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Board Management Strategic Planning
Strategic planning for Board management isn’t for those who aren’t able to handle it. It requires a lot of careful thought and questioning in addition to the courage to question the status of the game. It can be especially difficult when a board has previously been known to let management run the show and rubber-stamping their suggestions.
One of the first steps to effective strategy planning is determining the way your board will approach the process. Some boards will prefer to be involved and act as supervisors while others may prefer collaboration, where they collaborate with the CEO on strategic decisions.
In any event it is crucial to ensure that your board members understand its role clearly and accurately. This will ensure that the input of the board 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 measure the progress of your company. This will help you assess if your strategies are working, and give you confidence that you’re on the right path to success.
As part of your strategic planning, it’s also important to evaluate the risks associated to your company’s goals, and determine whether they’re worth taking. It can be difficult especially if you’re going against the conventional wisdom or a personal bias. The more you can discuss uncomfortable topics in a respectful and productive way that will increase your chances of success.