Have your answers ready
The role of your board is to hold management to account.
Facing them in the boardroom can be both daunting and invigorating. During board meetings, your board of directors will have many questions for you. Be prepared to give them robust answers.
While the agenda will vary, your board members will want to address a healthy mix of topics related to your business’s:
- strategy
- sector
- finances
- staff and culture
- risks and compliance.
Make sure you have board papers ready and give them to each member at least one week in advance of the meeting.
Consult with your board chair about what information to put into your board papers.
Download a board meeting best practice guide.
Questions about strategy
What they might ask you
- Are we achieving our current strategic objectives?
- Are we doing all we can to drive the business forward?
- Are there potential areas for growth?
- How are we working towards our long-term vision?
What they want to know
The role of your board is to develop and support long-term strategies. In your meetings, expect to spend some time on how you are working to achieve growth, while remaining true to your mission and values.
This might mean developing a corporate and strategic plan with your board and continuously measuring your progress against it.
Questions about your sector
What they might ask you
- What does our competitive landscape look like?
- Have any new competitors emerged in our market?
- What are the current trends in our sector?
- Are we ahead of the game, or at least up to date, with technological trends?
What they want to know
Having a thorough understanding of your competitive landscape can help you achieve strategic goals, grow financially and avoid risks.
Your board members will want to know that you understand your industry, customers and competitors. Give them detailed and up-to-date SWOT (strengths, weaknesses, opportunities and threats) and PEST (political, economic, social and technological) analyses.
Have data on hand that backs up the information you provide.
Questions about your finances
What they might ask you
- What do the financial numbers tell me?
- How does our current revenue stack up against previous figures and forecasts?
- What are the assets on our balance sheet?
What they want to know
Showing your board the numbers as well as where they come from. If you’ve experienced any dips or peaks in revenue, explain why they happened.
If your business relies on assets, your board will want to understand where your main assets are in their lifecycle, and whether you might need to invest in new ones in the future.
Questions about your staff and culture
What they might ask you
- How is the executive team functioning?
- Are we treating our staff right?
- Do we have the right mix of talent in our team?
What they want to know
A positive culture and good staff engagement levels are essential to the overall health of a business. Your board will want assurance that the right people are working in the right roles.
Questions about risk and compliance
What they might ask you
- What are our biggest hazards and risks? How are they being managed?
- What cybersecurity measures do we have in place to reduce IT risks?
- What are we doing to create a positive health and safety culture?
- What’s your succession plan?
- Do we have ethical and environmentally sustainable practices in place?
What they want to know
Your board will want to help you avoid any risks for the business. They will analyse any potential risks and liabilities, and want assurance that you’re managing them effectively, or that you’ll get the support you need to reduce them.
Compliance is also a major concern. Expect to answer questions about activities related to current developments and law changes, for example health and safety and cybersecurity.
Your board will also want to know you have an apt replacement if you ever need to step down unexpectedly.
Questions about the governance team
What they might ask themselves
- How are we adding value?
- Are we thinking long-term enough?
- Do we have a deep understanding of the business’s critical issues?
- Do we have a good governance culture?
What they want to know
A good governance team also turns their questions inward. They’ll ask each other how they can effectively work together for the business. Expect them to ask you how they are performing and what skills or knowledge you need from them to succeed.
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