How to make the most of your Board of Directors
Everyone knows “the Board” or “BOD” and who they are: Professionals with great experience, wise people who’ve seen it all, business owners and leaders, industry experts with a far-reaching reputation...
When you join a company in a C-level capacity and become part of its Management Team, you must understand what the role and expectations of the BOD are, and how to work with this group of advisors and decisions makers effectively. Working with a board of non executive Directors rarely comes with a “How to” manual, so I’ll share tips on what to do and what not to do that I have gained from years working at C-level with boards, being a non-executive director myself and coaching Executives.
Commonly, the Board of Directors meets once a month. Documents covering the agenda including slides are sent in advance to BOD members so they familiarise themselves with the content and prepare questions. Generally, the CEO’s overall up date on the company results is followed by presentations on specific areas of the business, which are delivered by C-Level leaders.
1. Get to know your board
If it’s your first contact with the Board and you’re still fairly new to the company, it is helpful to understand who BOD members are individually. Review in detail each BOD member’s experience (LinkedIN). Read articles that mentions them. Watch them presenting at conferences. Check out what they’re tweeting or blogging about. You should be able to recap’ in one sentence each members’ profile, such as: “Serial entrepreneur and tech investor who excels at spotting early trends and tends to favour fast international expansion. Knows how to grow a business from scratch and detests copycats. Speaks 7 languages and is a keen golfer.” This summarises the person’s profile, strengths as well as what he could be great advise on, what he’s likely to watch out for, and how he thinks. Another great source of information are peers who have already been in contact with the Board. Ask about Board members’ focus and reactions and who’s amongst the Board is ambitious or risk-averse.
2. Think long term
Leaders think in terms of monthly and quarterly objectives, as this is how they report on the company’s results. Your Board of Directors thinks much longer term. The Board represents shareholders or investors who are in for the long run. They don’t care so much about a storm, they care about how sound, safe and agile the ship is, on a long trip.
What this means to you when you’re working with the BOD is that it’s indispensable to focus on macro information. Something may be a nightmare for you to deal with at present, but to the Board, it’s something they’ve heard 10 times before. So focus on the WHAT, not on the HOW. Whatever you present, put it back in its long term context such as the yearly objectives or the 5 years strategy of the company.
3. Educate them
It is common for a number of your Board members to have experience in your specific industry, but not all of them will. There is therefore disparity amongst board members about industry knowledge and how up to date they are with the latest trends. It’s always a good idea to start with an overview of your industry’s latest news and trends and what they mean in context to your company and your focus. Let’s say your number one competitor just hired a Head of Technology from Google (and not from your industry) - Why did they make this move? What could this mean? What is the SWAT? The worst thing that can happen is for a piece of industry news to be mentioned by a BOD member during a BOD meeting and you not being aware of it or not having an opinion about it. Prepare a 2 minutes recap’ about “What’s happening around us? And what does it mean to us?” as an intro to your presentation.
But don’t preach! Let’s say that your presentation to the Board mentions the increasing impact of social media on your ability to attract high-value customers. You BOD knows that SoMe is used by leading companies across industries. It may be the first time you mention Social Media in front of the Board, but this is not an opportunity for you to turn into a professor and give a lecture on SoMe and become patronising or just boring. If this is helpful, include in slide notes things like definitions, quotes and links to articles, which you Board will read before the meeting.
4. Keep them in the loop
Members of your Board are likely to be high profile businessmen and women who are active and very well networked. This means Board members often get asked difficult questions by financial analysts, investors and journalists... They may ask you these same questions during a BOD meeting. The content of the material you present to the board is supposed to offer clear, unequivocal answers to such questions about the business, its future, opportunities and important decisions. So keep your ear on the ground for rumours, criticism and the questions that your BOD members are likely to be asked or read about, that could come up during the meeting.
5. Use them!
It’s not that often that you find yourself in a room with a cumulative IQ of 2,000, ready to help. Make the most of it!
It is common for first-time presentations from green and nervous C-Level Executives to be a bit like a show: You’ve carefully prepared your content, your slides are pretty enough to be exhibited at MOMA, and you’ve rehearsed in front of your partner so many times he’s threatening to break up with you. You feel ready. But are you?
Don’t forget the most important: You’re also here to get something from the Board! Leave time for them to ask questions, to kick start conversations. Leave time to ask your Board : “What do you think?”. Indeed, it is better to have a conversation here and there with your Board about your strategy or results, rather than for this conversation to happen behind your back between the CEO and the Board, after you’ve left the meeting.
