Board Management Strategic Planning

Board management strategic planning isn’t for the faint of heart. It requires a lot of contemplation and questions and the courage to challenge what’s already in place. It can be especially difficult when a board has had a habit of letting management run the show and rubber-stamping their recommendations.

One of the first steps to effective strategy planning is deciding the way your board will approach the process. Certain boards prefer to be heavily involved and act as supervisors, while others might prefer a collaborative role where they collaborate with the CEO on strategic decisions.

In either situation, the main thing is to make sure that your board members have a clear and accurate understanding of its role. This will ensure that the board is actively involved and its input is valued.

Another important step is to develop the right strategic plan metrics to monitor your company’s progress. This will help you to determine if your plans are working and will give you assurance that you’re heading in the right direction to achieve success.

As part of your strategic planning process, it’s important to look at the risks associated with your company’s goals and to ask whether they’re worth taking. This can be challenging especially if you’re going against the norm or personal bias. But the more you can discuss uncomfortable topics in a constructive and respectful manner and with respect, the more likely you are to succeed.