• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Financial Literacy Small Business

How Startup Founders/CEOs can work better with their Board members

Ugodre Obi-chukwu by Ugodre Obi-chukwu
August 14, 2017
in Small Business
Access Bank seals partnership with Coronation Insurance on bancassurance, Businessmen shaking hands, close up

Businessmen shaking hands, close up

Share on FacebookShare on TwitterShare on Linkedin

Most small businesses and startups have found it increasingly difficult to relate with their Boards of Directors and to a large extent, most their investors. Some board members that we have spoken to have often aired a measure of discontent with their management team over issues ranging from cash flow management, incoherent strategy, poor execution of strategic goals etc. In extreme cases, this leads to clashes between management teams and the board and has cost some CEO/Founders their jobs.

So, how can small businesses work better with their board. Here are a few tips you can use.

Get the right board members – This is more of a “prevention is better than cure” approach. In the initial stages of sourcing for investors and partners, it is critical to find like-minded people who key into your goal, strategy and work ethos in order to make interaction as smooth as possible. AS much as is possible, try to create a board that understands your business model thoroughly and what you are trying to achieve with the business. Don’t fall into the trap of picking the first set of investors that come by without properly assessing them. After all, they assessed you too.

RelatedStories

Board composition under the NCCG 2018 and financial performance of banks in Nigeria

Board composition under the NCCG 2018 and financial performance of banks in Nigeria

May 26, 2025
Strengthening the SMEs: Insights from the new SME Corporate Governance Guidelines 2023

Strengthening the SMEs: Insights from the new SME Corporate Governance Guidelines 2023

July 10, 2024

Introduce them to a 5 year plan ASAP – Give your board members what you hope will be your 5-year strategic plan for the business. This is a very important step you must take as soon as possible, preferable during the inaugural board meeting. Why this is important is that for the investors and/or directors, it gives everyone an opportunity to understand the strategy and methods to be used in executing the plan. If any are uncomfortable with it, they can voice their concerns early enough to see whether the board is right for them or not. As for the CEO, you can have a bird’s eye view of how the board members communicate with each other and with you. If necessary, you can quickly weed out potential troublemakers.

Give short but concise reports- One mistake most founders often do is trying too much to impress their board. During board meetings, or management reports they send bulky slides that quite frankly no one has time to read. Never make your slides more than 15 and let it tell a story that’s in line with your 5 year plan. Use a lot of graphics, pictures speak louder than words.

Ensure periodic updates keep everybody up to speed– Information bridges divide like no other, so you must communicate frequently with your board members, particularly your Chairman. By giving them a monthly report of not more than 5 slides or pages, you let them in into some of your major achievements and challenges during the month. This makes it easy for board meetings to go more smoothly.

Stick to the rules – Most founders can sometimes be fixated with exerting control over the business. After all, the business is truly their vision and most startups businesses can’t survive without their founders. If you are a stickler for control, then have that entered in your Memorandum and Articles of Association, MEMAT. Your MEMAT is the documents that outlines how your company is governed. It also protects you from undue interference

Corporate Governance – This needs no introduction. Most companies today, however big or small, are expected to instill governance rules in their business. Try and get a lawyer to draft one for you and get your board to approve it. It also helps protect you from undue interference from your board and gives you something to refer to in case one of them steps out of line.

Provide checks and balances – I have seen some founders call then self MD/CEO/Executive Chairman. This is not a good way to manage your business. If you want your business to be a legacy and survive long after you are gone, then it is important that you allow for checks and balances. Let there be a clear delineation of responsibilities and a mechanism that subjects everybody’s actions to the scrutiny of others. This enhances transparency, honesty and improved communication.

Prudence – An investor once told me he saw someone he just invested in fly business class with him. This is as bad as it gets. You must always appear to be prudent and in control of your budget. Board members are always in love with revenue growth that is not just driven by aggressive marketing but by cutting cost too. Let them understand that you are not using their funds to bankroll your own luxurious lifestyle. In fact, let them see that you are making sacrifices as well to cut costs and grow revenue.

Never lie to you board – If there is one rule you must imbibe from day one, it is to never lie to your board. It will always come out one day, and the day it does, you can kiss your board bye-bye. A breach of trust is quite frankly the beginning of the end for you.

Give other members of your team access – You must not be the only face of the company, after all two heads are better than one. Give other members of your management team access to your board and you should also invite them to board meetings even if it is to observe. It not only enhances your image to the public but also makes the other members feel important and part of the project. This, in turn, will keep them engaged and supportive of your business ideas.

Tags: corporate governanceentrepreneur. board of directorsListiclesstartup
Ugodre Obi-chukwu

Ugodre Obi-chukwu

Ugo Obi-Chukwu "Ugodre" is the Founder, Publisher, and Chief Analyst of Nairametrics, a leading business and financial news online platform in Nigeria. Ugo is also the Chief Editor of the Nairametrics “Blurb” Opinion pages. Follow Ugodre on Twitter @ugodre and Instagram @ugodre Email: ugodre@nairametrics.com

Related Posts

Board composition under the NCCG 2018 and financial performance of banks in Nigeria
Opinions

Board composition under the NCCG 2018 and financial performance of banks in Nigeria

May 26, 2025
Strengthening the SMEs: Insights from the new SME Corporate Governance Guidelines 2023
Business News

Strengthening the SMEs: Insights from the new SME Corporate Governance Guidelines 2023

July 10, 2024
African tech startups
Sectors

African tech funding drops to $780million lowest in 4 years 

July 4, 2024
Industrial & Medical Gases Nigeria Plc appoints Olusola Oworu and Nekpen Opene-Odili as directors 
Appointments

Industrial & Medical Gases Nigeria Plc appoints Olusola Oworu and Nekpen Opene-Odili as directors 

February 27, 2024
Corporate Governance
Appointments

Ms. Koosum Kalyan and Ms. Rabi Isma joined the Board of the Society for Corporate Governance Nigeria as Non-Executive Directors

February 10, 2024
Nathan Nwachuku Klas
Sectors

Nigerian ed-tech startup, Klas, raises $1 million in pre-seed funding

February 6, 2024
Next Post
Pension

Pension operators kick over proposed N283.9 billion Police and para-military withdrawal from pension scheme

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • JAMB sets 150 as minimum cut-off for universities,100 for polytechnics, colleges of education 
  • Send App by Flutterwave resumes remittance transfers from Europe to Africa with enhanced features 
  • Palm oil heavyweight Presco declares N42 dividend for shareholders, reveals payment date 

Follow us on social media:

Recent News

Junior public officers take CBT exams administered by JAMB

JAMB sets 150 as minimum cut-off for universities,100 for polytechnics, colleges of education 

July 8, 2025
Send App by Flutterwave resumes remittance transfers from Europe to Africa with enhanced features 

Send App by Flutterwave resumes remittance transfers from Europe to Africa with enhanced features 

July 8, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics