Business

“What are we going to be in 10 years?” It is one of the most challenging questions that any organisation can ask itself. It’s also one of the hardest. You've heard plenty of simple, yet meaningless, platitudes in response. “We are forward-thinking” or “We’re going to be the biggest player in our sector”, but if organisations or companies really want to be successful in the years to come, their executives and boards need to put some real work into answering the question. Of course, that’s easier said than done. With the constant drumbeat and pressures of quarterly reporting, fighting daily fires and meeting short-term targets, it is hard for executives to think beyond the here-and-now. Thinking five years ahead is a real challenge in that context; 10 years feels like an eternity. One good place to start the discussion about the future is the boardroom.“Stargazing” is a fundamental role of the board. Developing strategy and taking the time to do blue sky thinking is one of the most valuable things a board can do. Been there, staying there There are a number of reasons why boards are well-suited to do this. For starters, most directors stay in their roles for at least nine years, and many stay much longer. Meanwhile, C-suite executives are subject to a much higher turnover. Having the board actively involved in long-term strategic planning, therefore, is smart. Directors are far more likely to be around to see ideas borne from stargazing come to fruition. What’s more, inherent in the role of independent board directors is a certain distance from the organisation. Directors aren't in the weeds day-to-day. We’re meant to look outside in. Asking hard questions about the here and now [...]