Monthly Updates & Board Meetings

We suggest to implement the following recurring meetings in your schedule:

1. Board Calls

  • Timing: Monthly
  • Duration 45 minutes to 1 hour
  • Purpose: Company update on the events that happened last month
  • Materials: Text update /monthly reporting/ send 2 days in advance.

Board calls are different from board meetings in the sense that they serve as a voice over of the monthly reporting rather than a lengthy discussion.

Ideally, the text update should be shared 2 days before the Board Call. The format of the text update is usually email format that includes:

KPI's overview, reality v/s budget, key developments during the month (sales, product, people, etc.), wins, struggles, asks.

Please share links to any current job openings and LinkedIn profiles of recent hires from the past month.

2. Board Meetings

Here is an example of KPIs for B2B SaaS company:

Feel free to use it if applicable. Creating a dashboard that tracks these KPIs can take time, but it's a worthwhile investment. It is going to evolve over time but it is one of the key ingredients for a successful next round fundraising. 

General Tips & Tricks

  • To avoid unproductive meetings and ensure that the Board and VCs can add value to your company, it's important to strike a balance between keeping them up to date and not spending too much time on "Ancient History" - Monthly reports. 
  • One effective way to do this is to use a consistent format for your reporting that includes key metrics and updates on important initiatives or projects. This can help the Board and VCs quickly understand the current situation and identify areas where they can provide value or support.

  • In addition, it's important to provide the report in advance of the meeting to give everyone time to review and prepare questions or feedback. This can help ensure that the meeting is productive and focused on important topics. 
  • The purpose of the reports is not just to keep the Board and VCs up to date, but also to provide them with insights and context that they can use to support your company. By focusing on key metrics and initiatives and avoiding too much historical information, you can ensure that the report is valuable and informative for everyone involved.

    VCs have their own reporting obligations to their investors. By providing timely and accurate reports to your VCs, you can help them meet these obligations more effectively and minimize the amount of time they need to spend gathering information or following up with you.

  • Hiring a dedicated detailed oriented person to handle reporting, planning, and organizing Board of Directors meetings can be a great way to streamline the process and ensure everything runs smoothly. This person might be responsible for tasks like preparing reports and presentations, tracking KPIs, scheduling meetings, sending agendas and meeting materials, taking notes, and liaising with other departments or external partners. By delegating these tasks to someone else, you can free up your time and focus on other areas of your business while ensuring that your Board Calls and Board Meetings are well-organized and effective.
Framework for Board Meetings