With the globalization of the board meeting guide, the practice of attracting foreign directors to boards has spread in many countries.
Your Guide for Virtual Board Meetings
Follow our guide for virtual board meetings:
- Address accessory. Each board meeting is assigned to a specific individual or group in the business area who is responsible for the corresponding results (that is, is in his area of responsibility).
- Correct orientation. The board meeting indicators are always tied to corporate strategic goals, key business processes, and development projects.
- Achievability. The approved indicators and standards must be achievable. Achievement of the goal should be associated with the application of significant efforts, but at the same time, the probability of achieving it should be at least 70 – 80%.
- Openness to action. Key performance indicators are based on real-time data, meaning users can intervene to improve performance before time is wasted.
- Providing forecasting. Key performance indicators quantify the factors that influence the value of a business, that is, they are indicators that determine the desired future results.
- Limitedness. The board meeting should focus users’ attention and efforts on achieving a few high-priority objectives, rather than scattering them over too many subjects.
A virtual board meeting guide involves a high level of direct leadership and a low level of managerial support. This style is consistent with the management of new employees or employees who are entrusted with a new assignment. These beginner enthusiasts bring their energy and excitement to a new job or assignment, but they need clear guidance.
The Main Strategic Goals of Board Meetings
Key performance indicators should be directly related to the tactical and strategic goals of the board meeting and the goals of a specific functional department of the company. No matter how ambitious the goals of managers and owners are, unattainable indicators are not allowed. Employees whose tasks are to achieve certain goals must have the appropriate competence. The standards need to be real to encourage action. Key performance indicators of the organization are introduced in stages, taking into account the scope of the company.
In addition, the board meetings guide should deliver opening and closing remarks. Usually, questions on each report and its discussion follow immediately after the report. Sometimes, when the rules of the section are limited, questions and discussions on all reports are postponed to the end of the session. The time schedule is preliminarily approved at each conference.
The qualifications of a board meetings director are largely determined by personal characteristics. At each specific moment in his life, a project manager must make a decision: either to improve his qualifications or to stay at the same level. In principle, there may be a third alternative – degradation, but we will not consider such situations. However, it is important to take into account that with the current pace of technology development, while remaining at the same level of development, a person in a sense is degrading in his professional development.
Besides, when a board meeting leader demonstrates a high level of direct leadership while providing a high level of support, he or she works in a style called mentoring. This style is best used when workers still need guidance as they study the assignment and require increased levels of support and encouragement to complete the assignment. In this situation, the employee encounters difficulties in understanding the task, and in the process of completing it, he may lose the confidence and enthusiasm necessary for success.