Board meetings are crucial to the success of any business, whether they serve as an avenue for strategic decision-making or as a framework for governance. The way the board meetings are run can limit their effectiveness, despite the importance they have.
A strategic mind-set is necessary for a successful board meeting. This will ensure that every meeting has a positive energy and can lead to meaningful discussions. A well-organized agenda that prioritizes important topics and allocates enough time for each item of discussion is a good way to begin.
Apart from setting clear goals as well as establishing clear boardroomcommunity.com/full-guide-to-better-board-meetings/ objectives, it is important to ensure that all board members receive board materials and are adequately prepared before the meeting. This will help make meetings more productive. Finally, the preparation of precise and concise minutes that record the discussions and decisions made, while also including action points with associated timelines are crucial elements to successful board meetings.
Limiting the time devoted to reports and “have to’s” will allow for more meaningful and productive discussion time. A good rule of thumb is to allocate less than 25 percent of the meeting on reporting and routine items.
In the process of getting distracted by new topics of discussion that don’t have an immediate impact on the company’s objectives can eat up time of the board and cut into the time that is available for strategic thinking and planning. To help prevent this some boards have a parking lot at the end of their agendas to push any non-priority items that require discussion into subsequent meetings.