The board should be clear about its board management strategic planning role in strategic planning, regardless of whether it decides the strategy or waits for the management to decide. This is because the performance of the board will be affected, as well as how the company handles their resources.
This means that boards must map their definitions of what strategy actually means and then decide if they would like to be supervisory, co-creative or even supportive in their involvement. It’s important for the board to be aware that these roles will shift as the context changes. In the case of a crisis, as an instance, focusing solely on customer satisfaction may not be the best decision when the safety of employees and their reputation are at stake.
The board should also try to enhance the value of a strategic plan by challenging the status established. This is where the board can really change the game and demonstrate its leadership capabilities. It’s also vital that the board consider the potential risks of the strategies that management has presented and to initiate discussions around these issues.
Accessing an online platform that allows the board to work in a secure way with management during the strategic planning process is beneficial. This is where a reliable board portal like BoardPro is a great option. This will allow boards to go beyond the standard death by PowerPoint which is a common feature at the majority of board meetings. It can help them develop more effective strategies.