In December, one of the Stride partners, Russell Benaroya, led a webinar with Mike Preuss, CEO of Visible, titled, “How to Run an On Demand Board Meeting”. We discuss how companies can (and should) have their systems set up to produce financial information and strategic updates anytime.
In our customer development work, we found that many CEO’s spend 10-20 hours/month preparing for their board meetings. That is a lot of time and it is very expensive time at that. The goal for CEO’s is to spend more consuming information than preparing it. The point is not that every company needs to have a board of directors, but rather that they should operate with a discipline as if they do. We explained how.
We broke time saving board meeting material preparation into two areas:
Financial Reporting. Stride has worked with Visible to create “On Demand” Financial charts so that a company’s QuickBooks file can render the relevant charts that are important for reporting in a single click. We have talked about this in the past as it relates to our “Board Reporting as a Service” option. The good news is that we are now making this FREE and included for all of our clients.
Strategic Reporting: Well run companies have clear, transparent goals they execute against. Focus is on the critical few things required to move the company toward its objectives. It is one thing to create the goals and another thing to live them. Russell shared how Stride has adopted the use of Asana for its work management in this area. At any time, the Company can see how it is tracking toward its strategic objectives and report on it. In fact, Asana makes it easy to invite board members to raise questions directly inside of the application so nothing slips through the cracks. Asana was so impressed with Stride’s use of its application that it wrote an exciting blog post on Stride last month.
Check out the recording of the webinar and let us know if you’re interested in learning how we help our CEO’s put the reporting in place so they can be more effective in leadership and decision-making.