All Board members would have seen your slides ahead of the meeting, so ask if there’s an area of your presentation they don’t need you to spend time on because it’s self explanatory, and if there’s a topic they’d like you to dive into. Ask them before you move from one topic to another if they have enough info to get the full picture. When conversations and feedback happen, stop thinking about how you could sound really clever or what to say next, LISTEN! Advice, feedback, guidance is what you Board is here for. They’re not meant to be a passive audience.
In practical terms, using ⅔ of the time you’re allocated for your presentation and setting aside ⅓ of this time for conversations is a good balance.
6. Single one out
It is likely that amongst your Board members, there’s one you particularly get along with. It could be because he has experience in your specific area, or you come from a similar industry, or, simply, you connect on a human level. Check with your CEO first, but it is usually OK for you to reach out to this person and ask to have a conversation about a specific topic that’s a bit too niche for the entire board. At Eventbrite, one of the Board members gradually became my mentor. It was not planned and it’s not like I asked him “Would you be my mentor?” (who DOES that!?!) but along the several discussions we had on the marketing strategy, international expansion and market trends, and thanks to his stellar experience in the industry, the advice and encouragement I got was priceless.
7. Keep it real
Due to the pressure that creeps into the preparation of a presentation to the BOD, nerves can make you question yourself. While your self confidence has left the building, you are convinced that you need to be a better version of yourself: More serious, more tech savvy… Please, don’t! The Board has already heard a lot about you from the CEO and some of your peers. Some board members may even have interviewed you. They look forward to spending time with the real you. Trying to be someone else usually results in appearing inauthentic. If you tend to use metaphors to make your point, don’t be scared on the day to tell a story. If you’re the kind of person who makes the occasional fun comment because that’s how you relax and connect with your audience, don’t change a thing. A full day of presentations is brightened by a smile.
A BOD is a small gathering, there’s no need to put on a show. Any gimmick you use risks positioning you as someone who tries to hide a lack of substance with flashy packaging. Undeniably, a presentation to the Board (especially if it’s your first one) needs to be rehearsed. Slides have to be pristine. The flow must make sense. You need to use the basic rules of presentation skills (eye contact, taking pauses, clear voice...). But it’s not a presentation at a conference in front of 500 people!
8. Make it easy for them
A BOD meeting can last all day. It is challenging for Board members to keep their focus for 10 hours, to prioritise what needs to be remembered and what it means.
Do your Board a favour, apply the American rule of presenting: (1) Tell them what you’re going to tell them, (2) tell them, (3) tell them what you told them. Conclude in a way that is so concise and easily memorable it could be turned into a tweet.
Not all of your Board members come from your function or your industry. To ensure your presentation is fully understandable and does not isolate some BOD members, get rid of industry jargon and acronyms as much as possible. Obviously you don’t need to get rid of ALL acronyms: Everyone in the room knows what “ROI” means! Furthermore, acronyms that are specific to your company and have been used for years should be known to your Board.
Corporate “BS” tends to creep up when people are stressed. There may be no corporate BS in your slides, but you have to watch out for what you say on the day, when presenting and when answering a question. So, no “moving the needle” or “leaving no stones unturned”. I once heard someone say he was going to “strategise the strategy”… Corporate BS makes people with confidence issues think that they sound more mature. It gives people a false feeling of belonging.
Finally: Clean up the way you talk, if needs’ be. Now’s the time to ask for help if you tend to use what I call “polluting” words such as “you know”, “basically”, “I mean”... Bad habits tend to creep up when we’re a little nervous. Don’t let them dilute the essence of your carefully crafted message.
9. Remain aligned with your CEO and peers
Arguments amongst the Executive Team can happen. So do occasional disagreements between you and your CEO. That’s fine as long as such arguments happen behind closed doors and once you step out, you project a united front. This rule applies when you’re in front of the Board. If they see you and your CEO or peers disagreeing, they’re going to wonder if you’re the right team to lead the company, or if you personally are a good fit in the Management team. Never challenge a strategy or a decision of the Management Team in front of the Board. It will make you look inexperienced and unable to collaborate.
Before you present to the Board, you’re likely to receive guidance from your CEO who’s gone through the exercise hundreds of times. Your peers will also be at hand to help you with their past experience presenting to the Board. Additionally, I hope these 9 tips are useful and will set you on the path of an effective, collaborative experience with your BOD. It gets easier with time.
Published on LinkedIn