Whether management decides to set the strategies or the board waits for management to set it the board must be aware of what it’s role in strategic planning. This is because the performance of the board will be impacted, as well as how the company handles their resources.
This means that boards need to map their definitions of what strategy actually entails and then decide if they would like to be co-creative, supervisory or supportive in their involvement. It is important for boards to be aware that these roles will inevitably shift as context changes. In a crisis, for instance, focusing solely on customer satisfaction may not be the best choice if employee safety and reputation are at stake.
The board should also look for opportunities to improve the strategic plan by asking questions that challenge the status that is in place. This is where the board has the opportunity to be a positive influence and demonstrate its leadership capabilities. It is also essential for the board of directors to be aware of the risks associated with the strategies presented by management and to initiate discussions on these issues.
It is beneficial to have access to an online platform that allows the management and the board to work in a secure manner during the strategic planning phase. This is where a reliable board portal such as BoardPro comes in. Boards will be able to get past the traditional ‘death of PowerPoint that is a common feature in the majority of board meetings and help them develop more effective strategy plans.
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