The board needs to be clear about its role in strategic planning, regardless of whether the board creates the strategy or waits for the management to make the decision. This is because boardmeetingsolution.org/strategic-planning-and-the-role-of-the-board-management/ the board’s performance will be impacted, as well as how the company handles their resources.
The board must determine what their strategy really entails and decide if they want to be co-creative, supervisory or even supportive in their involvement. The board must be aware that the roles will change as the context changes. For instance, a focus on customer satisfaction may not be appropriate in a situation if employee safety or the reputation of the business are at risk.
The board should also try to improve the strategic plan by challenging the status quo. This is where the board can create a difference and show its leadership abilities. It is also crucial for the board of directors to take into account the potential risks associated with strategies proposed by management and to initiate discussions on these issues.
It is important to have access to an online platform that allows for the management and the board to work in a secure manner during the strategic planning phase. A good portal for boards like BoardPro will help. This will enable boards to overcome the « death of PowerPoint that is a common feature during board meetings, and help them to develop more effective strategies.