Why Running an Effective Board Meeting in India is Important
Board members are exhausted from regular and continuous meetings with stable barrages and cumbersome presentations. Hence finding out new ways to conduct effective board meetings is essential for more effectiveness and business growth.
There is a lot of effort that goes into preparing for the board meeting. Spending hours on making the slides and if it results in no impact on board members, then it might make you feel frustrated and worthless.
In this article, we see ways you can conduct effective board meetings.
We all know that board meetings are essential for any organization. Let’s see how we can create an effective board meeting.
Think, Think, Think!
Brainstorming about the organization’s critical facts and addressing your board members’ issues should be the first step in preparing for the board meeting. Keep that in mind before you go for the final board meeting. You have to review your papers with your senior management team before sending them to the board.
Plan Ahead
Take the opportunity of sending papers to the board in advance so that you get the surety that there are no errors and no delayed meeting. You can also seek help in reviewing the papers before presenting them. It is crucial to keep in mind that late submissions create a mess and cause unnecessary stress during the meeting.
Block Your Calendar
The meeting needs to properly discuss all the key factors, and it can be a time-consuming process. So, keep a fixed schedule in your calendar and block the dates. Often, an organization faces the most frustrating excuse from the members that they have a new or an emergency meeting. Members are in a rush to catch a flight. All these can disempower the presenter. Hence, all the board members need to block their calendars.
Another essential point to note is that the chairperson is the one who holds the meeting. He should take care that the discussion is not too prolonged and keep the members’ attention.
Avoid Boring PowerPoint Presentations
Many presenters create mind-numbing slides with no use as they convey no messages than the other drops. The presentation has several pieces of data that the director doesn’t even notice. What can be done in 10 slides shouldn’t be done in 20 slides. Keep it straight and to the point.
Few organizations show their number through graphs, which highlights three trends.
- Budget and actual goals
- Current quarter vs. the same quarter in the previous year
- Current quarter vs. the immediately prior quarter
Be Transparent
You should be upfront and transparent to make the board focused on the significant and critical issues instead of wasting anyone’s time. Never try hiding any sort of information from your board members as they always find it at the end, be very clear and gentle with them. If you missed some deliverables, always be truthful about it. Members of the board meeting must have been in similar situations and understand your constraints and challenges.
Present Reports
It is always essential for the chairperson to display what actions have been taken this year and new results. Never forget these important points; it makes the board members challenging to keep track of the management committee in an earlier meeting.
Statutory Matters
The regular organizations often discuss statutory matters with the board members during the board meeting. However, it takes a long time to discuss, and the essential business matters are easily missed. It’s necessary to have a proper and strategic discussion that must be planned thoroughly. This may create a need for extra time for discussion, and you must inform the board members beforehand.
There is often a demand for a strong argument for attending the audit committee meeting to avoid duplicate discussions by external and internal auditors.
Use Technology
Do not waste your precious time finding pieces of information in multiple emails and get confused. Use current technology platforms such as One Drive, Board Vantages, and many others where you can keep all the material in a single place. This helps in quickly locating the papers and be ensured that you are using the latest version during the board meeting.
You can conduct an engaging and effective board meeting through proper planning, which isn’t a waste of time, even by the management.
Effective board meetings should always be regarding getting guidance on handling business issues and expanding the existing business. Keep these points in your mind and make sure that you highlight the previous quarters of starting with the good and ending with the solutions for problems that exist. 3E Accounting offers corporate secretarial services in India which helps in business expansion.
3E Accounting India
3E Accounting India is a corporate service provider and accounting firm assisting clients with company formation and incorporation. We offer company secretary and business-related services in India.
