Board management strategic planning isn’t for those who aren’t able to handle it. It requires a lot thinking and reflection, as well as the courage to challenge the system that is in place. It can be particularly difficult when a board is accustomed to taking the initiative and approving their decisions.
One of the first steps to effective strategy planning is determining how your board will approach the process. Some boards prefer to heavily rely on and serve as supervisors to management, while others could work towards a co-creative role where they cooperate with the CEO on strategic decisions.
In any situation, the main thing is to ensure that your board has an understanding and a clear picture of its role. This will ensure that the board is fully engaged and that its input is valued.
Another important thing to do is develop the right strategic plan metrics to track the progress of your business. This will help you to assess if your strategies are working and give you the confidence that you’re in the right direction to achieve success.
As part of your strategic plan, it’s equally important to consider the risks associated with your company’s goals and to ask if they are worth taking. This can be difficult, especially if you’re going against the established wisdom or personal preference. However, the more you can discuss uncomfortable issues in a productive and respectful manner that you are able to do, the more likely are to succeed.