Strategic planning for board management isn’t for those who aren’t able to handle it. It requires a lot thought and questions as well as the courage to question the current system. It can be especially challenging when a board has previously been accustomed to having management run the show and rubber-stamping their suggestions.
One of the first steps in effective strategy planning is to determine the way your board will approach the process. Some 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 either scenario, the important thing is to ensure that your board members have an understanding and a clear picture of its responsibilities. This will ensure that the board is involved and that its input is appreciated.
Another important thing to do is make sure you have the right strategic plan metrics to track your company’s progress. This will help you assess if your strategies are effective and give you assurance that you’re on the right track to achieve success.
It’s important to consider the risks that go along with the goals of your company and determine if they’re worth taking. It can be a difficult task especially if the decision is against the grain of the conventional wisdom or even an individual preference. However, the more you are able to raise uncomfortable topics in a constructive and respectful manner and with respect, the more likely you will succeed.
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