The board of directors is an essential decision-making body that oversees the performance of the business and its strategic direction. To make well-informed decisions, it is essential that the board is in contact with key executives of the company and keep up-to-date on relevant reports and other information. Board meetings are an excellent way to do this.
Board members usually attend in person, but with a growing number of people working remotely the use of teleconferences is becoming more popular. Meetings can be scheduled at least once a week or twice throughout the year.
When you are preparing for your next board meeting, consider distributing a portal with the latest board materials as well as agendas that have been saved to help your directors quickly find what they require and stay focused on the important discussions. Encourage discussion among the board members prior to the meeting to discuss any concerns or questions to ensure that the time can be used to discuss strategy instead of going through a long list of reports.
Board members typically spend the majority of their time discussing performance of the organization reviewing any major changes since the last meeting, discussing key performance indicators (KPIs) and looking into possible strategies for the future. The board might also review the list of new or old business items that need to be approved before taking action on these items. After this the board will normally close the meeting.