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When a board makes an important decision, it has to ensure that the decision is supported by evidence that supports the organization’s goals in the long term. That means gathering information from a range of sources, such as studies of the industry, employee surveys as well as competitor analysis, and other information that supports the decision. It also involves weighing different options against one another and determining which is most likely to produce the desired results.
To do this, Board members should consider the ways in which a proposed course action is in line with the mission and vision of the business and also consider any regulatory or legal requirements that may be in play. Board members should be aware of the potential risks that could arise from the decision, and ensure that the board’s appetite for risk is taken into consideration.
It is also beneficial for boards to utilize methods that are designed to prevent groupthink, like brainstorming, Six Thinking Hats, Disney Planning Method and Delphi Technique. It can also be beneficial to allocate informal roles to certain Board members, for example “devil’s advocate” to challenge the opinions of other members and to help come up with a range of solutions.
Boards can also create guidelines on when and how they want to be informed about decisions which are slated for vote. This lets them spend the time needed to analyze and discuss the facts prior to taking a vote, and allows them to inquire about the decision and consider alternative ideas. This approach helps reduce the fatigue of board members. I have witnessed situations where boards were given urgent information just before they were required to vote, which could hinder and disrupt the decision-making process.
