Startup Board Meeting Requirements
The board of directors will guide your startup through the most challenging growth phases. They are required to discuss on strategies and approve plans of action that will ensure the company’s success. This is the reason that efficient and effective meetings of the board are so crucial. In order to achieve this, it is important that certain requirements are observed during the meeting.
The first requirement is that you provide attendees with proper notice of the meeting. This will vary based on the size of your company however five to seven business days is generally considered to be a reasonable timeframe. This allows attendees to review the board’s documents and attend the meeting in person or via video, and participate in a productive discussion.
You should set strict time limits on each item on the agenda for the board meeting. This will to keep the meeting focused on the important issues on the table and ensure that all participants are able to contribute effectively. The agenda should include a list with any documents that require to be discussed or approved. This gives participants a sense that the board has considered important aspects of the company’s growth and is not taking shortcuts.
It’s a good idea to avoid discussing irrelevant topics during the board meeting, however this isn’t always the case. To minimize this issue and to promote a culture that encourages discussions where all opinions are valued. This can be achieved by incorporating tools such as decision matrixes into your board meetings.
