When selling large projects, even the CEO has a purchase limit beyond which he needs to get board approval. Read on to discover three keys to selling to the board of directors.
What are the mission priorities?
The first key is to understand the mission priorities of the organization. The mission is what the board of directors has entrusted to the company. Priorities are the order in which tasks are performed; it’s about sequence and time.
The board of directors pays attention to these elements, focusing on what It will happen, why it will be fulfilled, and When it will be achieved. They will also discuss actual and potential risks and ways to mitigate or eliminate them. But they will not delve into the methods of accomplishing the mission; they do not delve into it as. They hire people to take care of the details and that is what you are selling them; how to get the result you want.
You need to know the priorities and concerns of the board members. Then you can show how you will contribute to those priorities and address those concerns.
The board makes decisions based on its confidence in the plan, the people, and the process. Expect to present evidence that you can deliver in these three areas.
What are success metrics?
The second key to selling to the board of directors is understanding how they will measure success. How will they know to pay the executive bonuses?
Success metrics typically include revenue, profit, or growth targets. But the criteria for success can also be market share, access to new markets, or competitive success. You will need to identify your criteria and be able to illustrate how you can make a substantial contribution to those results.
Each board member will have a slightly different view of what constitutes success and what defines risk, so do your homework or be able to quickly adapt to your individual views.
How do you get to the board of directors?
The third key is to get board-level access. In most cases, you will not receive it in person. But your proposals and reports will do so if the CEO believes your plan.
Therefore, you must be excellent at creating board-level proposals and writing presentations that others will make on your behalf. They must include all the items listed in this article. Your executive sponsor will help you with other materials needed to persuade the board to move on.
Over time, as you grow your personal brand and establish credibility with the board, you may be invited to present in person. And when you do, you will become one of the best sales professionals on the planet.
