The question of how to organize the most effective work process is one of the most important in modern business. And it concerns not only organization of work on executive levels, but also changes of board of directors work towards increase of their productivity. The urgency of the issue is proven not only by the companies’ demand for specialists in corporate governance improvement, but also by quite a wide range of practices and strategies aimed at improvement of meetings of the board of directors. We suggest learning more from our material on how to organize the governance process with maximum efficiency for the company.
Best practices to improve board effectiveness
Since the board of directors performs its work primarily through meetings, most of the tips from experts on improving the effectiveness of the leadership process relate to this part of the work. Here are some of the most useful ones.
Make the preparations.
To make the meeting of the board of directors as quick and beneficial for the company as possible, management experts advise to pay due attention to its preparatory stage. Gather all the necessary documents, notify participants of the time of the future meeting, provide access to virtual meeting rooms – in general, do everything necessary to simplify the meeting directly. Not only will you save time this way, but you won’t be distracted by minor organizational issues.
Pay special attention to the agenda
How thoughtful and detailed the agenda for the board meeting is determines the effectiveness of the meeting as a whole. Try to take into account all the issues that need to be presented to the board, both important and minor (if the entire board needs to be involved to resolve them). Make the agenda detailed and remember to present it in advance for all meeting participants to see.
Set a time frame
To avoid losing the main point during the meeting, set a clear time frame for speakers, discussing issues and voting on decisions. Have the meeting administrator (especially if it’s online) enforce the rules, and get everyone involved in the discussion – so that no one takes too much time, thereby preventing others in the meeting from having their say.
Monitor the productivity of meeting participants
It’s not just important to do this during business meetings. The productivity of board members should be an integral part of the overall evaluation of the company’s performance. That way, you can instill new values in the corporate culture – specifically, that all employees should work to improve their productivity – and also monitor everyone’s preparation for meetings. How well everyone prepares will also determine the effectiveness of the meeting process.
Simplify small tasks
To avoid wasting meeting time on minor organizational tasks such as taking minutes, keeping track of time, we recommend simplifying them as much as possible. To do this, you can use pre-prepared document templates, electronic copies of important documents and their drafts, install electronic stopwatches and so on. The main thing is to study in advance the possibilities of virtual platforms and adapt them to the needs of your company.