It’s time for a mid-year business evaluation and planning. This is when executives and leaders gather to discuss the organization’s accomplishments, challenges, and what if anything has changed that require a shift in the existing business plan.
Every time you need to change directions, plan for a new goal, or prepare for the year ahead, you must begin with the right information. And for you to have the right information, you must ask the right questions. The effectiveness of any plan lies in the quality of information it is based on, so asking the right questions is important.
The 4 Crucial Questions to Ask
1. Where are we now in terms of our goals? – You can’t plan when you don’t know where you stand. Ask your team to prepare the reports showing their performance in all aspects of the business for which they are responsible. Don’t forget to analyze the market you’re in to see what your position might be in the next few months. This information should determine the next step.
2. What have we done so far? List all the campaigns, strategies and everything you’ve done so far to achieve the goals you’ve set. What decisions have you made that contributed to your current position? Ask your team to discuss everything that has been done and the results of such actions. Did the past strategies get you closer to hitting your goal, or not? Why or why not? Don’t exaggerate accomplishments and try to hide failed attempts. Both are opportunities for learning what works and what doesn’t.
3. What do we do next? The next thing you need to discuss is which direction to take moving forward. Are you going to stick to the original goals that were set, or are you going to adjust them to reflect unplanned changes or situations you’ve encounter? Specify the goals clearly, and then make a plan that details how you’re going to achieve it. If you’re stuck, try asking these questions:
a. What have we done thus far that is working? And what are the costs associated with those activities? Are the results worth the costs?
b. The activities that didn’t produce the results we wanted: were they the right choices, did we implement well, did we give them enough time to produce results, can we tweak them and get different results…? You want to understand what got in the way of success with the activities you tried.
c. What has changed inside the company, or outside that is now a factor in planning?
4. What challenges are we going to face if we follow the new plan? Anticipating what happens next is important in strategic planning. Be realistic. Plan for the worse, so you’re not caught off guard when something goes wrong. List all the challenges you might encounter, however impossible or silly it might be.
Strategic planning is important in business. It’s a critical skill for leaders, regardless of the size of your team. Being a good leader doesn’t mean your plans always work, but it is important that you know what to do when they don’t work out. And planning gives you a much greater chance of success.
Planning can be as simple as writing down a few goals and milestones. Or as robust as you want to make it.
Before you start though, download The Do’s and Don’ts of Business Planning so you’ll know where to start, and what to leave behind.
