A strong relationship with both your Board and Investors will help you navigate challenging waters, avoid common pitfalls, and make the most of opportunities as they arise. Here’s how to achieve it, according to Carl Iberger.
1. Communicate Regularly & Be Transparent
Communication is key to maintaining any relationship – personal or professional. Schedule regular check-ins with both your Board and Investors, whether that be weekly, monthly, or quarterly. During these meetings, provide an update on the company’s progress against its goals, as well as any challenges or risks that have arisen. By being transparent about both the successes and challenges faced by the company, you will earn the trust and respect of both parties.
2. Seek Feedback & Be Willing to Act on It
feedback from your Board and Investors can be invaluable in helping you make informed decisions about the future of your business. But it’s important to actually listen to what they have to say, even if it isn’t what you want to hear. If their suggestions are well thought-out and align with the company’s goals, seriously consider incorporating them into your plans. Conversely, if you disagree with their feedback, be prepared to explain why you think another course of action is best for the company. Either way, maintaining an open dialogue will go a long way in strengthening relationships with both groups.
3. Keep Them Informed of Your Plans
both your Board and Investors want to know where the company is headed – and how their involvement will help get you there. Make sure they are updated on your plans for growth, as well as any changes or challenges that could impact those plans according to Carl Iberger.
Maintaining strong relationships with your Board of Directors and Investors is essential for any business owner or CEO who wants to navigate challenging waters, avoid common pitfalls, and make the most of opportunities as they arise. By following these tips, you’ll be well on your way to maintaining strong relationships with both your Board and Investors.