What Are Board Meetings? Understanding their Importance, Types and Software Tools

Board meetings are crucial gatherings of an organization's board of directors that take place regularly to discuss and decide on the company's policies and issues. The directors, who are elected by either the shareholders or members, are responsible for formulating the organization's overall strategy. As a fundamental aspect of a company's operations, board meetings play a significant role in determining its growth trajectory. They serve as a platform for evaluating performance, tackling critical concerns, addressing policy matters, and conducting legal and financial operations.

What is a Board Meeting?

A board meeting is an official gathering that convenes all the members of a company's board to make crucial decisions that contribute to the development and success of the company. Such meetings are scheduled at predetermined intervals.

The board meeting serves as a formal assembly of a company's governing body which is held on a regular basis or as needed to ensure the smooth functioning of the company. Its primary objectives include assessing progress, addressing strategic issues, tackling significant challenges, and overseeing the committee's activities. Additionally, the board meeting must adhere to regulatory requirements and is usually presided over by the company's chairman.

Guests may also be invited to attend meetings with the organization's board members. As per government regulations, companies must provide basic guidelines for conducting meetings when drafting their operating agreements. The minutes of the meeting, which outline all rules and regulations, are published and hold legal validity.

Importance of Board Meeting

Board meetings are a crucial aspect of a company's operations, playing an important role in both its survival and growth. These meetings are where board members decide on the company's strategy, which serves as the foundation for the entire organization. Additionally, the board of directors oversees the management's progress towards achieving the company's long-term goals, a key topic of discussion during these meetings.

The transition to online meetings due to the pandemic has presented new challenges for companies holding board meetings. However, the importance of these meetings cannot be ignored and virtual board meeting tools like Zoom or Google Meet have proven to be valuable assets for facilitating discussions and maintaining productivity. Through these virtual meetings, directors are able to address organizational issues and collaborate on the growth and success of the company. Additionally, they offer an opportunity to review performance and optimize productivity.

How often do the board meetings take place?

Board meetings are typically scheduled to take place at regular intervals, either twice a year or quarterly. However, the frequency of these meetings can vary depending on the needs of the organization. Some companies may require more frequent meetings in order to operate efficiently and effectively.

The frequency of board meetings should not be the primary concern; rather, the focus should be on accomplishing the objectives of each meeting. These objectives include providing a platform for board members to discuss the company's operations and plan for the future. When deciding on the intervals for board meetings, it is important to prioritize these key functions.

How is a Board Meeting conducted?

In today's world, board meetings can take place either in person or virtually through video-conferencing. However, with the current lockdown situation, physical meetings are no longer a viable option. This is where video-conferencing software and meeting-room systems become crucial for businesses to continue their operations. With the ease of technology, video calling platforms have become a convenient solution for board meetings, allowing for nonverbal communication to be conveyed effectively.

BoardPAC simplifies hybrid meetings by providing a seamless platform for efficient communication among members. Its cloud video conferencing feature enables confidential exchange of sensitive information, making it the preferred software for conducting such meetings.

Key Topics discussed in Board Meetings

An aimless meeting can turn boring and fails to realize the time’s worth. A pre-decided discussion plan always helps to ensure that the meeting turns out to be fruitful.

By establishing clear objectives prior to the meeting, the organizers can effectively utilize everyone's time and promote a productive decision-making process. Typically, a board meeting will address five key topics, including

1. Performance

Assessing an organization's performance is crucial in order to stay on track with long-term objectives. A key topic of discussion at any board meeting is typically the progress the company has made since the last meeting. The company's market share plays a significant role in measuring growth.

Performance evaluation involves examining accomplishments, production and sales reports, both achieved and missed targets, and any significant incidents that have occurred since the last meeting. A performance-focused meeting can also serve as an opportunity to set future targets and outline key agenda items for upcoming meetings.

2. Planning for future

Future planning is crucial for any organization as it provides a clear direction for the operations. Strategizing for the business, which includes financial and marketing aspects, is an integral part of this planning process. By discussing these strategies, an organization can prepare itself for the challenges that lie ahead and ensure a comfortable position for its members.

It is imperative that the responsibility of introducing fresh concepts and tactics is not solely placed on the shoulders of the executives, but also on the other managers at different levels. These individuals can deliberate and propose various strategies, ultimately deciding on the most effective ones to drive the business forward. With clear objectives in place, increasing the company's market share can be achieved with greater ease.

