The well-structured board package is vital for holding a productive board meeting. But sometimes organizations of the meeting fail at this stage. So, what are the common mistakes in formulating the board package?
The purpose of the board package
Meeting management is an ongoing process, and the analysis of meeting-related activities can help improve meeting performance, maintain budgeted costs, and generally maintain clean procedures. Unfortunately, most companies underestimate the positive aspects of a clear, clean overview of a meeting.
Any board meeting in its content is designed to solve a problem, meet a specific need, etc. Depending on this, it is important to formulate certain specific goals. If the problem is unclear and not clearly articulated, you may encounter a common mistake when making the wrong decision. For this purpose, the board package was intended.
The board package is the outline of questions that should be considered, it is the director’s source for insights into the key problems in the company. The purpose of a good board package is to provide the right information to the right people at the right time so they can properly fulfill their duties as directors for the benefit of the company. Moderating a board meeting is the task of the chairperson or the respective deputy.
Common mistakes in forming the board package
When drawing up the board package, first of all, the agenda is formed, the development of which is based on the theme and objectives of this meeting. The order shall be indicated by the keynote speaker and co-speakers, the time and place of the meeting. Then the main composition of the participants is determined and invitations are sent out in the appropriate form. In preparation for the board meeting, regulations are developed that provide for all procedures and elements indicating their deadlines.
When drawing up a meeting outline, first of all, it is necessary to ask questions that are relevant to most of the members. It is customary to rank questions according to the degree of complexity from more voluminous and complex to simpler.
But there are top 5 common mistakes that the board of directors makes when creating the package:
- Lack of understanding
Meetings will be more productive if you set the agenda. Do not lose sight of the main purpose of the meetings – the development of management decisions envisaged in the agenda, and firmly lead all participants towards this goal.
- Lack of strategic thinking
Strategic thinking is the ability to see patterns among a set of details, to identify key details, to connect different fragments of disparate information, to see the big picture, which will form a further pattern of behavior.
- Too long meeting
Board members forget why they got together, they lose the main thread of the meeting. Therefore, it is important to adhere to the schedule and keep within a short time frame.
- Not maintaining the necessary “background”
The same issues can be discussed many times, but agreements can be forgotten. To avoid this, you need to keep a protocol, record key agreements, and important points. Keeping such a protocol and monitoring the implementation of plans is best left to a certain employee.
- Theater of one actor
This is a serious blunder of the chairman because the meeting is not a theater, but a platform for negotiations. The manager must be able to listen and hear his subordinates, let them speak.
So, to conduct effective working meetings, the manager needs to prepare for them, strictly follow the rules of the event and listen to subordinates.