We all need a road map at times, to help us get to where we want to go. Ideally it’s one that takes us in a destination or in a direction we choose. For boards, this is called their annual work plan.
Too often I see boards trying to navigate without any road map. Or they rely only on management to lay out the path ahead. It may be easy, at first, but it ends up diluting a board’s power. And it can have real consequences regarding objectivity, ownership, and accountability.
It is really common sense to map out your board’s governance steps, and create clear lanes, to make sure everyone knows what work lies ahead, and when you’ll get to it. This plan, or map, makes sure the board meets all its responsibilities. A plan also makes it easier to steer meetings and decide how to spend valuable time. Creating a road map for the 12 months ahead helps both the board and management work effectively together. Creating clarity around what topics will be addressed, and when, keeps everyone feeling focused and grounded, instead of like you’re spinning your wheels.
When you don’t have a plan, you can end up careening all over the place, trying to do everything at every meeting, and feel pulled in too many directions at once. When you’re directionless, you’re unsure about what to prioritise and likely to feel stressed, inefficient, and ineffective.