Why Board and Executive Team Meetings Should Be a Part of Your Game Plan
June 11th, 2018

If your business is growing, regular board and executive team meetings should be on the agenda. At a critical stage in their expansion, nearly all of our most successful clients have implemented a quarterly meeting structure. This often involves creating a formal board of directors or an advisory board that functions in much the same way.

The structure could consist of:

  1. Executive team only;
  2. Board of directors including non-active shareholders; or
  3. Board of advisers and/or directors including executives and possibly outsiders.

Business owners often hesitate to set up such a structure because they don’t see the obvious benefits or understand how it should operate. Our recommendation: Build it and they will come. In other words, start with a formal agenda and meeting, using the first gathering to talk about long-term concerns.

WHY HOLD QUARTERLY MEETINGS?

The key benefits of holding quarterly meetings include:

  1. Having a forum to discuss strategic initiatives and to brainstorm ideas. (Long-term success requires planning – a tough task when you’re immersed in day-to-day operations.)
  2. Helping to identify gaps in the management structure and/or how senior executives/owners can move away from operations into strategic planning, which enables them to enhance wealth creation.
  3. Creating accountability by distributing minutes, including action items.
  4. Imposing discipline on the board and/or executive team.

For one of our clients, here’s how meetings evolved:

  • The business was expanding, new opportunities were identified, and everyone was busy.
  • They started with quarterly strategic meetings, initially involving outside advisors.
  • The meetings developed a structure, and outsider advisors only attended when needed.
  • The decisions from these meetings resulted in significant business growth and a successful sale.

HOW WALSH KING CAN HELP

Walsh King has helped many clients develop a format for quarterly meetings, by creating initial agendas and identifying strategic opportunities, among other things.

Let us do the same for you.

Posted in Strategic Insights

Share This