Board management is the procedure for overseeing the board members’ work. It encompasses a variety of tasks, from arranging meetings to sharing information and establishing clear roles and responsibilities. The term “board” may be associated with executives at the top, but the concept can be applied to any group of individuals who collaborate to make decisions in an company. The management of these task groups, or ‘boards’, effectively directly affects the overall success of an organization.
When managing your board, it’s crucial to keep in mind that your board members are all leaders in their own way. Your role as chairperson is to assist them in the right path, not to micromanage the way they perform their duties. This can help you avoid the most common mistakes made by boards.
Beware of the “groupthink” trap:
Groupthink is the tendency of individuals to join forces with other members and reinforce the views they already agree upon, which can business management software lead bad decisions. The best way to prevent groupthink is to bring a variety of perspectives into the boardroom. This helps you see more clearly the risks and opportunities that your business is facing.
Make sure that your board members are informed prior to each meeting:
This is important, especially for directors who are unfamiliar with the business of the company. Directors should be given board decks 2 to 3 business days prior to the meeting to ensure they can look over the material and make comments or ask questions. Ted also recommends having board syncs each quarter to collect input and align board members during meetings. This can be done using an online portal for boards like iBabs that facilitates collaboration between meetings and allows directors to track engagement and follow-up action items easily.