Board Management Strategic Planning

Strategic planning for board management is not for the faint of heart. It requires a lot of analysis and questions as well as the courage to challenge what is already in place. It can be especially challenging when a board has previously had a habit of letting management run the show and merely rubber-stamping their decisions.

One of the first steps to effective strategy planning is deciding the way your board will approach the process. Some boards would prefer to be involved and act as supervisors while others may opt for a collaborative role where they work with the CEO in strategic decisions.

In any case it is essential to ensure that your board understands its role clearly and in detail. This will help to ensure that the board’s input is valuable and that everyone on the board is involved throughout the process.

Another important step is to create the appropriate strategic plan metrics to measure your company’s progress. This will help you determine if your plans are successful, and provide you with confidence that you are on the right track to success.

As part of your strategic planning, it’s also crucial to assess the risks associated with your company’s goals and determine whether they’re worth the risk. This can be challenging to do, particularly if it goes contrary to traditional wisdom or an individual bias. However, the more you can bring up uncomfortable issues in a productive and respectful way and with respect, the more likely you will be successful.

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