Steve Tobak recently posted an article on BNET that struck a chord with me. As the economy further tightens, more and more companies push new business plans and initiatives up to the board room for discussion and approval. As such, if you are a business unit or division leader, you may be asked to present your plan to the board. I’ve been there. It can be jaw-droppingly terrifying if you have never done so.
Here are a few classic boardroom mistakes (and tips learned) from some of us who have “been there”…
1. Think it’s “no big deal.” The CEO walks into your office and nonchalantly says, “You’ve got 20 minutes to pitch your business unit’s plan at tomorrow’s board meeting.” Your near-panic is visible, so he adds, “Don’t sweat it; it’s no big deal.” Just because he says or acts as if it’s no big deal doesn’t mean it’s no big deal. I’m sure his first time was a big deal. Prepare. Know your material cold and be ready for a healthy amount of Q&A.
2. Walk in with a half-baked plan. Boards are typically comprised of smart, opinionated people who are also former or current executives, sometimes at companies outside your industry. They are there to provide perspective. If you pitch a half-baked plan, it may (will!) get twisted, debated, and mutated to the point where you end up getting a green light to do something that bears little or no resemblance to your original plan. And here is the important part: if it later fails, it’s still your plan … and your fault.
3. Try to out-maneuver a founder. Don’t underestimate the loyalty, power, and sway even a dysfunctional founder (or long-term leader) may still have with a board that owes its existence - and perhaps riches - to him. He may appear to be “just another emeritus board member” but he certainly is not. Be cool, and show deference without being a wimp. Hey, if it was easy, they wouldn’t have hired a top gun like you, would they?
4. Expect the board to actually do something. Never forget that it’s the job of company executives to manage, plan, strategize, make decisions, and of course, execute. The board’s job is to provide oversight, advice, and sometimes, connections. If you need something from them, be clear and upfront about it, but don’t expect much more than feedback.
5. Pitch a controversial plan without support. If your plan is not yet fully cooked, then (and I cannot overstate this fact) DO NOT PRESENT IT TO THE BOARD. Solicit your support from company executives who sit on the board or from supportive members you can reach out to. And realize that if your plan seems controversial to you, it may seem toxic to a board. Don’t serve it up until its ready.
Don’t be overly fearful that you will screw up. You probably will, and yet you will live to see another day. Take a deep breath, stride in with confidence, and smile. It’s the kind of lesson best learned by doing. Good luck.
“A man begins cutting his wisdom teeth the first time he bites off more than he can chew." --Herb Caen, Pulitzer Prize-winning American columnist