This post is for privately owned companies and nonprofit organizations that have Boards that they want to make more effective, or those that don’t have Boards but realize they should have. This applies equally to advisory boards as well as fiduciary boards, except that the former just listens and offers advice; while the latter listens, offers advice, and evaluates management performance by how well they take the advice. The guidance in this post is appropriate for both types of Boards, with the goal of making the best use of that meeting time and getting the greatest value from Board members’ time and experience.
Before the Board meets – the preparation packet: Every Board member should be able to review this information in advance of the meeting and be prepared to participate meaningfully in any relevant discussion. As a minimum this should include:
Meeting discussion – Facilitation points for the Board Chair to keep in mind:
After the meeting – any loose ends?
We strongly believe that every company should make best use of outside advisors in areas beyond the expertise of existing management, whether in the form of a Board of Advisors, a Board of Directors, or a fractional CFO as a start. We do all the above, when needed.
We are Your CFO for Rent.