The Board’s Role in Strategic Planning

Jan 20, 2024 Non classé

The board must be aware about its role in strategic planning, regardless of whether the board creates the strategy or waits for management to do so. This is because it can affect the overall board performance and how the company manages its resources.

This means that boards must define what strategy really entails and decide if they want to be supervisory, co-creative or even supportive in their involvement. It is crucial for the board to be aware that their roles will undoubtedly change as context changes. In a crisis, for instance, focusing 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 be looking for opportunities to improve the strategic plan by asking questions that challenge the status of the game. Here is where the board has a real chance to make an impact and show its leadership capabilities. It is also essential for the board of directors to take into consideration the potential risks associated with strategies of management and to start discussions about these issues.

Having access to an online platform that lets the board collaborate securely with management during the strategic planning process will be helpful. This is where a reliable board portal such as BoardPro comes in. Boards will be able to move beyond the typical ‘death by PowerPoint »death by PowerPoint » that is commonplace at most board meetings and will help them draw up more effective strategies.