BOARD OF DIRECTORS "TO DO LISTS": Pull together by giving homework

by John Nesheim

Get all of your board of directors working for you, not the reverse.

Manage your board of directors or it will manage you.

Those are two lessons that serial entrepreneurs have learned in the school of hard knocks. Do it well or you'll find your board meetings no fun, just work and threats.

Startup boards meet monthly, and CEOs can expect a lot of phone calls between meetings, in addition to emails daily. This is because VCs on the board want to be sure the startup stays on track and does not make a fatal mistake. Like fathers, they want the best for their children.

Like real fathers, they can become too involved in your life. Then they micro manage, making a mess of how your company operates. Or they can become so unfamiliar with your startup that it can get off track before they know it and trouble comes too fast. Boards do not like surprises.

So wise CEOs keep their boards closely involved by assigning them homework. Yes, like a professor with a class, the serial entrepreneurs give things to their board members to do and hold them accountable.

Here are a few tips that I have found work in startups around the globe:

• Take notes during the board meeting. Write down each action item agreed to. Carefully document the action and who said they would do what and when.
• Send your action item list within 24 hours after the board meeting. Edit your notes immediately after the board meeting: in the taxi, on the plane, wherever. Do it immediately and email it, fast. That sends a clear message: "This CEO is in charge, takes action, and holds people accountable for results." Two big gold stars for you.
• Report results as they happen. Here is an email I sent to a first-time CEO recently:"K.K,  as each of the BOD Action Items is completed, email the list with “COMPLETED” on the row for the task that was completed. That keeps the action items “hot” in the minds of the people responsible, and gives you, CEO, credit for driving the wagon (leadership). Easy to do, very effective."
• Drive the list. Contact board members who are not responding with results. Find out what is going on, how you might assist that person, and take action. Don't be afraid or arrogant, treat the board member like one of your vice presidents.
• Complete the loop at the next board meeting. Show the list of to do items at the next board meeting. Thank every one for their excellent results. Note the open, undone items. The board will note who has done what. They will drive each other to results during the following month.
• Agree on action items at the end of each board meeting. Here is a clever way of doing this. Suggest that your board meet for a few short minutes, without you, at the end of each board meeting, to agree on action items. Then you re-enter, have them tell you, and it is now official and clear. Simple and easy. Works well. (And note that your list will include more than the items that they mention at that time.)

BOTTOM LINE: Learn to unleash the power of your board of directors. They have talent and resources you can use. Get them working for you. They want to do something to make you successful. Assign tasks to each. Hold them accountable. Demonstrate your leadership. That is a valuable element to use to build your unfair competitive advantage.