Here's how you can conduct a good board meeting

For board members who might be meeting once every quarter or so, the board meeting is one of critical importance.

It is where important issues about the company are raised, decisions are taken and red flags are also noticed.

Given the number and stature of people involved, a board meeting may not be able to accomplish all it needs to if it is not structured well.

Here are some ways to bring structure and clarity to bring the best out of a board meeting.
Agenda for the meeting: Prior to the meeting, it’s best practice to share the agenda. This helps the board members to come prepared, and give the required support and advice.

Operational details: Setting the basic operational details such as ensuring the quorum, making sure that the previous meeting’s minutes are reviewed and appointing a chairperson are among the important steps that are required to be done at the very outset.

Existing business: This could take the form of an update or a quick summary from the founders. Depending on the time and the key agenda for the meeting, this has to be planned so that there is enough time left for the areas where members’ inputs are really needed.

New business: This is where the insights of the members are most needed but often, in the absence of the right planning and structure, where a board meeting becomes ineffectual.

Let us take some examples:
Say the company is planning a new product launch. What is important for the founders to assess before the board meeting is what kind of help is needed from the members. Is the meeting being held just to inform the board? Or, will there be room to brainstorm and to decide on an appropriate approach for the company?

A structured approach is needed if the intent of the meeting is more than just to pass on the information. Board packs need to be sent ahead so that people can read the relevant background information. At the meeting, a brainstorming session can be organised to ensure diverse thoughts are heard and ideas collected.

This is where group think should be avoided and issues and concerns raised.

The key points should be noted and the next steps discussed before the matter is closed.

Closing the meeting

The minutes of the meeting should be noted down. In some cases, the executive interactions after the meeting bring out more insights and feedback. There should be a mechanism to note down the relevant points from such discussions.

A lot of founders build individual and collective professional relationships with the board members that go deeper than the quarterly meeting. Such relationships provide more chances for open conversations and requests for support and help.

As an immediate next step, the meeting notes should be circulated. Any specific action item that needs the active support of the board needs to be discussed with the members.

To ensure that the board meetings are engaging and not just formal discussions, other components should be added to the agenda. For example, a short learning component could be added to the meeting, with an expert talk on a relevant topic either from one of the board members or from an outside expert.

This can bring in new ideas and generate more cross-functional thinking.

Last but not the least, any thoughts for the next board meeting could be discussed.