When a board takes a decision, it must ensure that the decision is supported by evidence and supports the goals of the company in the long run. That means gathering information from a variety of sources, such as survey results, industry reports as well as competitor analysis, and other information that supports the decision. It also involves weighing several options against each other and determining which is the most likely to deliver the desired outcomes.

Board members must consider the alignment of the proposed course with the vision and mission of the company, and also any legal or regulatory requirements. Board members should also be aware of the risks that may be associated with a decision, and ensure the board’s appetite for risk is taken into consideration.

Boards may also benefit from strategies that are designed to prevent groupthink. These include brainstorming, Six Thinking Hats (a method to prevent groupthink), Disney Planning Method and Delphi Technique. It’s also beneficial to allocate informal roles to particular Board members, such as “devil’s advocate” to challenge the opinions of others and generate a range of solutions.

Boards can also decide on how and when to notify members of the upcoming vote. This lets them have the time they need to consider and discuss the information prior voting, as well as allows them to ask questions and think of alternative ideas. This approach helps reduce the level of fatigue experienced by board members. In the https://boardmeetingtool.net/leading-software-to-improve-board-management-decision-making/ past, I have been party to situations where urgent information has been presented to boards just before they are expected to take a vote and can delay the decision-making process and derail the outcome.