Effective board work requires that you and your business continuously make sure to streamline processes and keep up to date with changes and new ways of working and taking in knowledge. You need to dare to think new and keep track of competition, trends and customers.
Successful board work is no longer just about income statement and balance sheet. It also requires that you and your colleagues are aware of strategically important issues and take social responsibility. In this article you will find tips on how to streamline your board work.
Accept the challenges and bring in expertise
Do you feel stressed and frustrated by the fast pace that today’s board work can entail? The first step to more efficient work is acceptance. Today’s information flow is fast and is probably here to stay, so focus on finding solutions and methods that facilitate and create the right conditions instead of resisting.
Make sure to broaden your knowledge to be able to make good decisions faster from a broader perspective. Maybe it can be good for your business to bring in external expertise sometimes in the areas needed? Hire expertise to complement that already exists among members.
And last but not least: look ahead, gather insights and strategic data from multiple departments and put your finances in a (and right) context.
Focus and distribute responsibilities correctly
The right focus and division of responsibilities is more important than ever. Effective board work requires each board member to serve a purpose, and recruitment to these roles is crucial. What areas of knowledge are important to your business right now?
With a clear division of responsibilities and a good composition of the right skills, you will have better conditions for making quick and right decisions.
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Make clear plans ahead
With clear plans for the parts of the board work that can be planned and prepared, it becomes easier to handle unforeseen events. For example, it may be a good idea to make an annual plan, crisis plan and meeting plan.
With an annual plan, you reduce the risk that, among other things, long-term issues related to strategy and development end up being squeezed for, for example, operational issues that the business needs to handle. A developed crisis plan makes it easier to quickly take action when there are missteps. Today, information spreads quickly, which can be a challenge when something goes wrong in the business. Make sure to have a strong communication chain that steps in when necessary, decide who can make a statement about what, always ensure the facts and be honest.
It is also good to make a plan for upcoming meetings. Decide when the meetings should be and what focus each meeting should have. Start each meeting by discussing the focus area and then continue with other board issues.
Use digital aids
Today’s climate demands that you are at the forefront and constantly alert to what is happening and what awaits. Today, there are a variety of digital tools and board portals that help you in your daily work. But when choosing a digital aid, there are a few things that are good to keep in mind.
- Choose a tool that really streamlines
Not all digital services are time-saving. Be sure that the tool you choose meets the needs of your business and can serve as a platform for as many of your work processes as possible. This allows you to achieve higher efficiency.
- Make sure you can automate follow-up, analysis, and forecasting
With the right digital tools, you can automate financial reporting and retrieve information directly from the accounting. In this way, the CEO, finance department and board can always keep track of the company’s financial situation, which, among other things, saves time in the form of less operational work and fewer meetings.
- Find a good solution for digital meetings
Video meetings have had a major impact. Today, it is more standard than an emergency solution and important to be able to have for the board that wants to be able to act quickly. Important decisions that need to be made quickly should not depend on arrangements around physical meetings.
- Use a digital tool that has e-signing
Digital signatures speed up decision-making processes and save administrative time where separate signing meetings and mail can be eliminated. In addition, e-signatures are difficult to forge and thus also more secure than regular signatures.
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