Board management strategic planning isn’t for the faint of heart. It takes a lot of analysis and questions and the courage to question the system that is in place. It can be difficult when a board has had a habit of let management run the show and rubber-stamping their suggestions.
The first step in strategy planning is to determine the approach your board will adopt. Some boards would prefer to be involved and be supervisors, while others may work towards a collaborative role where they work with the CEO on strategic decisions.
In either case, the key is to make sure that your board has an understanding and a clear picture of its role. This will ensure that the board is engaged and that its input is appreciated.
A strategic plan metric is an important step to monitor the progress of your business. This will help you assess if your strategies are effective, and give you confidence that you’re on the right track for success.
As part of your strategic plan, it’s equally important to look at the risks associated with your company’s like this goals and determine if they are worth taking. This can be a challenge especially if you’re going against the conventional wisdom or a personal bias. The more you can discuss uncomfortable topics in a respectful and productive way the greater your chances of success.