NextGen Business

If designed and prepared well, board strategy days are an opportunity to explore the future, challenge the status quo and engage in couragious conversations between (non-) executive directors and hand-picked outsiders. Ideally, they encourage learning and development of the participants and provide insights to improve the current business and create NextGen business opportunities. 

Having attended many strategy sessions, we would like to share some common pitfalls and suggestions for improvement:
- “Exploit what is” and “Explore what is not yet” are two different challenges and require a different approach and mindset. The current business often dominates the discussion, NextGen Business is under-represented. One way to make sure you spend enough time on future opportunities is to focus on Explore in the morning and Exploit in the afternoon.
- Inviting an inspiring speaker to talk about key trends like AI or Sustainability is great for opening people’s minds, but should be part of the overall meeting design. Following these new insights you can identify the potential risks and opportunities for your business, discuss the leadership development this may require and decide on follow-up actions.
- A successful strategy day is not only about strategy development. Design a setting (location, team, and agenda) that encourages the right kind of energy and participation. Think about which future leaders you would like to engage and how their ‘superpowers’ can be used to create new ventures. 

What do your board strategy days look like? Where do you see room for improvement?