Whether board management sets strategy or the board waits for management to decide the board must be clear on what it’s role in strategic planning. This is because it affects the overall performance of the board as well as how the company manages its resources.
Boards should define what they define by strategy and determine whether they would like to be involved as supervisors, co-creators or as supporters. The board should be aware of the fact that the roles will change as the context changes. For instance a focus on customer satisfaction may not be appropriate in a situation where safety of employees or the reputation of the business are in danger.
The board should also look 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 a difference and demonstrate its leadership skills. It is also essential that the board consider the associated risks of the strategies management has presented and to engage in discussions on these issues.
It is beneficial to have access to an application that allows the management and the board to work in a secure manner during the strategic planning phase. A boardmeetingsolution.org/ good board portal such as BoardPro can assist. It will help boards transcend the traditional “death of PowerPoint that is commonplace in the majority of board meetings and help them develop more effective strategies.