I’m surprised at how many people – even company owners/CEOs – find board meetings boring, something to be avoided if possible.
This simply shows how few understand the real benefits of a vibrant board to a business.
A good board is key to a successful business. It sets the strategy plan and the tone for the business, provides independent oversight and opinion, it brings different experience and skills, reduces business risk and the cost of capital, ensures a professional management culture and positions the company for long-term growth.
Board meetings should be at the centre of these activities, and a monthly meeting not only ensures the board is kept updated on all issues, but that it can feed into the management team any pertinent information. Having a good mix of independent and executive directors, structuring a proper board calendar for the year, and having well-ordered meetings while encouraging open debate ensures a strong business.
Is your board set up this way and do you have productive board meetings focused your business growth, or are they just bored meetings?
As Benjamin Franklin said, “If you fail to plan, you are planning to fail.” Your board is central to this, so use it.