Whether board management sets strategy or the board waits for management to establish it, the board needs to be clear on what its role is in the strategic planning process. This is because the board’s performance will be impacted, as well as how the company manages their resources.
Boards should define what they mean by strategy and decide whether they want to be involved as co-creators, supervisors or supporters. The board should be aware that the roles will change as the context changes. For instance a focus on customer satisfaction might not be the best choice in a crisis situation where employee safety or the reputation of the business are in danger.
The board must also strive to improve the strategic plan by challenging the status of the game. This is where the board has a real chance to make a difference and show its leadership abilities. It is also essential for the board to think boardmeetingsolution.org/strategic-planning-and-the-role-of-the-board-management/ about the risks that come with the strategies management is presenting, and to begin discussions about these issues.
Accessing an online platform that lets the board work in a secure way with management during the strategic planning process will be beneficial. A good portal for boards such as BoardPro will help. This will allow boards to move beyond the typical “death by PowerPoint’ that happens during most board meetings. It will assist them in creating more effective strategy plans.
