Whether management decides to set the strategies or the board waits for management to decide, the board needs to be clear about what its role in strategic planning. This is because the board’s performance will be affected, as well as how the company manages their resources.
Boards need to define what they mean by strategy and decide whether they would like to be involved as supervisors, co-creators or even supporters. It is important for boards to be aware that these roles will undoubtedly change as the context changes. For instance a focus on customer satisfaction might not be the right choice in a crisis scenario where the safety of employees or the reputation of an organization are in danger.
The board must also strive to improve the strategic plan by challenging the status quo. This is where the board has the opportunity to change the game and demonstrate its leadership abilities. It’s also crucial for the board to take into consideration the risks associated with the strategies management has presented and to initiate discussions around these issues.
Accessing an online platform that lets the board collaborate with management in a secure manner in the process of strategic planning can be beneficial. This is where a reputable board portal like BoardPro comes in. This will allow boards to get past the traditional “death of PowerPoint that is a common feature during board meetings, and will assist them in creating more effective strategies.