One thing I’ve learned about business planning as a consultant with over a decade’s worth of experience helping brands achieve their goals is the effectiveness of revisiting your planning process each quarter. It’s vital to make necessary tweaks in the face of an ever-changing market.
With the third July quarter soon upon us, now is the time to revise your goals for the next important three months with these tips in mind.
Work towards a manageable plan
Following a 90-day plan is much more approachable and manageable than following a 365-day plan. Quarterly plans allow for the completion of short-term goals that will help drive the company’s long-term goals. This process not only fosters motivation and accountability amongst team member but also allows you as CEO to assess team performance and overall productivity.
Who should attend the planning
Typically, your quarterly planning should take place in a meeting attended by your entire team, from execs to management to general staff. This ensures everyone has a chance to shape the plan, contribute their opinions, and understand how their role fits into the planning for the upcoming quarter.
Think about pre-planning
Sometimes, it can be helpful to hold a “pre-planning” session with a few key players in your organisation prior to the larger planning meeting. This way you’re able to come to the meeting with clear objectives so the rest of your team knows what to expect from the conversation. If you’re a solopreneur, carve out time in your calendar to sit down and plan for the quarter, consulting with a trusted mentor or business friend if need be.
Break large goals into chunks
Divide your larger annual goals into smaller, more targeted goals that can be taken on in three months or less. Try working backwards from the finish line, what needs to happen before you can reach your big goal?
Review your results from the previous quarter
Before you can think about planning for the next quarter, you have to review the most recent quarter that has passed in order to accurately project business needs for the coming 90 days. This way, you’ll know if your current strategies are effective and where potential improvements can be made.
Identify key focus areas for the upcoming quarter
Select three main areas to focus on for the upcoming quarter. These should be things that are essential in helping you reach your longer-term business goals.
Develop action steps and benchmarks
To avoid getting bogged down in the planning stages, identify specific actions that will be necessary in order to achieve your short-term goals for the quarter.
Set clear timelines
Quarterly goals are more “time-sensitive” than other goals. As such, you should be sticking to a specific timeline throughout the quarter.
Identify what success will look like
Success will look different for each of your focus areas. Be sure that you and your team know what the criteria for success are for each focus area, keep this information in a document that you can refer back to if need be.
