Prepare for the questions your board will ask you. The board of directors or advisory board will inquire about strategy, finances, risks, and other governance issues. Ensure you are ready to provide them with comprehensive and well-founded answers.
Facing them in the boardroom can be both intimidating and energising.
View board meetings as an opportunity to gain a broader perspective of your business and engage deeply with experts who possess a genuine desire for your business to thrive.
Although the agenda may differ, your board members will likely aim to discuss a balanced range of topics concerning:
- strategy
- sector
- finances
- staff and culture
- risks and compliance.
The board papers, which you will need to compile prior to each meeting, will likely cover each of these areas.
Board meeting practice guide — Institute of Directors
Tip
Seek guidance from your board chair regarding the content to include in your board papers.
Ensure that you distribute the papers to each board member at least one week prior to the meeting.
Questions about strategy
What they might ask you
Possible Questions Your Board May Ask:
- Are we successfully accomplishing our present strategic objectives?
- Are we maximising our efforts to propel the business forward?
- Are there potential avenues for growth that we should explore?
- What progress have we made towards our long-term vision?
What they want to know
The purpose of your board is to cultivate and foster long-term strategies. During your meetings, anticipate dedicating a significant amount of time to discussing how you are striving for growth while upholding your mission and values. This could involve collaboratively developing a corporate and strategic plan with your board and consistently evaluating your progress in alignment with it.
Questions about your sector
What they might ask you
- What is our competitive landscape like?
- Has any new competitor arisen in our market?
- What are the present trends in our sector?
- Are we keeping up with or leading technological trends?
Tips on researching your market and competitors
What they want to know
Gaining a comprehensive understanding of your competitive landscape is crucial for achieving strategic objectives, financial growth, and risk management. Your board members will expect you to demonstrate your knowledge of the industry, customers, and competitors. You can do this by providing detailed SWOT (strengths, weaknesses, opportunities, and threats) and PEST (political, economic, social, and technological) analyses that are up-to-date. It’s important to back up the information you provide with data.
Questions about your finances
What they might ask you
- What insights do the financial numbers provide?
- How does our current revenue compare to previous figures and forecasts?
- What assets are reflected on our balance sheet?
Introduction to business finance
Tips on managing business assets
What they want to know
Simply presenting the numbers to your board won’t suffice. They will seek the underlying story behind those figures. If there have been fluctuations in revenue, be prepared to provide context and explain the reasons behind them.
If your business heavily relies on assets, your board will be interested in comprehending the lifecycle of your key assets and whether there is a need for future investments in new ones.
Questions about your staff and culture
What they might ask you
- How is the executive team performing?
- Are we ensuring fair treatment of our staff?
- Do we have the appropriate blend of talent within our team?
What they want to know
A healthy workplace culture and high levels of employee engagement are crucial for the success of a business. Your board will seek reassurance that the employees are in suitable positions and that the company is treating them well.
Another significant responsibility of the board is to support good leadership. Expect discussions on the performance of you and your top team members, as well as what support and guidance you require from the board to develop your skills.
Questions about risk and compliance
What they might ask you
- What are the significant hazards and risks to our business, and how are they being managed?
- What cybersecurity measures do we have in place to mitigate IT risks?
- How are we promoting a positive health and safety culture in the workplace?
- What is your succession plan?
- Are our practices ethical and environmentally sustainable?
Tips on storing and backing up data
Continuity and contingency planning
What they want to know
Your board’s priority is to assist you in mitigating any risks that could pose a threat to the business. They will thoroughly examine potential risks and liabilities, seeking assurance that they are being effectively managed, or that you will receive the necessary support to mitigate them.
Compliance is another significant focus. Anticipate thorough questioning regarding activities pertaining to recent developments and changes in laws, such as health and safety and cybersecurity.
Additionally, your board will expect you to have a suitable successor in place should you need to unexpectedly step down from your position.
Questions about the governance team
What they might ask themselves
- How are we contributing value?
- Are we sufficiently considering long-term perspectives?
- Do we possess a comprehensive understanding of the critical issues facing the business?
- Have we established a strong governance culture?
What they want to know
A good governance team also introspects and evaluates its own performance. They will ask themselves how they can collaborate effectively with each other for the benefit of the business. You can expect them to inquire about their own performance and what expertise or abilities you need from them to help you succeed.
Are you struggling with accounting and business management for your business? We are here to help! Get in touch with us to discuss how our expert services can support your business’s success. Contact us today to schedule a free consultation and see how we can add value to your operations. Please find us on Facebook | Linkedin | Instagram – Follow us and give us a like to see more updates and news.