You rummage through your briefcase in search of your board pack: you see that some of the pages got folded because your board pack wasn’t properly stored away. After quickly going through the content, you realize that there are misprints and errors! And you don’t have time to make the necessary changes because your board meeting is in five minutes – To make things worse, you notice that some parts of your board pack, which happen to be confidential data, are missing!
Although this scenario may be a bit of a stretch, it can still happen to board directors who sit in multiple board meetings in a year. What, then, can you do to improve the quality of your board meeting packs and avoid a similar situation? Listed below are five ways on how to revolutionize your board packs:
1. Assess your current board pack
The first thing that you have to ask yourself is this: what is the purpose of a board pack? Moreover, what is the purpose of this board pack for this specific board meeting? A board pack’s agenda generally consists of:
1. Minutes of the previous meeting
2. A CEO report
3. Risk/compliance reports
4. Financial reports
5. Other materials needed for approval of directors
With these agenda items, you should be able to gauge the quality of your board pack i.e. what works and what doesn’t. For instance, are the paragraphs explaining the financial parts too lengthy? Is the CEO report too vague? More importantly, you need to check whether or not your board pack has just the right amount of data. Having too much info can lead to confusion among your other board members.
2. Identify and focus on the right content
After doing your initial assessment, you should now have an idea of what to put in your meeting packs. By identifying and focusing on the right content, you’ll be able to have more efficient board meetings where you can spend your time discussing relevant topics.
As mentioned earlier, you should take a look at the structure of your board pack and decide which parts to include and which parts to save for the next board meeting. In the process, you’ll see that you’ll not only balance the necessary information given a limited space, you’ll also save a lot of time by having shorter board meetings.
3. Simplify the production process
Speaking of, another way you can save time is by simplifying how you produce your board packs. Traditionally, you’d have to print each meeting pack and then distribute it amongst your members. This process can be inefficient due to the fact that it takes a lot of effort, resources, and time just to produce and circulate your meeting packs. There is also the risk of not meeting the deadlines thus not making it to the directors in time.
With the continuous development in technology, more and more organizations have accepted the idea of going digital in their board meetings. Through the use of a board portal like Azeus Convene, a digital meeting solution designed to efficiently and effectively prepare board packs and streamline board meetings, board directors like you can perish the thought of inefficient and ineffective traditional ways of collaborating.
4. Create an intuitive and user-friendly board pack
In terms of usability, board portals allow for an intuitive and user-friendly meeting experience through their digitalized board packs. For instance, your board packs may now have the ability to be reviewed instantly and revised accordingly, should there be a need for last-minute changes. Also, you may streamline your board meetings, review your board meeting packs with simple annotations, and assign action items all in one device.
5. Safeguard your board packs with encryption
Let’s talk about security. Your board packs contain a lot of sensitive and confidential data that hackers are dying to get a hold of. It would be great to have a secure chamber that will hold all of your top-secret files. This is exactly what board portals can do for your board packs; board portals are equipped with world-class security features that will protect all of your data and resources with encryption –which turns plain text into a cyphered code. This cyphered code can then be deciphered only through an encryption key.
The digitalization of board packs
In summary, the ever-evolving technology has made it possible for board members to adopt digitalized practices; one pain point that technology was able to address is the need for a paperless meeting platform to conduct the company’s board meetings.
The five ways mentioned above is by no means the definitive way to go about your board packs. But, by following these, your board packs will improve significantly and will pave the way for better board meeting experience.