Chief Executive Officers (CEOs) must navigate the complex relationships with their Board of Directors with acumen and dexterity. At Hoola Hoop, we provide executive coaching from former CEOs, C-suite executives and experienced Board members to help you successfully develop and manage your board. Let’s start by dispelling some common myths about board management.
Common Myths and Pitfalls in Managing Your Board
Myth: The board is a necessary distraction.
Reality: It is tempting for CEOs to view board accountability as an unavoidable distraction and try to manage around it. Rather than a liability, great CEOs embrace the board as a key asset and team, marshaling its talents and resources to help them maximize the company’s success.
Myth: CEOs need to keep the board happy.
Reality: CEOs may misconstrue the board as a constituency that needs to be sold to, carefully sharing good news and putting a spin on bad ones. In reality, one of the board’s main roles is to manage risk, which requires visibility into the good, the bad, and the ugly. Transparency develops the trust needed for the CEO and board team to deal with challenging situations.
Myth: Board meetings are meant for updates.
Reality: The CEO should make sure the board is provided with ongoing updates throughout the year, letting board meetings focus on a thoughtful agenda of topics that are timely and require the board’s input, debate, or approval. The CEO should develop an agenda well in advance and share it with their board members for feedback, making sure the right topics are prepared and addressed. Great board meetings are engaging and interesting, and thoughtfully use the precious time of convening board members, resulting in strong alignment.
Myth: The board isn’t part of my team.
Reality: Like any group of people in your business, board members should be connected to, engaged, and led by you. Investing in and building relationships with your board members will enable you to better integrate them into your business, fostering consensus and alignment. The board is an important team, an extension of the CEO and, when properly led and managed, will provide significant leverage to the CEO.
Myth: The board is in charge of strategy.
Reality: The board is in charge of hiring the right CEO who can set the right strategy and for holding them accountable to successfully executing it. However, it is the CEO’s foremost responsibility to set the strategy for the business, as well as directing the strategic planning process.
Myth: Board members are mostly active in board meetings.
Reality: Sadly, this is often the case. However, as companies scale, much more of the board’s work needs to be conducted between meetings. These activities include formal workflows through specialized committees (comp, audit, nominating, and governance committees), as well as the board’s responsiveness to the executive team in an increasingly complex business environment. Directors may also provide informal mentorship to C-suite executives, leveraging their specific skills and expertise to foster stronger connections between the board and executive teams.
Our Approach to Coaching CEOs to Better Manage their Boards
Understanding Your Board
Through a combination of informal direct interviews and formal 360 review processes, we provide you with a deep understanding of your board’s experience, style, strengths, and areas for growth. Gaining insight into the board’s perspective on the business and the CEO offers invaluable data points that can guide you in effectively managing and engaging with your board. Additionally, understanding your directors’ agendas, time horizons, past achievements, current challenges, and alignment with your mission offers crucial context that empowers you to lead your board team with confidence and clarity.
Improving Your Board Management
We help you evaluate your current approach to board engagement and offer guidance on optimizing your operating cadence. This includes refining the frequency and format of your board communications, as well as providing strategies to prepare for and run more effective board meetings. Additionally, we help you establish robust governance practices, including the organization of your board’s workstreams and committees. Upon request, we will observe your board meetings and provide real-time and continuous feedback on your leadership and the board’s dynamics.
Developing Your Board
Once your current board is operating effectively, we encourage you to look ahead and ensure your board team can scale to meet future needs. We offer coaching on how to elevate your board, including when and how to uplevel, hire, or, if necessary, replace directors to build your ideal board team.
What to Expect from Hoola Hoop Coaching
Candid, Experienced Feedback
Get honest, constructive feedback from seasoned CEOs and leaders who have walked in your shoes. We provide direct and honest advice, grounded in a genuine understanding of the challenges you face.
Best Practice Insights
With extensive board experience advising CEOs and boards in companies undergoing rapid change, we know what works and what doesn’t, and we can anticipate what’s around the next corner. We’ll coach you on how to de-risk your journey and provide the best possible leadership to your board team.
CEO Coaching with Deep Commercial Acumen
We understand the strategic context in which you operate, the financial constraints you face, and your goals in effectively deploying investments and building your team. Our executive coaching is actionable and tailored to the specific context in which you operate.
The CEO job is often lonely, and the road ahead uncertain. We’re here to illuminate your journey, providing guidance and support to help you lead with confidence and clarity.
