The downhill run into Christmas has started and inevitably that leads us into a new year!

For most businesses this also means the end of the financial year is approaching. Strategies should already be in place for the last five months if you’ve got a 31 March balance date with clear direction on what needs to be done to achieve business goals. If not, get in touch and I will get you sorted!

The next question becomes – what is the strategic direction for the new financial year? Where do we want to get to, and how are we going to make that happen? 
January is a great time to start to have these conversations internally and also with your external advisors. There is something about the new year, and often a new frame of mind that encourages really great strategic discussion. 

What are the benefits of strategic planning? 

  • It’s an opportunity for the leadership/management team to discuss their vision for the future of the business, and most importantly get on the same page. 
  • Clarity for the rest of the team about where the business is headed.
  • Using the strategic plan as a working document. Essentially a roadmap for the business moving forwards. It becomes the check-in and framework for all material business decisions. 
  • Opportunity to evaluate progress and re-assess throughout the year. 

When strategic planning doesn’t work… 

  • When the plan becomes a coaster. Having a plan and keeping it in action and alive are two different things. Using it as a coaster on your desk isn’t good enough. Your plan should be regularly reviewed, and it should be a working document. 
  • When everyone isn’t on board with the strategic plan. This can cause internal anarchy, and comes in the form of silos, unengaged staff, confusion and conflict. 
  • When the plan isn’t communicated to all stakeholders in an effective and appropriate manner. This is when staff can feel left out of the loop. Or they don’t feel the plan and expected benefits are real to them as individuals. 

If you haven’t got a plan, how will you measure your success? It’s harsh but true - failing to plan is planning to fail.

Start your planning for the next financial now if you haven’t already and book in a free consultation with a Sudburys advisor