The end of the year is synonymous with reflection and time to evaluate and to align new strategies to adopt in the new year, such as projecting the future of the company and outlining the objectives intended for the new year. Thus giving continuity to the history of the company based on the learning withdrawn of the past year and the achieved successes.
Having good business planning is undoubtedly the best way to avoid surprises and be prepared for any situation that may appear on a daily basis. In this sense it is necessary to follow the right steps to plan the new year of your company in the most effective and assertive way but first you need to think about three questions:
How is your business performing?
What business goals do you want to set for the New Year?
What are the best ways to meet your goals?
After reflecting on these three issues, it is time to start the planning process of the new year by going through several stages.
1. Take a retrospective
The first step involves the work of looking back and reviewing all the most relevant events that have occurred in the past year. Here, it is important to conduct a good analysis of the period and highlight the strengths and weaknesses. This is essential to determine what should be a priority in the coming year, for example by evaluating what can be done differently to correct or refine some process.
It is essential to reflect whether the objectives that were outlined the previous year were met, whether the results were satisfactory and how well your team performed. It is important to re-establish a self-analysis, do not just turn your eyes to the internal processes of the business. Reviewing how relationships with customers, suppliers, and the marketplace are also indispensable.
2. Attention with the budget
The second step is fundamental and have a strong impact on the remaining steps. This is because it is time to study the finances of the business and set the budget. After all, you can not plan for a full year without looking at how expenses and investments will be treated. Having these data in hand is important because together with the knowledge of what makes a profit and what it represents loss. Proper financial management is one of the foundations for success.
3. Evaluation of the performance of processes and teams
Another important point in planning is to evaluate the performance of processes and teams in order to identify the points to improve so that the best possible results can be achieved. In this sense, it is essential to give employees tools that can help them achieve their best results as it will be beneficial to both parties, since in this way the employee will feel professionally fulfilled and thus be more productive in their tasks. Their performance levels can be conditioned by several factors, one of them being mental fatigue and improper effort management. Performetric's application can be an excellent solution to adopt in 2019 and thus, with your help, achieve a better performance of your employees.
4. Identify strengths and weaknesses
After conducting an in-depth analysis of the company's outlook, it is time to move to Step 4, which consists of identifying the company's strengths and strengths during that time. In weaknesses it includes everything that, in some way, was understood by the team with an unsuccessful project. This includes negotiations with potential clients that failed, customers leaving your company, bottlenecks, or any unsuccessful attempt to win quality certifications, for example.
It is fundamental to recognize the points to improve and the strengths, it is possible to know if the business is, in fact, competitive. And that's why reviewing success stories is also important. After all, they can serve as a model of action to revert the table of failures and optimize their results in this new year.
5. Set Goals
Based on this list, you should be ready for the next step: chart the goals for next year. However, this is usually one of the most delicate stages of all business planning. So in that case, the best alternative is not to plan anything that the team knows can not be met, even to avoid that, in the face of a possible bad outcome, there is not a kind of widespread disappointment. It's worth trying to increase the number of active customers, increase billing by a specific percentage, expand the company and develop a new product or service, for example. And these goals can also be geared to internal processes, such as keeping track of bills and reducing expenses. It is essential to set goals that are realistic and attainable.
Grab those 3 questions and 5 stages and start today on planning 2019!