Board management software is a solution for board members of corporations and enterprises is just the half truth. Just because it is called board portal software or board of directors software doesn’t mean that it is only for board members.
A virtual boardroom may be used by corporations, organizations, associations, or enterprises, but it is an equally effective solution for the management officials in small businesses. That’s because board management software helps automate business meetings, data sharing, and online communication between those who manage a business, no matter if they are operating at a small or large scale.
Today, you can learn how virtual boardroom software can be useful for small businesses, starting with the introduction to board portals.
What is board of directors software?
Board of directors software or board management software is a secure, digital platform used by boards of directors, presidents, CEOs, CFOs, managers, chairpersons, investors, stakeholders, and other senior-level business officials for:
- Storing, sharing, accessing, and managing important managerial documents
- Real-time and smooth business communication or collaboration
- Facilitated deal-making
Virtual boardroom software is essentially a data storage platform with advanced features for online business collaboration. It boasts a wide range of board document management and collaboration tools that allow the board portal users to access, share, edit, exchange, and review board documents and communicate with other users via different routes.
However, board management software is designed differently for various business types and sizes. For example, many virtual boardroom providers focus on enterprises and corporate-level business entities, while others provide services for small to medium-scale businesses.
Therefore, conducting thorough research is a must before choosing a boardroom vendor. You can also read about board portal software vendors and their main choice criteria at boardroomsoft.com.
Top benefits of board portals for small businesses or companies
Better understanding between senior business officials
Whether it is a small company, an enterprise, or a public company, board portal software is a great tool to get everyone on board easily. When the board of directors is formed after board elections, the first challenge faced by a business is to help the newly elected directors connect with each other.
Board members share different personalities, backgrounds, and even different types of skills. Insufficient collaboration between board members at this stage can create ambiguities and biased assumptions. A virtual boardroom can be used to provide board members with a central platform where they can understand each other better and quickly.
Safer and faster communication between boardroom members
One of the biggest benefits of using a board portal is the ease and safety it brings in communication between board members and other relevant officials. First of all, it helps board members get rid of a flurry of emails to communicate or share business-related material.
It is needless to say that the communication between board members needs a high level of privacy, and you cannot trust ordinary communication tools like social media apps or emails. Moreover, traditionally, the interaction between board members was limited to board meetings.
However, things have changed now, and businesses know the importance of regular coordination between senior company officials. Board management software helps businesses to maintain board communications safe and consistent. Senior management can hold brainstorming sessions or urgent board meetings and create polls to take votes on pressing matters with the help of board software.
Secure and easy board document management
Managing board documents was never easy as it is now — thanks to board portal software. Imagine how much time is wasted on sharing tens and hundreds of files on emails, making changes, and then resending them again? This also happens when you use a paper documentation system. Can you expect something like that in modern-day businesses?
Thankfully, board portals can help you automate the board document management process in different and effective ways. First of all, you can upload any document your board members need in one place so that they know where to look if they need something.
Second, they can update a document in real-time. If a document needs rectifications, alterations, or additions, you don’t have to send edited versions to all concerned board members again. That’s because the changes made in the original document will be immediately notified to all the recipients. You can also create a live document link and share it with desired participants.
Moreover, you can also schedule a document to be shared in the future. For instance, you can schedule meeting invitations or reminders for documents pending to be signed. In fact, virtual boardroom software has a built-in e-signature tool that is used to sign contracts, deals, or agreements online.
Massive reduction in board’s expenses
Here is a mind-blowing stat to give you a rough idea of how board portals can help you save money. An average company in the United States spends $400,000 annually on expenses incurred on papers and printing accessories that may include folders, clippers, printers, compilation, and document distribution expenses.
Imagine if a small company can save those $400,000 or at least 75% of it and use it to reinvest? Board portals can help small companies reduce their paper and printing expenses. Such businesses can also reduce their meeting expenses by using board portals.
Rounding it up
The use of board portal software is not limited to enterprise or large-sized corporations. Small to medium-sized businesses, nonprofits, and associations can also use virtual boardroom software to facilitate their senior or even junior management officials.
Boardroom software streamlines board communications, simplifies board document management, and secures all board materials — all at a highly affordable cost.