A board meeting is a formal gathering of the top management of a company to discuss strategic issues. The top management usually includes the founders and senior executives.
The purpose of a board’s meeting is to ensure that the company has the highest degree of oversight and governance. To accomplish this the board will scrutinize and take decisions on important business issues, performance reports of the company, and future ventures.
One of the most crucial elements of a board’s meeting is reviewing and discussing the financial health of the company. The board must consider whether the goals of the company’s revenue and profits are being attained, as well as how the company’s performance compared to its competitors.
The second part of the meeting with the board involves discussing current and future company strategies. The board needs to evaluate and develop strategies to assist in achieving the company’s longer-term goals. The board should also look over the achievements of the company and its progress since the last meeting and develop solutions for any missed goals.
It is crucial that the board takes a systematic approach to its discussions and that the board members have the appropriate tools to effectively collaborate. In order to do this, the board should prepare all of its board materials in advance. It is common to create a board package that includes the agenda for the board meeting along with the notes from the board meeting as well as any other relevant documents. To streamline the process most boards use the collaboration tool Google Docs to build the board pack and share it with their board members prior to the start of the meeting. This ensures that everyone is well-prepared for the meeting, and they can focus on constructive discussions and making decisions.