How to develop a board strategy
1. Establish the board’s role
The board’s role in strategy development needs to be clarified at the outset. The board’s role may be to provide broad guidance, or it may be more active in developing specific strategic initiatives.
2. Understand the company’s competitive environment
The board should have a good understanding of the company’s competitive environment, including the key competitors and the factors that are most important to success in the industry.
3. Analyze the company’s strengths and weaknesses
The board should analyze the company’s strengths and weaknesses, with a particular focus on the factors that are most important to success in the industry.
4. Develop a clear understanding of the company’s mission and vision
The board should have a clear understanding of the company’s mission and vision, and the role that these play in the company’s strategy.
5. Develop a strategy framework
The board should develop a strategy framework that outlines the key components of the company’s strategy.
6. Evaluate opportunities and threats
The board should evaluate the key opportunities and threats facing the company, and assess the potential impact of these on the company’s strategy.
7. Evaluate proposed strategic initiatives
The board should evaluate all proposed strategic initiatives, and decide which (if any) to pursue.
8. Monitor and adjust the company’s strategy
The board should regularly monitor and adjust the company’s strategy in light of changes in the competitive environment and the company’s strengths and weaknesses.
The board’s role in strategy development can vary depending on the company’s size and industry. In general, the board should:
1. Establish the board’s role in developing the company’s strategy.
2. Understand the company’s competitive environment.
3. Analyze the company’s strengths and weaknesses.
4. Develop a clear understanding of the company’s mission and vision.
5. Develop a strategy framework.
6. Evaluate opportunities and threats.
7. Evaluate proposed strategic initiatives.
8. Monitor and adjust the company’s strategy.
The role of the board in setting policy
The board is responsible for setting the strategic direction of the company. While management is responsible for day-to-day operations, the board is responsible for ensuring that the company is on track to meet its long-term objectives.
One of the key tasks of the board is to develop a board strategy. This is a document that sets out the board’s vision for the company, and outlines the key strategic objectives that the company should aim to achieve.
The board strategy should be aligned with the company’s goals and objectives, and it should be updated on a regular basis. Board members should be involved in the development of the board strategy, and they should also be responsible for implementing it.
The role of the board in setting policy is critical to the success of the company. By developing a board strategy, the board can ensure that the company is heading in the right direction and is well-positioned to achieve its objectives.
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