Startup Funding Espresso How the Board Can Help During a Turnaround
How the Board Can Help During a Turnaround Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. During a turnaround the board should help. Here are some key steps to engage the board in the turnaround process. Interview the board for their input on the turnaround plan. Reconfirm the board's role in the company. Define the specific activities the board should engage in. Set up the board with goals and objectives with accountability. Change the board\u2019s operating process to meet the current needs of the company. For businesses in a steady state a quarterly board meeting is fine. During a turnaround the board should meet more often such as weekly. Identify board members with key skills and contacts relevant to the turnaround. For example, a board member that has a network of investors could be tasked with fundraising. Another board member with financial expertise could oversee the financial activities. And yet another board member with public relations experience can help with communicating the turnaround to the outside world.\xa0 Set metrics to track the board\u2019s progress. Just as the company\u2019s leadership and employees have metrics so too should the board. Consider these points in engaging the board for your startup turnaround. \xa0 Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let\u2019s go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at: \xa0 Check out our other podcasts here: \xa0 For Investors check out: \xa0 For Startups check out: \xa0 For eGuides check out: \xa0 For upcoming Events, check out \xa0\xa0 For Feedback please contact info@tencapital.group\xa0\xa0\xa0 Please , share, and leave a review. Music courtesy of .