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Financial healthcheck
A high-level review of key financial metrics and trends. The board should undertake this review at least once a year, but the CEO can request a review at any time where they would like extra insight.
Objectives
In this session the board will discuss and analyse the broad financial health of the agency, and advise the CEO on adjustments as necessary.
Pre-reading
In running the business day to day it's easy to get caught up in the minutiae of the numbers — what invoices are going in and out — and not get the time to step back to look at the broader picture.
The advisory board has a role as a sounding board for the agency CEO, and they can help with a wider perspective of the finances too.
The key areas to consider are:
Solvency
Profitability
Cash flow
Cost base
Cash reserves
Investments