{"id":5812,"date":"2019-12-04T07:05:12","date_gmt":"2019-12-04T12:05:12","guid":{"rendered":"http:\/\/flevy.com\/blog\/?p=5812"},"modified":"2020-12-20T20:29:20","modified_gmt":"2020-12-21T01:29:20","slug":"the-4-tactics-our-board-should-adopt-for-a-long-term-strategic-mindset","status":"publish","type":"post","link":"https:\/\/flevy.com\/blog\/the-4-tactics-our-board-should-adopt-for-a-long-term-strategic-mindset\/","title":{"rendered":"The 4 Tactics our Board Should Adopt for a Long-term, Strategic Mindset"},"content":{"rendered":"

When things go wrong on a grand scale, often we direct our attention to the role of the Board. Debate exudes and often gets heated up\"\" and intensifies. This often happens when the Board spends more time looking in the rearview mirror and not enough scanning the road ahead. When this happens, governance suffers.<\/p>\n

Often, the Board of Directors<\/a> spend a bulk of its time on quarterly reports, audit reviews, budgets, and compliance.\u00a0 However, with the change in the business environment, there is a greater need to redirect the Board\u2019s attention on matters crucial to the future prosperity and direction of the business. One of this is Strategy Development<\/a>.\u00a0 Achieving this requires the development of a dynamic Board with a long-term mindset<\/a> capable of creating forward-looking agenda and activities that get sufficient time over a 12-month period.<\/p>\n

The Changing Board Agenda <\/strong><\/h2>\n

The Board Agenda<\/a> is changing. It is becoming more dynamic and it has increasingly highlighted forward-looking activities.\u00a0 Long-term economic, technological, and demographic trends are radically shaping the global economy. The second Industrial Revolution now requires the Board to shift focus. The Board is now challenged to focus on matters crucial to achieving Operational Excellence<\/a> and the future direction of the organization. Directors must devote more time to strategic and forward-looking aspects of the agenda. They must cease seeing the job as supporting the CEO, but instead, be strategic in making sure long-term goals are formulated and met.<\/p>\n

Having a forward-looking Board has now become every organization\u2019s imperative.\u00a0 However, this can only be achieved if there is a solid foundation that is anchored on three guiding principles. Organizations must have the right Board Member, a clear definition of the Board\u2019s role, and greater time commitment from members. At this time when a long-term mindset has come to a fore, these have become essential.<\/p>\n

Developing a Long-term Mindset: The 4 Essential Tactics<\/strong><\/h2>\n

\u201cStrategy without tactics is the slowest route to victory. Tactics without strategy are the noise before defeat.\u201d – Sun Tzu<\/a><\/p><\/blockquote>\n

Organizations can undertake 4 essential tactics to encourage the Board to have a long-term mindset.\"\"<\/a><\/p>\n

    \n
  1. Study the External Landscape<\/strong>. This is the starting point of creating a forward-looking mindset. The primary purpose of this tactic is to expose the Board to new technologies and market developments relevant to the company\u2019s strategy. Studying the external landscape will challenge management with critical questions.<\/li>\n<\/ol>\n
      \n
    1. Participate in Strategy Development<\/strong>. This tactic focuses on making strategy a vital part of the Board\u2019s DNA. Participating in the Strategy Planning<\/a> process will strengthen the Board\u2019s role in co-creating and ultimately agreeing on the company\u2019s strategy.<\/li>\n<\/ol>\n
        \n
      1. Focus on Long-term Talent Development<\/strong>. The third tactic, this tactic focuses on unleashing the full power of the people. It will effectively reallocate skills and experience to a business with more potential.\u00a0 To achieve its expected result, the key is the Board must agree with management on a sensible approach to reviewing executive talent.<\/li>\n<\/ol>\n
          \n
        1. Identify Existential Risks<\/strong>. This is the tactic that focused on the Risk Management<\/a> of existential risks. Because of accelerating technological progress, existential risks have become a recent phenomenon. Existential risks have a great detrimental impact not only on business but also on mankind. The Boards have the duty to ensure that management teams pursue bottom-up investigations, identify key risk areas, and act on the results.<\/li>\n<\/ol>\n

          The 4 tactics are essentially effective in creating long-term mindsets.\u00a0 When this is achieved, Board Excellence<\/a> is never far behind.<\/p>\n

          Interested in gaining more understanding of achieving\u00a0Board Excellence via a Long-term Mindset<\/a>? You can learn more and download an editable PowerPoint about Board Excellence: Long-term Mindset<\/strong> here<\/a> on the Flevy documents marketplace<\/a>.<\/p>\n

          Do You Find Value in This Framework?<\/h2>\n

          You can download in-depth presentations on this and hundreds of similar business frameworks from the FlevyPro Library<\/a>. FlevyPro<\/a> is trusted and utilized by 1000s of management consultants and corporate executives. Here’s what some have to say:<\/p>\n

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          “As a small business owner, the resource material available from FlevyPro has proven to be invaluable. The ability to search for material on demand based our project events and client requirements was great for me and proved very beneficial to my clients. Importantly, being able to easily edit and tailor the material for specific purposes helped us to make presentations, knowledge sharing, and toolkit development, which formed part of the overall program collateral. While FlevyPro contains resource material that any consultancy, project or delivery firm must have, it is an essential part of a small firm or independent consultant’s toolbox.”<\/p>\n

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          “FlevyPro has been a brilliant resource for me, as an independent growth consultant, to access a vast knowledge bank of presentations to support my work with clients. In terms of RoI, the value I received from the very first presentation I downloaded paid for my subscription many times over! The quality of the decks available allows me to punch way above my weight \u2013 it’s like having the resources of a Big 4 consultancy at your fingertips at a microscopic fraction of the overhead.”<\/p>\n

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          “Several times a month, I browse FlevyPro for presentations relevant to the job challenge I have (I am a consultant). When the subject requires it, I explore further and buy from the Flevy Marketplace. On all occasions, I read them, analyze them. I take the most relevant and applicable ideas for my work; and, of course, all this translates to my and my clients’ benefits.”<\/p>\n

          \u2013 Omar Hern\u00e1n Montes Parra, CEO at Quantum SFE<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"

          When things go wrong on a grand scale, often we direct our attention to the role of the Board. Debate exudes and often gets heated up and intensifies. This often happens when the Board spends more time looking in the rearview mirror and not enough scanning the road ahead. When this happens, governance suffers. Often,… The 4 Tactics our Board Should Adopt for a Long-term, Strategic Mindset<\/span><\/a><\/p>\n","protected":false},"author":111,"featured_media":5814,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":""},"categories":[408,81],"tags":[1848,1847,1845,1846,328,77],"class_list":["post-5812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-management-leadership","category-strategy","tag-4-essential-tactics","tag-board-agenda","tag-board-excellence","tag-long-term-mindset","tag-operational-excellence","tag-strategy-development"],"_links":{"self":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/5812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/users\/111"}],"replies":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/comments?post=5812"}],"version-history":[{"count":16,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/5812\/revisions"}],"predecessor-version":[{"id":8049,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/5812\/revisions\/8049"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/media\/5814"}],"wp:attachment":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/media?parent=5812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/categories?post=5812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/tags?post=5812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}