As a board member, you understand the importance of gathering feedback from your peers and stakeholders to improve governance and decision-making. However, conducting a comprehensive board survey can be costly and time-consuming, challenging for smaller or not-for-profit organisations with limited resources.
That’s where finding an organisation deeply committed to making world-class board surveys and benchmarked reports accessible comes into play. By working with a company that prioritises transparency, affordability and accessibility, you can conduct an effective board survey without breaking the bank.
What makes a great board survey?
The best board survey is the one that suits your organisation’s needs. But what does the “best survey” actually mean?
Firstly, a board survey that is considered the best should be developed by a unique combination of board, governance, and survey experts. This ensures that the survey is well-crafted and considers the nuances of board governance, allowing for more accurate and relevant insights.
We also recommend considering, and where possible, including the following:
- A high-quality board survey should be tried and tested. It’s not advisable to opt for a board survey that has never been used before or only used a few times. By choosing a well-established board survey, you can be confident it is more likely to be effective and provide reliable results.
- The board survey should have gone through a validation process (preferably with the help of a university). A quality validation process ensures the survey’s reliability, providing a scientific basis for its use.
- The survey should be regularly updated to align with contemporary board practice. The governance landscape is constantly evolving, and a board survey that remains current is more likely to provide relevant and valuable insights.
- A comprehensive board review should cover all the main areas of a board’s effectiveness. This includes strategic planning, board structure and composition, risk management, and stakeholder engagement, among others. The survey provides a holistic view of the board’s performance by covering all these areas, allowing for more targeted improvements.
What should be included in your board survey report?
A board survey report is a critical tool that provides valuable insights into the effectiveness of your board. When selecting a board survey report, several key factors must be considered.
- A high-quality board survey report should benchmark your board’s responses against those of comparable boards. This comparison provides a clear understanding of your board’s areas of strength and identifies where improvements can be made. By benchmarking against comparable boards, you can gain a more accurate understanding of your board’s performance and identify areas for change.
- Your board survey report must be guaranteed to be error-free. Reports that have been put together with manual calculations, copied and pasted information, or charts are prone to errors. This can lead to inaccurate results and, in turn, inappropriate decision-making. By selecting a report that has been generated using advanced technology and data analysis techniques, you can be confident that the results are accurate and reliable.
- Your report should provide detailed and actionable insights that are quick and easy to understand, with clear recommendations for improving board effectiveness. This is more likely to be the case if your board survey was not only designed by a board and governance expert but also by a survey and reporting expert.
- Above all, the board survey report should be comprehensive, covering all the main areas of board effectiveness. This includes board structure and composition, strategic planning, risk management, and stakeholder engagement. The report provides a holistic view of the board’s performance by covering all these areas, allowing for targeted improvements.
A cost-effective survey that still provides value
When conducting a board survey, finding an affordable option is essential for many organisations. An affordable board survey and reporting system are of value if they have been developed using a unique combination of state-of-the-art and fit-for-purpose technology. This approach ensures that the survey and reporting systems are efficient, accurate, and cost-effective. In addition, using advanced technology, the survey can be administered quickly and easily, reducing the overall cost.
Additionally, the survey and reporting system should be tried and tested and continually improved. This ensures that the system remains effective and reliable while keeping costs low. A well-established system with a track record of success is more likely to deliver accurate and valuable results, making it a worthwhile investment.
Value and affordability can also be found via a self-administration and managed process. This means the power is in your hands, and you can manage the survey process without requiring extensive manual intervention or extra communication with your survey provider. This approach reduces costs while also providing you with greater control over the process.
If you have a survey and reporting system with maximum transparency when directors or executives complete a survey, you’ll know you are getting bang for your buck. This includes clear instructions, ensuring the confidentiality of responses, and making the results easily accessible. As a result, organisations can foster trust and encourage participation while keeping costs low by providing transparency.
An affordable option that ticks all of the boxes
For a cost-effective and reliable board survey solution, Board Surveys has developed a survey, reporting system, and self-managed administration process with everything mentioned above and more.
The Board Surveys system was developed using a unique combination of board and governance experts and survey experts is tried and tested and has been through a validation process with the help of a university. The system is regularly updated to align with contemporary board practice and covers all the main areas of a board’s effectiveness.
Moreover, the Board Surveys reporting system benchmarks your board’s responses against comparable boards, clearly showing your board’s areas of strength and any areas where improvements can be made. With the use of state-of-the-art technology, you can trust that the system is error-free, ensuring that the results are accurate and reliable.
The best part? Board Surveys delivers all of these benefits at a highly affordable price. For just AUS$1,550, you can receive a world-class board survey and benchmarked report. Moreover, Board Surveys provides special discounts if your organisation has an annual turnover of less than AUS$1 million. Simply inform the team of your annual turnover, and they’ll advise you of the discount available.
Board Surveys offers a comprehensive board survey solution that’s reliable, accurate, and cost-effective. With the ability to benchmark your board’s performance against comparable boards, you can identify areas for improvement and make informed decisions that enhance board effectiveness. Let’s get started today!
