How the Board Can Help During a Turnaround

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’s 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. 

Set metrics to track the board’s progress.

Just as the company’s leadership and employees have metrics so too should the board.

Consider these points in engaging the board for your startup turnaround.

 

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