One of the key roles of a board member is coaching the CEO.

Here are some key points to consider:

– Focus on the team, the financials, and the strategy of the company
– Avoid the minutiae of day-to-day operations
– For the team, work on building the company’s culture
– The CEO may need help in identifying the need and timing for new hires
– The right CFO can be very helpful to a CEO in a growing company
– For finances, discuss the use of cash, cash-burn rates, and the next round of fundraising

There are many choices here and the CEO needs support to sort it out.

For strategy, make sure the company has figured out their North Star metric – the one metric that drives the company in the right direction.

In the early days, the CEO will be working in the company as do employees, but over time you can help them move into a coaching position which better enables them to run the business.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.

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Disclaimer:
Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.