Question: What's your best tip for keeping your Board happy after a slow season or year?
"An entrepreneur and his or her board have the same goal of building a successful company. Both parties understand the path will have both ups and downs, and being transparent with each other should keep a general consistent mood of realism."
Sell the Long-Term Vision
"Building a business is a long game. Avoid falling into the trap that is short-term profits. Drive long-term value, always. Be prepared to sacrifice short-term gains for long-term growth. If you've had a slow year, note that you haven't compromised your company's values and help manage expectations by providing a timeline for when things may pick up again."
Focus on the Future
"Don't focus on the results of the previous bad season or year, but rather what you will do about it. Put together a plan or report that shows precisely what you will do to increase sales, drive profits and right the wrongs that have plagued your company."
Make Sure They Know the Situation All Along
"I send monthly emails to investors, a practice that I learned from Bhavin Parikh at Magoosh.com. Very few surprises can happen at the end of the year if you are tracking the business all along. Make your formal meetings with your board focused on how to improve the company. Engage them early and often and they'll fight with you, not against you."
Offer Projected Growth Rates
"The best advice in this event is to focus on projected growth rates. This way, even if it is a slow season, you are offering your board a solid, long-term growth strategy and strengthening your goals and objectives. Speaking from experience, this has kept my board happy in quieter seasons as it suggests the future is going to be interesting and reinforces the many goals that await."