by Benjamin Sawyer
However, choosing a board portal for your organisation, especially a startup, is exciting and overwhelming at the same time. The excitement can make you forget that a business solution is as good as the service provider behind it. Most importantly, the selection of a board portal for a startup is even trickier because you need quality with budget-friendliness. Also, if you have a need for cloud based field service management software, allowing you to work externally, and you have a very modern proposition for true efficiency.
This guide will provide you with some very useful tips for choosing the best board management software for your startup and a list of some of the best virtual boardrooms available in the market.
How to choose the best virtual boardroom for your startup
1. Your needs and expectations
The best way to find the right solution is to identify the problem accurately. Every business and every board has unique needs and a different way of addressing them.
Start with presenting your idea in front of your board or senior management who will be a part of your virtual boardroom. Getting your team on board is important because they are the ones who will be using the software.
Apart from that, consider your budget — startups are usually in challenging situations as far as funding is concerned. Can you afford an efficient and recommended board portal software for your startup, and will it help you achieve what you want to?
2. Security
Board portal software is generally used for board communications, storing board material, and as an online board meeting solution. In other words, virtual boardrooms contain the most important documents and communication of any business, and that is why they are the primary targets of hackers.
So, one thing you cannot compromise is the security of your board software. You need a paperless meeting solution that offers an optimal level of security and keeps your data protected from hackers and third parties. Make sure you choose a certified vendor that fulfills recommended cyber security standards like SOC2, FINRA, ISO27001, etc.
Apart from that, look out for features like two-step verification, multi-factor authorisation, document access control, data encryption, digital watermarking, and remote purging.
3. Feature set
This is a crucial stage in choosing the most suitable software for your board. As mentioned earlier, every board has unique needs, and the software solution should be according to that. For example, if you just need a secure platform for online board meetings, then you don’t need a lot of storage space but more communication features instead.
Similarly, if you need a data repository to give your board members constant access to board material, you need a solution accordingly. However, some features like electronic signature, a comprehensive dashboard, annotations, notifications and alerts, etc., must be a part of every boardroom.
4. Multi-dimensional boardroom vendor
Boardroom software is as good as the vendor providing it. Look out for these things in any boardroom service provider:
- Sustainability. How old is the company, and how long are they planning to go? Is the company looking for a merger or acquisition? Are they offering a single product or have a diverse product line? What is their financial performance in the past? These questions must be answered.
- Customer support. Customer support is a strong indicator of a company’s soundness. You will need customer support at different stages, during boardroom setup or first stages of operation. How quickly and calmly do they respond? Do they have a geographic presence? Are they willing to solve your problem at any cost? Find answers to these questions.
- Audit log. A boardroom service provider’s past record is a reflection of the future. The best way to assess a company’s past record is to read online customer reviews. Detailed customer reviews can help you assess a company’s actual strengths and weaknesses. You can consult websites like Capterra, G2, Software Advice, https://boardroompro.org/, etc., to read genuine customer reviews.
5. Free trial
Free trials are mandatory; no exceptions. The good thing is that many high-end board portal software providers offer free trials for up to 30 days. In fact, some vendors can extend the free trial period on request. Free trials give you an actual experience of software you will be using in the future. Try to explore every feature and see if it fits your needs.
Top 10 virtual board software in 2022
- BoardPac
- BoardDocs
- Diligent board portal
- iDeals board software
- Nasdaq Boardvantage
- BoardPro
- Boardable Board management software
- OnBoard board management software
- Azeus Convene
- Govenda
Final words
For a startup, the selection of a suitable and cost-effective virtual board portal is more important. That’s because startups have very limited financial resources, and an ineffective boardroom can dent the board’s performance. If you find the virtual boardroom selection process overwhelming, the tips mentioned above can help you with making a better decision.