3. Key Performance Indicators

Effective key performance indicators (KPIs) are essential for monitoring an organization's progress. Once strategies are established, KPIs are determined to enable members to easily track growth and success. A well-defined set of KPIs ensures that a company's performance can be tracked with ease. Basic KPIs may include increased sales and improved employee turnover rates, among others.

4. Opportunities and difficulties

It's important to remember that not all board meetings revolve around positive news. In fact, it's just as crucial to keep track of potential challenges that could impede the company's growth. Mastering the art of handling these challenges can greatly simplify everyone's job and lead to better outcomes for the company.

Identifying and learning about new opportunities is crucial for setting future goals and achieving growth for your organization. By focusing on your strengths and analyzing each opportunity, you can effectively allocate resources and avoid wasting them on ventures that may not be worthwhile.

5. Deciding on the plan of action

The board of directors holds the crucial responsibility of determining a plan of action to guide all members towards progress once the important issues and strategies have been sorted out. These plans are proposed, voted on, and finalized during meetings, and may encompass optimization of marketing, sales processes, customer acquisition strategies, and more.

How to improve your board meetings?

Streamlining your board meetings can greatly improve their productivity and maximize your time. Fortunately, Lifesize offers a comprehensive solution to simplify the process and alleviate any meeting-related stress. Their advanced software and equipment provide a formal meeting setting that seamlessly connects participants from any location, ensuring seamless communication and collaboration.

1. Equipment

Upgrade your board meetings with Lifesize Icon 700, a premium video conferencing solution that offers unparalleled versatility. Featuring a top-of-the-line 4k camera with 20x zoom and user-friendly touch-screen controls, this equipment provides the highest quality video conferencing experience. Compatible with any platform, including Google Meets and Zoom, Lifesize Icon 700 also boasts noise-reducing microphones with Opus audio codec, ensuring crystal-clear sound quality for all participants.

2. Easy sharing of screen

During a video call, the ability to share your screen is crucial. Fortunately, Lifesize offers this feature with minimal downtime, making it easier than ever to give wireless presentations.

3. Software

The Lifesize app offers a comprehensive video conferencing solution for your board meetings, allowing up to 500 participants to join in. With features such as screen recording and sharing, you can ensure that all attendees have access to the information they need to make informed decisions. Trust Lifesize to provide the perfect platform for your next virtual meeting.

Best Board Meetings Software

There are several board meeting software options available that can streamline and automate the meeting process for your board members, as well as facilitate virtual meetings to discuss your meeting agenda and increase organizational productivity. Some of these software options include:

1. Zoom

Zoom offers a reliable and safe platform for hosting virtual board meetings. With a range of security features, including those designed for businesses, public companies, government bodies, and non-profits, Zoom is the go-to solution for secure online events.

2. GoogleMeet

Joining a board meeting via GoogleMeet is simple and easy. All you need to do is open Google Calendar and click on the meeting invite. A pop-up box will appear where you can simply click on “Join with GoogleMeet” to join the video call and participate in the meeting.

3. Diligent

4. Boardable Board Portal

Streamline your board meetings with an efficient and user-friendly tool. With its mobile app, you can manage your meetings from anywhere, making it easier to take votes, assign permissions, access the member directory, and collaborate with your team. Say goodbye to the hassle of traditional board meetings and hello to streamlined efficiency with this powerful tool.

It simplifies board meetings through centralized communication, effortless integration, efficient scheduling, and cost-effective pricing. Additionally, it allows for the creation of customizable templates for sending private notes and annotations to members.

5. OnBoard Board Management Software

It is one of the first board intelligence platforms that ease down the outdated board procedures for empowering meetings to be more productive.

Conclusion!

The success of a company heavily relies on the decisions made during a board meeting. To ensure continuous growth, it is important for the company to stay connected with its potential for growth by regularly devising new strategies and improving existing ones.

With the use of the best meeting tools, you can focus solely on the meeting itself and not worry about the technicalities as the software and equipment will take care of it all. The board meeting is a crucial part of a company's operations, which is why it's important to ensure that the technology used is top-notch. Our recommended list of tools aims to help you conduct your board meeting with ease and efficiency.

How important do you consider these meetings in optimizing the performance and productivity of an organization?