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The board should be clear about its responsibility in determining the strategic direction, regardless of whether the boardmeetingsolution.org/strategic-planning-and-the-role-of-the-board-management/ board decides to set the strategy itself or waits for management to do so. This is because the board’s performance will be affected, as well as how the company handles their resources.
The board must determine what their strategy actually means and decide if they would like to be supervisory, co-creative or supportive in their involvement. The board must be aware that the roles will change as the context changes. For instance the emphasis on customer satisfaction might not be appropriate in a situation where safety of employees or the reputation of the company are in danger.
The board should also seek ways to add value to the strategic plan by asking questions that challenge the status established. This is where the board can be a positive influence and demonstrate its leadership skills. It is also important for the board of directors to take into consideration the risks associated with strategies presented by management and to begin discussions on these issues.
Accessing an online platform that allows the board to work in a secure way with management during the strategic planning process will be helpful. A good portal for boards, such as BoardPro will help. Boards will be able to go beyond the standard death by PowerPoint”that is the norm in most board meetings. It will help them draw up more effective strategies.