The Board’s Role in Strategic Planning

Whether the board decides on strategy or the board is waiting for management to set it the board must be aware of what it’s role in the strategic planning process. This is because the performance of the board will be impacted by how the company handles their resources.

Boards should define what are referring to by strategy and decide whether they’d like to be involved as supervisors, co-creators or as supporters. It is important for boards to be aware that these roles will undoubtedly change as context changes. In the event of a crisis, for instance, focusing exclusively on customer satisfaction may not be the best choice when safety and reputation of employees are at stake.

The board should also seek to add value to a strategic plan by challenging the status that is in place. Here is where the board has an chance to be different, and show boardmeetingsolution.org/good-governance-practices-and-rules-for-online-board-meetings/ its leadership skills. It’s also vital for the board to consider the associated risks of the strategies management is presenting, and to initiate discussions around these issues.

Accessing an online platform that allows the board to collaborate securely with management during the strategic planning process can be beneficial. A good portal for boards, such as BoardPro can be helpful. It will help boards get past the traditional ‘death of PowerPoint’ that occurs during board meetings, and will assist them in creating more effective strategies.

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