session: It’s important to give the board a chance to talk separately after the board meeting without the CEO so they can all be on the same page.
9. Manage follow-ups: After a board meeting, there will usually be follow-ups, both on your side and the board members’ sides. Make sure you’re clear about what those items are and follow-up within the next week. This will also nudge board members on any of their action items.
10. Get feedback: Always maintain a healthy feedback loop with your board. Ask for feedback on the board meeting to understand how you can improve the process for the next meeting.