In this article, I will highlight 5 ways you can gain more value from your upcoming board meeting:
Always set objectives
Having an agenda is important but even more important is to define the objective of the board meeting. Mentioning the objective at the start ensures that there will be a defined outcome at the end.
A simple statement like “This board meeting will be a success if [insert objective] is decided” will make the members of the meeting aware of the actual reason behind the meeting and also help achieve it.
Review past strategy and create a strategy for the future
Board meetings can be a place to discuss market dynamics, analyze competitive moves, and decide the future direction. CEOs should use the board meeting to review strategies, discuss different scenarios and decide the core responsibilities throughout the board.
Focus on the right numbers
One key objective of every board meeting is to have a look at the ongoing health of the company. So to do this it is very important to source the right metrics. Since businesses have evolved, today they look into every aspect of the business and not just the sales. Here are some key metrics that a business should present:
1. Revenue metrics - MRR, gross margins, operating income, profit report.
2. Product metrics - Top products, upcoming products, pricing
3. Customer metrics - Customer lifetime value, customer acquisition cost, customer retention rate, number of loyal customers.
Appreciate individuals and acknowledge their performance
Employees are the real asset of any business. True leaders know the importance of recognizing potential and acknowledging them. Board meetings can be an excellent way to acknowledge functional leaders and get their valued opinions to strategize better.
Gather one-on-one feedback
Another aspect of a good board meeting is collecting confidential feedback. The board meeting can be a great way to discover executive team compositions, highlight capability gaps, and discuss succession plans.
Over to you
Board meetings shouldn’t be boring or monotonic. You can make them fun, insightful, and groundbreaking by following the 5 ways explained in this article. Do try them out and let me know your favorite strategy in the comment section below.