https://boardmeetingtool.net/what-is-a-strategy-and-why-it-is-important-for-any-field
The ability to make decisions within the boardroom requires a combination of open discussion and strategic analysis, as well as leveraging technology. These strategies, when executed properly, can significantly enhance the board’s ability to make decisions and contribute to the long-term sustainability of an business.
The first step is to gather all the available information and make sure it is reliable, complete and comprehensive. This is the management’s responsibility, and it involves gathering information from both internal and external sources. It also involves conducting research and making sure that the board receives timely and complete information.
After the data is gathered, the next stage is to determine the possible alternatives that can solve the problem. This is often a time-consuming process, especially when attempting to reach consensus. Some boards employ methods like the Six Thinking Hats or Disney Planning Method to stop groupthink and to encourage an array of possibilities to be thought about.
The board then has to decide which option to explore. This usually involves a variety of factors, including cost impact, and the scope. Scope can also be determined by the number of affected individuals (e.g. clients or employees). It is useful to have a framework that connects these criteria with the board’s general governing principles that govern the company.
Once the decision is made the board must announce it in the minutes. It should also detail how the decision was reached. This will include a rationale for the choice, a list with the alternatives that were considered, any advice requested and whether or not the criteria were fulfilled.