The Objective of a Board Meeting

We’ve had a number of clients over the years – some of them have formal Boards of Directors and Finance Committees, while others have brought in colleagues to be their Boards of Advisors (some of them have neither, and I think it’s a lost opportunity).

I find that most CEOs approach board meetings in one of two ways: some plan for weeks in advance for these meetings, and some plan for only a few days. Some have a careful script, and some just ‘wing it.’

I asked one of my clients, who starts to plan for board meetings 4 weeks in advance, a question:

“Do you prepare so hard for these meetings to make yourself look good or to not waste the time of your board members?”

The answer I got was on point. This entrepreneur said:

“Both.”

Reflect on who is on your board and what they can do for you. Is their role to govern you, to manage you? Or are they there to help guide your business?

His answer continued: “It’s rare you get to tell others or explain to others how your business is being run, and to get honest raw feedback from people.” He went on to share that he cannot bear to waste a minute of their time with easy operational issues that we can solve in house – instead he wants to ask them the hard questions. And in order to do this, he will prepare them and himself in advance to use those Board meetings to talk about rich content – he won’t waste a minute.

So I ask you: do you have a Board of Directors, Board of Advisors, or other group you report to?  How are you maximizing their value to your organization? Are you wasting their time and yours?

Drop us a line at info@quincycfo.com! We’d love to hear what you do best in those meetings, or how you are trying to turn them around.