The business strategy is the overall plan that a company uses to achieve its goals and objectives. The CEO is responsible for developing and implementing the business strategy. The senior leadership team provides input into the development of the strategy and helps to implement it. The board of directors monitors progress and holds the CEO accountable for achieving results.
The majority of boards in recent decades, and even today, have a CEO who is responsible for developing the strategy, bringing it to approval by the board, and for its execution. However, there are some notable exceptions where the board itself sets the strategy. In these cases, the CEO is typically more focused on operational matters and implementation.
Besides that, strategic decisions are made at the top by strategists and the top managers, while operational decisions are made at the lower levels by managers. Strategic decisions are directly related to how the organization contributes to its goals and objectives. The responsibility for making strategic decisions rests with those who have the authority and expertise to make them. In many organizations, this includes the CEO, CFO, and other top executives.
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