Senior Strategic Partner, Charles Parnell is wrapping things up for 2017, by reminding all of us of some important indicators that we must pay attention to as we evaluate 2017 results and look ahead to 2018.
The year is coming to a close and businesses are assessing their successes and challenges for the ending year. They assess the following areas they listed as critical components for their success:
- Employee competencies – did employees acquire and demonstrate competencies to attain their goals?
- Did we provide upward mobility opportunities to our outstanding performers?
- Marketing Plan – was it effective in reaching the market segment and target audience?
- Sales Plan – was it effective in reaching the sales goals?
- Strategic Plan – was it effective in growing and sustaining the business?
- Vendors – did the vendors and suppliers give competitive prices and deliver quality services on time?
- Vendors – did the vendors and suppliers adapt to the business’ changing needs?
- Costs – did the costs meet or exceed the budget’s projections in the following areas: salaries, capital improvement and insurance?
- Retirement Plans – 401 (k) – did they meet the needs of the employees and the company?
Businesses should continually evaluate their business and make adjustments accordingly for the new year. In all the foregoing areas, a candid analysis should be made. The key components of their Strategic Plan must be clearly defined and written in a format that is easily communicated. This will maximize the prospects of the participants in the plan to embrace and execute it. They are: vision, mission, core values, external analysis, internal analysis. An effective session should include the business’ Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis.
When setting your vision, sales and profit goals, care should be taken to ensure that they’re practical, considering all your resources – including people, time, financial funding and organizational support. Get people who will execute your goals and strategies excited about them and make them their own – indicate what’s in it for them.
There are good economic indicators that assert that 2018 will be a “good” year for businesses. However, comprehensive and participative planning will be a MUST.
Have a GOOD YEAR!