How to make faster decisions with efficient board meetings

The ability to make quick, informed decisions is a crucial competitive advantage in any business. Yet, how often do your leadership teams find themselves bogged down by inefficient board meetings?  

And according to McKinsey & Company, 61% of executives said that at least half the time they spent making decisions was ineffective. Transforming your board meeting practices can unlock the potential for faster decision-making and enhancing productivity so your board members can get the most out of this vital time.  

In this article, we’re looking at exactly why efficient board meetings are important for decision making, and how your business can achieve this transformation. 

Why are efficient board meetings important for decision making? 

Efficient meetings focus sharply on the agenda so your board members can address critical issues quickly. Having a targeted approach to board meetings helps to reduce time spent on discussions or covering previous actions, allowing your attendees to make vital decisions and get the ball rolling sooner rather than later. 

Streamlined meetings enhance communication among board members. By ensuring that discussions are focused and purposeful, members can prepare for the meeting and exchange ideas more effectively, ensuring that every decision is made swiftly, whilst being in line with your business’ aims. 

Research by McKinsey & Company found that directors spend an average of 24 days per year on board matters. By speeding up the decision-making process in meetings, it means that your board members have more time to focus on the other core needs of your business or on other vital board discussions. This increased productivity translates to a more dynamic and responsive business environment, where actions are taken swiftly and efficiently. 

• Responsive to changing need 

You know how important it can be for businesses to react quickly in order to stay competitive and be prepared for change. And efficient board meetings help to empower your teams to make informed decisions faster, so your business can adapt to market changes or updated regulations.  

How to reach faster decisions with efficient board meeting management  

We know that efficient board meetings can be a vital asset for businesses looking to enhance the decision-making processes. But how can you implement this in your business? We’ve put together some tips you may find helpful: 

Start with a clear agenda:

A well-structured agenda is the cornerstone of an efficient meeting. It sets the stage for what needs to be done and keeps the discussion focused. Before the meeting even takes place, distribute an agenda to all participants, outlining the key topics and the expected outcomes.  

This not only prepares attendees so they can gather thoughts and action points ahead on time, but also ensures everyone is aligned on the meeting’s purpose and goals. Plus, a clear agenda helps to prevent the meeting from veering off course and keeps everyone on task. A Meetings & Board Management solution can even ensure any updates to the circulated papers can be shared seamlessly and securely, so your board members are always working from the most up-to-date information.

Set out meeting times:

Time is a precious resource, and it’s easy for meetings to overrun when there’s no clear schedule. By setting a firm start and end time for each agenda item, you encourage concise discussions and prompt decision-making. This helps to streamline conversation whilst also respecting everyone’s time as they can come to the meeting with a clear outline of what the discussion is going to consist of. 

Check out our blog ‘How to combat the hidden cost of your board meetings’ for more information.

Ensure the right people are present: 

The effectiveness of a meeting can often be shaped by the presence of the right stakeholders. You don’t want to be waiting around for someone to be called in last minute or spending time you don’t have catching them up on details they’ve missed.  

Having the necessary decision-makers and contributors in the room or on the call is vital to ensure discussions lead to actionable outcomes. Evaluate the attendee list carefully before and after the meeting to avoid overcrowding and ensure that each participant has a clear role and purpose.  

Embrace technology 

Harnessing technology can significantly enhance the efficiency of your board meetings. Video conferencing tools, such as Microsoft Teams or Zoom, and collaborative platforms like our Meetings and Board Management solution allow for seamless communication, especially in remote or hybrid work environments.  

Our Meetings & Board Management software allows you to securely circulate papers ahead of time and includes features like real-time document editing and private or public voting. You can even see how much of a document has been viewed to facilitate seamless collaboration, whilst ensuring everyone is engaged and contributing to the conversation.  

Our Meetings & Board Management solution:

Board meetings are a vital part of your business and shouldn’t be slowed down by ineffective and time-consuming processes. Our user-friendly Meetings & Board Management software is designed to help your board members and stakeholders collaborate with ease, with enhanced efficiency and security. 

Click Here to learn more our Meetings & Board Management solution 

And you can join us for a special Webinar on 7th November hosted by our Governance & Risk product expert Paul McSorley, who will give a live product demo, answer your question and explore how Meetings & Board Management can bolster collaboration and enhance meeting productivity. Interested? Click Here to register