Strategic planning for board management is not for the faint of heart. It requires contemplation and a lot of questioning and the courage to challenge the status that is in place. It can be especially challenging when a board has been accustomed to letting management run the show and merely rubber-stamping their decisions.
The first step in effective strategy planning involves determining the approach your board will adopt. Certain boards prefer to be heavily involved and act as supervisors while others may opt for a collaborative role where they collaborate with the CEO on strategic decisions.
In any scenario, the important thing is to make sure that your board has an understanding that is clear and precise of its role. This will ensure that the board’s input is valuable and that all board members are engaged throughout the process.
A strategic plan metric is an crucial step to track the progress of your business. This will help you to see if your strategic plans are working and give you the assurance that you’re on the right track for success.
It is important to think about the risks that go along with the goals of your business and ask yourself if they’re worth taking. This can be a challenge especially if you’re going against the grain of conventional wisdom or even an individual bias. However, the more you can discuss uncomfortable topics in a constructive and respectful manner the more likely you will be successful.
