Whether the board decides on strategy or the board waits for Learn More management to establish it the board must be clear about the role it plays in strategic planning. This is because the performance of the board will be impacted by how the company manages their resources.
Boards need to define what they define by strategy and determine whether they’d like to be involved as co-creators, supervisors or as supporters. The board must be aware of the fact that the roles they play will shift as the context changes. In the event of a crisis for instance, focusing solely on customer satisfaction may not be the best option in situations where reputation and safety of employees are at stake.
The board should also seek opportunities to add value to the strategic plan by asking questions that challenge the status quo. This is where the board can make a difference and demonstrate its leadership abilities. It is also important for the board of directors to take into account the potential risks associated with strategies that management has presented and to start discussions about these issues.
Accessing an online platform that lets the board collaborate securely with management during the strategic planning process is beneficial. This is where a reputable board portal such as BoardPro comes in. Boards will be able to overcome the «death of PowerPoint which is the norm at most board meetings, and help them develop more effective strategy plans.