Strategic planning for Board management isn’t for those who aren’t able to handle it. It requires a lot of analysis and questions and the courage to challenge the system that is in place. It can be especially challenging when a board has previously been in the habit of letting management run the show and merely rubber-stamping their decisions.
The first step in strategy planning is to determine the strategy your board will take. Some boards prefer to be involved and be supervisors, while others may work towards collaboration, where they work with the CEO on strategic decisions.
In any event it is crucial to ensure that your board is aware of its role clearly and accurately. This will ensure that the board is actively involved and its input is valued.
A strategic plan metric boardmeetingsolution.org/strategic-planning-and-the-role-of-the-board-management is an crucial step to track the progress of your business. This will help you assess if your strategies are working and will give you confidence that you’re in the right direction for success.
As part of your strategic planning process, it’s important to look at the risks associated with your company’s objectives and ask yourself if they are worth taking. This can be difficult, especially if you’re going against conventional wisdom or a personal bias. The more you are able to bring up controversial topics in a positive and productive manner and the more likely you are of success.