Board meetings are exciting as well as exhausting and boring all at once. Board meetings are also an excellent way to build connections and relationships that will benefit you and your company over time.
Make a detailed agenda ahead of time to keep board members on track and engaged. Prioritize each item according to their importance. Include brief descriptions of virtual data rooms each item so that board members come prepared to discuss. Set time limits for each item in order to avoid lengthy discussions and to ensure that important decisions are taken quickly.
During the first agenda item, present brief information on the company’s performance since the last board meeting. Highlight milestones and achievements as well as areas that require improvement such as the failure to meet sales targets or the increase in expenses. This will set the stage for productive, results-oriented conversations.
The second item on the agenda will usually be an exchange of information about the company’s strategy and key performance indicators (KPIs) for each strategy. This covers the strategies’ goals, the steps needed to reach each goal, and a timetable for action. This will provide the board with a picture of how well the business is developing and the likelihood that it will be able to meet its goals.
To ensure that your meeting is productive make sure to schedule the most important agenda items prior to the beginning of the meeting. This is when board members will be most likely to make informed decisions. Also, plan your most important agenda items towards the close of the meeting to ensure that they don’t get pushed to the side and put off.