Finalizing financial statements requires careful timing and organization. Distribute financials monthly and schedule calls to discuss these metrics with stakeholders. One week before the board meeting should focus on polishing financial documents and having a standardized board deck to streamline the process. Avoid sending important documents last minute to allow ample time for review, which ensures a productive and efficient board meeting and demonstrates professionalism.
Today’s show:
Kruze COO, Scott Orn, joins Jason to discuss best practices for early stage startups to prepare for and execute successful board meetings. The two dive into the reasons VCs want governance through board meetings (00:56), what should be in a full board packet (6:51), formal things investors look for (11:10), and much more!
Timestamps:
(0:00) Kruze COO, Scott Orn, joins Jason
(00:56) The reasons VCs seek governance in startups and key tips for developing a standardized board presentation
(6:51) Building a startup financial package and the importance of presenting a financial flash page at the start of a board meeting.
(11:10) Essential factors investors consider during a board meeting
(15:08) The most common question regarding in-depth operational metrics
(20:51) Examining R&D and engineering support expenses in the calculation of the cost of goods sold
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Check out Kruze: https://kruzeconsulting.com
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Great 2023 interviews: Steve Huffman, Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
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