Strategic planning for management of boards isn’t for the faint-hearted. It requires a lot of analysis and questions, as well as the courage to challenge the system that is in place. It can be especially challenging when a board has been accustomed to giving management the reigns and rubber-stamping their suggestions.
The first step to effective strategy planning is to determine the strategy your board will follow. Some boards might prefer to lean heavily in and act as supervisors of management, whereas others may take on a role of co-creative where they cooperate with the CEO in strategic decisions.
In any event it is crucial to ensure that your board is aware of its responsibilities clearly and precisely. This will ensure that the board’s input is valuable and that everyone on the board is involved throughout the process.
Another important thing to do is make sure you have the right strategic plan metrics to monitor the progress of your business. This will help you verify if your strategic plans are working and will give you confidence that you’re on track for success.
As part of your strategic plan, it’s also important to evaluate the risks that are associated with your business’s goals and ask yourself whether they’re worth taking. This can be a challenge, especially if you’re going against the norm or personal bias. The more you can bring up difficult topics in a respectful and productive manner, the better your chances of success.