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Mastering Early-Stage Board Meetings | Startup Finance Basics w/ Kruze's Scott Orn | E1865
This Week in Startups
Tailor Financial Updates to Diverse Board Members
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Presenting financial statements effectively requires an understanding of the diverse backgrounds of board members. Place financial statements at the end of presentations, as typically, a financially inclined board member will review them in detail. It's crucial to address each type of member—strategic, sales-focused, product-oriented, or culture-driven—by including relevant insights throughout the presentation. Highlighting the variance between planned budgets and actual performance builds trust with investors. Being transparent about overspending and presenting explanations for strategic choices reinforces credibility. Regular updates on budget versus actuals strengthen relationships, as they reveal the true performance of the company against its forecasts.
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