If you’re a Product Leader, then you know that getting a big investment from your board of directors can be a difficult process. It’s important to make sure that you have a clear plan and can communicate the value of the investment in terms for the board to understand. In this blog post, we will discuss three tips for getting your board to approve a big investment!
First, you need to be able to communicate the value of the investment in terms that the board will understand. This means being able to show how the investment will impact key metrics such as revenue growth, churn reduction, and expansion of the total addressable market. It’s important to have a clear plan and firm numbers to back up your case.
Second, you need to build consensus around your plan among your peers and CEO. This is essential in order to get the buy-in from those who control the purse strings. Make sure that you are on the same page with your sales or revenue counterpart before presenting to the board.
Finally, you need to understand your board’s perspective and timelines. Board members, especially investors, will have their own ideas about where to spend money. It’s important to be able to understand their concerns and what they are looking for in an investment.
By following these tips, you’ll be well on your way to getting board approval for your next big investmentץ If you find yourself struggling to do any of the above, it may be worthwhile to reconsider your plan to ensure it is value-oriented, accepted by your peers, and appealing to the board. Thanks for reading!
Do you have any other tips for getting board approval? Let me know in the comments below!
Hi! I’m Tami, the founder of The Product Leader Coach where I work with product leaders and teams to realize their potential by focusing on their strengths.