21 enero , 2024

The Board’s Role in Strategic Planning

The board should be clear about its responsibility in determining the strategic direction regardless of whether the board creates the strategy or waits on the management to decide. This is because the performance of the board will be impacted, as well as how the business manages their resources.

The board must map their definitions of what strategy actually entails and then decide if they would like to be co-creative, supervisory or even supportive in their involvement. It is essential for the board to be aware that these roles will change when the context changes. In the event of a crisis, for example, a focus solely on customer satisfaction may not be the most appropriate choice when the safety of employees and their reputation are at stake.

The board should also seek to improve the strategic plan by challenging the status that is in place. This is where the board has an chance to make a difference and show its leadership capabilities. It’s also crucial for the board to think about the potential risks of the strategies management is presenting and to engage in discussions on these issues.

It is helpful to have access to an online platform that allows for boardmeetingsolution.org/the-value-of-hiring-an-experienced-company-secretary/ the management and board members to work together securely during the strategic planning phase. This is where a reputable board portal like BoardPro is a great option. This will enable boards to move past the traditional ‘death by PowerPoint’ that happens at the majority of board meetings. It will help them draw up more effective strategy plans.

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