Annual Review Or Annual Celebration?Posted By Michael Roby | Monday, December 3rd, 2012
Traditional business planning calls for conducting annual reviews of results, processes and people. Unfortunately, these reviews often produce shock and surprise for those who own, manage, or work in the business. In fact, these reviews should never produce surprises if those in leadership communicate openly and honestly with all members of the team! Approximate results should be a foregone conclusion.
When a business is run properly, Annual Reviews become Annual Celebrations! Successful results and proper activity and response to circumstances should be acknowledged, rewarded, and celebrated. Then, and only then can we begin the process of Annual Business Planning (ABP) in earnest!
ABP require asking and answering three simple, but often multifaceted questions.
1. Where Are We NOW? This question involves our business results and the activities which produced those results. Sales, profitability, and key business ratios the the “bottom line” measures of success. In addition, productivity measurements and personnel inventories and assessments make up the NOW. When people exceed expectations, those people are to be celebrated and rewarded. A well-managed business makes for eager anticipation and excitement leading up to reviews. However, if a member of your team is shocked at a poor performance review, the failure for the surprise lies with management (or lack thereof). During the year you should recognize great and substandard performance as it occurs without waiting until the end of the year. Communicate results clearly.
2. Where Do We Wish To Go? This is your vision, dreams, goals, and objectives. Be clear… crystal clear… about these goals with yourself and with your team. Research, set expectations and get buy in. What has to happen in order for you to consider the investment of time, money, and effort worth the results produced?
3. How will we get there? What is your execution plan? What are the activities you must engage it in order to realize the goals? What will you do to prevent changes in circumstance? What are the challenges you face? What opportunities can you see? What are the resources you have and need? What is the process for putting these big ideas together? Build timetables, take and and assign responsibilities.
Make sure that December 2013 is a time of celebration by building a functional business plan NOW.
Work Hard & Have Fun!™
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