Strategy and the role of directors

Directors spend much of their time on operational issues – personnel, financial, risk management and barely have the time to put their head above this and look into the direction of the business that they are appointed to lead.

What is strategy? Strategy is the means by which a business fulfils its purpose and achieves the vision and objectives.

• Make it a whole board task – don’t leave it to one or two – work as a team
• Look ahead and consider the longer view - how does this compare with your immediate objectives
• Listen to other members opinions and consider alternatives
• What evidence is there to support your proposals?
• What resources are available to you?
• What is the board’s appetite for risk?
• Define the purpose of the business to ensure it achieves the vision and objectives
• Who else do you need to involve? (The board must lead and take ultimate responsibility but be able to delegate to others where needed)