Board Management Strategic Planning
Strategic planning for the Board of Management isn’t for the faint of heart. It requires a lot thought and questions, as well as the courage to question the current system. It can be especially difficult when a board has previously had a habit of let management run the show and rubber stamping their recommendations.
The first step to successful strategy planning involves determining the strategy your board will take. Some boards might prefer to rely heavily on and act as supervisors of management, while other boards might take on a role of co-creative where they cooperate with the CEO on strategic decisions.
In any situation, the most important thing is to ensure that your board has an understanding that is clear and precise of its responsibilities. This will ensure that the board is engaged and that its input is appreciated.
Another important step is to create the appropriate strategic plan metrics that will help you monitor the progress of your business. This will help you to verify if your strategic plans are successful and give you assurance that you’re heading in the right direction to be successful.
It’s important to take into consideration the risks associated with the objectives of your company and determine if they’re worth taking. This can be a challenge to do, particularly if it goes contrary to traditional wisdom or a personal bias. The more you can raise uncomfortable subjects in a respectful and productive way and the more likely you are of success.