A recent study of board work found that over 60 percent of successful growth companies have an active board of directors. As soon as your company grows to more than a few people, the value that you can get from having outside opinions and somebody to talk to about the company can be great. But to be able to unlock that value, you need a plan.
A good plan covers one year, it sets a strategic theme for each meeting, it is shared with your board members and helps you to pre-plan the agenda of each meeting. It also contains all the mandatory issues that you have to deal with from a governance perspective.
Covers one year
Setting up your plan for a year at a time has two benefits. Firstly, it puts the meetings in the calendar of each board member in advance. They are often busy people and scheduling meetings on short notice is difficult. Secondly, planning for the whole year forces you to think through what you want to accomplish with the board and to have a discussion about that with your chairman and the rest of the board members.
Sets a strategic theme for each meeting
One common complaint about board work is that it focuses too much on reporting the past and too little on discussing the future and strategy. Selecting a strategic theme for each meeting helps you to focus on the discussion in the future.
Is shared with the board members
Sharing the plan and talking about it helps your board members to feel committed, understand what is going on and to prepare for the meetings. In turn, this allows them to add more value during your board meetings.
Pre-plans the agendas
Thinking through what should be on the agenda of each meeting can be time-consuming. But if you agree on recurring issues, select themes and put in the mandatory issues during the beginning of the year, the agendas already have a structure and content. That removes much of the work: when the meeting draws near, you only need to add any urgent issues that have come up. The rest is already taken care of.
Contains all the mandatory issues
The board has a number of issues that have to be discussed during the year for legal reasons. Planning the year up front helps to set these issues on the agenda and makes sure that you don’t leave any of them out.
Kuveno has a built-in board planner, that automatically takes all of these things into account. Using the planner, you can create a yearly plan with just a few clicks. We have prepared themes, mandatory issues, as well as issues that recur at each meeting. These are placed into meetings that are planned in the yearly calendar.
Plan your board work, it’s well worth it!