Conducting a successful board meeting can be a little daunting task as agendas on the corporate board are always packed with important issues.
To survive in a hyper-competitive industry, the board has so much on the plate — from reviewing investment decisions to setting realistic goals and a lot more. That’s where board management software comes into play as it offers a complete suite of board meeting protocols that ensures the board is using resources efficiently and is well-prepared.
Do you wish to explore how you can survive your first board meeting? This guide is all you need to make the most out of your first board meeting.
What is board management software?
Board management software is simply a cloud-based virtual platform that allows the board to upload, share, edit, and access confidential board materials.
The digital platform comes with innovative features that enhance the decision-making of the board, effectiveness of board meetings, and eliminates the need for paper-based board packs.
How to prepare and survive your first board meeting?
Board meetings play a crucial role, especially in keeping the organization’s operations running smoothly.
As they act as the focal point of discussion where they formulate strategic policies, evaluate the company’s performance, and propose forward-thinking strategies for achieving the company’s goals.
PS: Make sure the meeting agenda is built around the broader objectives of the company.
Tips and tricks: Taking your first board meeting to a whole new level
A board meeting is a vital part of an organization’s operations as they are essential to its growth and sustenance. Ready to conquer your first board meeting? Read on!
1. Know what to expect
Always come prepared to the board; yes, the chair will open the board meeting, do roll calls, and ask if anyone has a conflict with the agenda items. Also, the board of directors will review the meeting minutes of the last board meeting and go over the business that emerged from it.
Albeit this may sound easy, it can be a nerve-wracking thing. So what’s next? That’s where board portal software comes in very handy, as it offers an intuitive dashboard that keeps track of all board materials.
2. Do some homework: Research other board attendees
We cannot stress enough how important it is to do some research over who all are a part of the board, their skillset, job history, and how they are contributing to achieving the company’s strategic goals.
As some of them would be shareholders, whereas some might be independent board directors, you will have a better concept of the potential dynamic coming in.
Board meeting software is indeed a central platform that keeps everyone on the same page as you can easily read about the attendees and other board members — all in a single place.
3. Study the board material: Take notes
Studying the essential board documents enhances board engagement and provides a platform for the board to focus on strategic planning.
Yes, going through voluminous board documents in one go is nearly impossible and on top of that, memorizing key points so you can discuss them in a board meeting is an overwhelming endeavor.
Digital SaaS platforms, such as board portals, offer annotation tools that help you jot down key points and many more.
4. Connect with the board members: Work on team spirit
Although setting strategic goals and getting the right agenda items are crucial factors, a team is as strong as its weakest member. The board of directors should work on building a dynamic team.
They should encourage healthy talks, share experiences rather than making mere statements, appreciate their contribution, etc.
Online board portals cater to all collaboration needs. Board management software comes with announcement panels, a secure chat option, and shareable annotations that keep the board connected.
5. Expect and accept resistance
You might be privy to some ideas during your first board meeting, and you don’t have to worry about that.
It’s pretty normal, instead take it as the diversity of thoughts, and that’s critical for a business to grow. Don’t get discouraged if the board ends up shooting down your idea, but you can avoid all this. How?
It’s healthy to discuss the meeting material with other board of directors, especially when you know there will be some difference of opinion, so you can come to the board meeting without feeling unheard.
With a board of directors portal, the board has access to the latest board pack 24/7/365 no matter where they are. Plus, it gives you confidence that any changes made in the documents will be available instantly.
By incorporating these tips and tricks and having some faith in yourself, you can survive your first board meeting. Stay vigilant, composed, and pay attention to attendees in the meeting with you. You will be on your way to mastering the board meeting in no time.
Moreover, to keep up with today’s fast-paced business environment, the board should opt for virtual platforms, such as board portals. As they help optimize board meeting management and spend up business operations.
Nonetheless, take your time and invest in a SaaS solution that fits your business requirements.