What Is a Board Meeting?
A board meeting is an official gathering of the top management of a company to discuss strategic issues. The top management usually consists of founders and senior executives.
The purpose of a Board meeting is to ensure the highest level of governance and oversight of an organization. To accomplish this the board will examine and decide on key business issues, reports on the performance of the business, and future ventures.
One of the most important parts of a board meeting is reviewing and discussing the financial health of the business. The board needs to examine whether or not the company’s revenue and profit targets are being achieved, and how the company is performing against its competitors.
The second segment of the meeting with the board involves discussing the company’s current and future strategies. The board should evaluate and come up with strategies that can assist the company in reaching its long-term goals. The board should also examine the company’s milestones and progress since the last meeting and develop solutions for any missed goals.
It is crucial that the board follows an organized approach to discussing issues and that the board members are provided with the proper tools to ensure effective collaboration. To accomplish this, the board should prepare all of its board materials in advance. Typically, this means creating a board package that includes the agenda for the board along with the notes from the board meeting as well as any other relevant documents. To make the process easier some boards utilize a collaboration tool like Google Docs to build the board pack. They then share it with their board members prior to the start of the meeting. This ensures that everyone is ready for the meeting and able to concentrate on constructive discussions and making decisions.