A board meeting is a formal gathering of the top management of a business to discuss strategic issues. The top management typically comprises the founders and senior executives.
The purpose of a meeting on the board is to ensure that a company has the highest level of oversight and management. To achieve this, the board must consider and decide on major business issues, company performance reports, and future ventures.
One of the most important elements of a meeting for the board is reviewing and discussing the financial health of the business. The board must determine if the company’s revenue and profit goals have been met, and how it is performing in comparison to its competitors.
The second segment of the board’s meeting consists of discussing future and current company strategies. The board must evaluate and devise strategies that will help the company achieve its long-term goals. The board must also take a look at the company’s progress and milestones since the last board meeting and come up with solutions for any missed goals.
It is vital that the board takes a methodical approach to discussions and that board members have the right tools to effectively collaborate. To do this, the board needs to prepare all of its materials for board meetings in advance. This usually involves creating an array of materials for board meetings that includes the agenda along with meeting notes and other pertinent documents. To make it easier most boards use the collaboration tool Google Docs to build the board pack and distribute it with their board members in advance of the meeting. This makes sure that everyone is prepared for the meeting, and they can focus on constructive discussions and making decisions.