The board of directors is the group responsible for guiding your startup through the most challenging stages of growth. They must deliberate on strategies and approve actions that will ensure the success of the company. This is the reason that efficient and effective meetings of the board are crucial. To ensure this, a few important requirements must be observed during the meeting.
The first requirement is that you should always give attendees a proper notice of the meeting. This can vary based on your company’s size however five to seven business days is generally considered a reasonable period of time. This allows attendees to review the board’s documents, attend the meeting either in person or via video and participate in a productive discussion.
It is important to set time limits for each item on the agenda for the board meeting. This will to keep the meeting focused on the essential matters in the agenda and ensure that all members can contribute effectively. The agenda should include a complete list of all documents that must be discussed or approved. This ensures that the board has taken important aspects of a company’s growth into consideration and not making a decision based on a shortcut.
It is best to not discuss irrelevant topics at board meetings, but it’s not always feasible. To minimize this issue promote a culture of discussion where all opinions are valued. This can be accomplished by incorporating tools such as decision matrices into your board meetings.
