Rule of thirds

Sitting around many board and advisory tables over the years, I have  observed that those that are successful follow what I have started to call the rule of thirds. Actually, there are four rules, but the first is generic to all meetings: have an agenda, follow it, take minutes, allocate a specific time to end, and follow up. The other three relate to the manner of organization of the agenda and are:

1/3 review the financials, the past period, and coming periods, with particular emphasis on cash generation.

1/3 Consider the immediate issues, gain agreement on actions, outcomes and timetables,

1/3 Consider the longer term issues, all those things that will not impact on the immediate performance of the business, but are in the medium to long term critical for survival.

Most board meetings tend to spend considerable time on the first, a bit on the second, and little on the third, but organizing the time allocated, and being disciplined about the manner in which the time is spent will pay dividends.

 

About strategyaudit

StrategyAudit is a boutique strategy and marketing consultancy concentrating on the challenges of the medium sized manufacturing businesses that make up the backbone of our economy. The particular focus is on their strategic and marketing development. as well as the business and operational efficiency improvements necessary for day to day commercial survival. We not only give advice, we go down "into the weeds" to ensure and enable implementation.
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