Strategic planning for Board management isn’t for the faint of heart. It requires thoughtful reflection and questioning in addition to the courage to question the status quo. It can be particularly difficult when a board has been in the habit of letting management run the show and rubber-stamping their suggestions.
One over here of the first steps in successful strategy planning is deciding the way your board will approach the process. Some boards would prefer to be involved and act as supervisors while others may opt for collaborative roles where they work with the CEO on strategic decisions.
In either situation, the most important 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 that its input is valued.
Another important step is to make sure you have the right strategic plan metrics to track the progress of your business. This will help you determine if your plans are working, and give you confidence that you are on the right path for success.
As part of your strategic planning, it’s important to look at the risks associated with your business’s goals and determine whether they’re worth the risk. It can be difficult particularly if you’re going against the norm or personal bias. The more you are able to bring up uncomfortable topics in a respectful and productive manner the greater your chances of success.
