Pro-actions is convinced of the value that a well-constructed and run board meeting can deliver to a company.
What is the purpose of a board meeting in a small company?
The key principles are that they fulfill the directors’ responsibilities and drive the business towards the planned goals. Directors’ have a number of important legal responsibilities including to ensure the business is managed in the best interests of the shareholders, is solvent and is able to pay its bills as and when they fall due, is compliant with business legislation (e.g. tax, health and safety etc.) and to hold the management to account for its performance in managing the business to achieve its long and short term goals.
What is the secret of a successful board meeting?
The key secret of a successful board meeting is having the right people around the board table so that you can take a dispassionate directors’ view. That means at least one person should not be involved in the day to day running of the business. In a larger company this role is fulfilled by the non-executive director(s). In a smaller enterprise the same result can be achieved by including an independent third party such as a business coach or mentor to facilitate the meeting.
Thereafter you will need a focused agenda, the right information distributed ahead of time, and a well-run meeting with a clear action orientated outcome.
1. An agenda should be set and should focus on the vital elements of what needs discussing.
2. Information, including KPI’s, financials, budget updates etc. should be sent to all attending ahead of the meeting to allow valuable preparation time
3. The meeting should focus on making firm decisions for action in the critical areas.
4. Clear actions and decisions should be noted, identifying where appropriate what needs doing, who is taking ownership and by when they will be completed.
Whether you regularly hold a board meeting or not, Pro-actions is happy to support you construct and agenda and facilitate a model board meeting.
[contact-form-7 id=”316″ title=”Post a Question”]
In or last article, “Measuring What’s Important” we discussed key performance indicators or KPIs. There are lagging KPIs such as financial measures that tell you what just happened and leading KPIs that indicate what your financials are likely to look like.Read More
Following on from our previous blog in this series, “The Most Important Thing”, the next step is to translate your goals into action. For this, setting your targets and measuring your performance against them is vital to making them happen.Read More
What do you want to achieve in your business? Every owner manager had their reasons for why they started out on that journey – what are yours? And more importantly, are they still valid, are you on track, or are your hopes and desires being frustrated?Read More