How To Run A Successful Board Meeting?
Board meetings are something natural for companies, especially when it comes to summing up events and projects as well as all events taking place in the business. In the contemporary world, the issue of board meetings meets many problems concerning not only the organization but also communication between its participants. Today TimeCamp presents tips on how to run a successful board meeting.
Adjusting To The New Model
The main issue of board meetings is the fact that they are not adjusted to the ways which companies are managed in. Most of them do not follow the news on the market and do not change their policies toward board meetings. In result, it creates an outdated approach which eventually leads to the futile gathering where employees do not understand what is happening in the business and what are their assignments. And this is what should be taken into consideration as the rule no.1 in running a successful board meeting – adjusting to the new model of how things work in business. Such an approach will let create meeting resulting in comprehension and lack of understatements. Implementing this rule will make it easier to apply the following tips and improve the board meeting’s success.
- First and foremost, set the Board of Directors. As Brad Newman, Practice Innovation Manager/Staff Attorney at Cooley LLP claims that:
A well-functioning Board of Directors having regular meetings is a great way to keep your key investors informed and engaged, and is a critical component of sound corporate governance.
With the right Board of Directors your board meetings are always organized in the proper way. And you don’t have to worry about things going wrong because there are always people who support your actions.
- Hold regular meetings. Having a plan of board meetings is good not only for you but also for your employees. They can know when the next meeting is planned and when to be ready for it. Thanks to that you can be sure everyone will appear.
- Send the materials few days in advance. It will be easier to discuss any problems once people know what they will talk about. They can prepare for the meeting and make it more active.
- Board materials should be the team’s too. This minimizes prep time for everyone and ensures that what is reviewed in the board meeting maps cleanly to how the business is performing, and how the team is managing it.
- Make it a discussion, not a monologue. Engage everyone in the discussion. Don’t make it a long speech during which everyone will fall asleep.
Board meetings are about discussing things, not only listening to what the boss has to say. It’s important to make it active and engage the attendees.
- Keep it as short as possible. Long board meetings will only make everyone tired and won’t help in solving problems.
- Send out metrics and key KPIs. You can do it more often than only before the board meeting. The best solution is to do it once a month so that everyone has an insight into the company’s status.
- Be open to employees. Listen to their opinions and critique. They can give you a clear overview of what should be changed or improved.
- No phones. Make sure there are no distractions during the meeting. People should stay focused.
- Give feedback and require feedback. After the meeting is over, make sure to provide attendees with feedback on your and their work. Ask them for feedback. It will serve all of you and you’ll be able to work on your flaws.
- Use time tracking software. And for this, we recommend using TimeCamp. And here’s why. With TimeCamp you can track time your employees spend on work. And before every meeting, you can collect all the data, including timesheets, project budgets, reports, and employees’ outcomes and present it during the meeting. This will serve as a great overview on how the company’s doing.
If you stick to the above tips, your board meetings will always be profitable for you, your company, and employees. They will help in growing the business and achieve success. Check out TimeCamp and its great features which can be helpful in running a successful board meeting. Register here today and let us know how was your board meeting!