Are you running your business, or is your business running you?
Why should you do regular business planning?
1. Create your Business Roadmap
2. Set Targets
What are the shorter term steps you need to be hitting in order to reach your long term goals?
Break the milestones from your roadmap down further into monthly and quarterly goals so that you can plan out what steps you need to take to achieve them.
3. Get your Team On Board
When your vision is only in your head it makes it hard to communicate. Being able to bring your team onboard with your plan means everyone is working towards the same goals.
4. Track & Leverage Data
If you're not consistently setting, collecting, and reviewing KPIs against your set targets, you really have no way of knowing whether you're on track, slightly lagging, or completely off track for reaching your goals.
Having a process for reviewing this data against your goals lets you know whether what you're doing is working, or whether there's a need to tweak or change things to get you back on the right path.
5. Reflect & Celebrate
There is nothing more rewarding than looking back at your goals 3 months, 1 year, or 5 years ago and being amazed at what you were able to achieve!
So... Have you booked your quarterly planning in yet?!
Elements of a Quarterly Plan
Here are some key elements to include:
1. Long Term - 3/5/10 Year Plans
2. Short Term - Quarterly and One Year Goals
3. Company Vision: Values, Uniques, Target Audience
These are the things that make your company stand out and attract your best clients!
It’s important to not only have this on paper so you can communicate it with others, but to regularly review and remind yourself of when making business decisions.
4. KPIs & Metrics
This is probably the one thing included in absolutely EVERY strategic business plan.
Those very specific measurable goals you want to achieve. Don’t forget to also include a plan and steps for actually achieving them though!
5. Non-KPI Goals
6. Quarterly Topics
How to Create your Quarterly Planning Process
1. Pre-Planning
Get your “actual” numbers from your previous quarter (and year) and line them up with your “goal” KPIs from last quarter/year.
Start thinking about this past quarter (or year) - what happened, where you're headed (or WANT to head), and what you want to achieve in the coming quarter and year.
2. Planning Session #1
3. Planning Session #2
- What specific steps do you need to take to achieve those goals?
- Who is responsible for them?
4. Post-Planning
5. Through the Quarter
Go Solo, or Hire an Expert Guide
This one depends on a couple factors - like how comfortable you feel taking this on, how well you really know your business KPIs, and your capacity to do all the "heavy lifting" yourself.
Hiring experts to guide you through quarterly planning lets you:
- Gain outside perspective from business specialists.
- Follow a proven process.
- Identify and solve the biggest problems holding you back.
- Feel confident your plan is taking you in the right direction.