Board management is the method for overseeing the board members activities. It involves a range of tasks ranging from arranging meetings to sharing information and developing clear roles and responsibilities. The term “board” can be associated with top executives, but the concept can be applied to any group of people who collaborate to make decisions within an organisation. The performance of an organization is directly affected by the leadership of these task groups or “boards.’
One of the most important aspects to remember when managing your board is that your members are leaders in their own right. Your role as chairperson should be to help guide them along the right path, not micromanaging how they meet their responsibilities. This will help you avoid the most common mistakes made by many boards.
Beware of the “groupthink” trap:
Groupthink is the tendency of members to be in sync with one another and reinforce their views that they already share that can lead to bad decision-making. The best way to avoid groupthink is to include a variety of perspectives into the boardroom. This will help you see the opportunities and risks your company faces more clearly.
Make sure your board members are informed prior to each meeting:
This is especially important for directors who may not be aware of the specific industry of the company. To avoid being surprised by the material discussed at a meeting it is recommended to send decks of the board two to three days prior to the meeting, so they can read them and add comments or ask questions. Ted suggests that board syncs are conducted every quarter to collect feedback and align members between meetings. This can be accomplished using a board portal, like iBabs, which facilitates collaboration between meeting and allows directors to track engagement and follow up on https://www.contactboardroom.com/how-to-organize-work-with-the-data-room-software/ actions items easily.