Strategic planning for management of boards isn’t for the faint-hearted. It requires careful thought boardmeetingsolution.org/strategic-planning-and-the-role-of-the-board-management and questioning as well as the willingness to challenge the status that is in place. It can be especially difficult when a board is used to allow management to take the lead and approving their decisions.
One of the first steps to effective strategy planning is to determine the way your board will approach the process. Some boards prefer to lean heavily in and serve as supervisors of management, while others could be more co-creative where they cooperate with the CEO in strategic decisions.
In either case it is crucial to ensure that your board members understand its responsibilities clearly and precisely. This will ensure that the board is actively involved and that its input is appreciated.
A strategic plan metric is an important step to monitor the progress of your company. This will help you assess if your strategies are working, and give you confidence that you are on the right track to success.
It’s important to take into consideration the risks that are associated with the goals of your company and ask yourself if they’re worth taking. It can be difficult particularly if you’re going against conventional wisdom or a personal bias. But the more you can discuss uncomfortable topics in a constructive and respectful manner, the more likely you will succeed.
