There are three important elements in a long-term strategy: a vision or purpose, a strategic plan, and an operating plan.

The board is responsible for the long-term strategy and regularly updates it, while the management team is responsible for the operating plan.

It is important to align individual roles and tasks with the organization's strategy.

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Strategy should not be limited by budget, but rather the budget should be set based on the chosen strategy.

It is important to consider alternative ways of funding and to not let resource constraints dictate the direction of the organization.

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The strategic plan is a key accountability document for the board and should include time frames, outcome measures, scope, time frames, project manager, resource implications, budget, and success measures for each action plan.

It's important to also consider the risks involved in implementing the action plan.

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The most effective way to reach agreement on a vision and purpose is not to focus on specific words, but rather on the guidance and strategic conversations it enables.

It's important to consider the perspectives of all stakeholders and understand what the vision means to them.

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Strategic planning follows a sequence to identify key strategies that align with an organisation's vision, scenario planning and SWOT analysis in order to deliver on goals and effectively leverage strengths, weaknesses, opportunities and risks. It typically focuses on 3-4 key areas of work.

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Forecasting the strategic issues that will impact your organisation.

Envisioning the future: Key insights from senior executives and stakeholders.

Every few months, bring in executives or stakeholders for a discussion about potential strategic issues and implications for the organization in the next 10 years.

This helps make strategic planning more robust and board meetings more interesting.

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Scenario planning should be a key part of good strategic planning as it helps organisations to focus on their vision and consider different future possibilities.

It can be done in-house or with the help of trained professionals and can help organisations to prepare for a variety of future outcomes.

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Strategic planning is an ongoing process that should be regularly reviewed and updated.

It should be discussed at board meetings and involve input from staff and consideration of external factors.

This can make for more interesting and efficient meetings.

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Having a board work plan or calendar allows directors to better prepare for meetings and helps ensure that the board is constantly discussing important topics.

Good work plans also include opportunities for external input on strategic issues.

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The necessity of reading Board papers and asking questions as a director.

A director's apology for not reading board papers is not acceptable unless they have contacted the chair or CEO to address any questions or concerns.

Duty of care requires directors to be informed and diligent in their responsibilities.

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