Some things are vital to the health of a business and setting time aside to prepare your annual plan and priorities is one such activity.
My advice to leaders in the mid-market is to set a date for your annual planning workshop before the end of the year. That way you will have your strategy set before you leave work for Christmas or summer holidays. The positive impacts this will have on your team, your workload and your mental health are extensive.
Here are the ten points you need to cover in your annual planning meeting to ensure you have your strategy and priorities clear for the new year.
Annual Plan Meeting Agenda
Five Strategic Planning Outcomes
- Define your high-level business strategy so that it is correct, clear and aligned.
- Define your core purpose, core values, core customer and brand promise.
- Define your Big Hairy Audacious Goal (BHAG) 10 to 15 years out.
- Define your actions for trends that could affect your company in the next 24 months (SWT).
- Determine three year strategic targets, your winning moves in differentiators, key thrusts and capabilities.
Five Execution Planning Outcomes
- Develop no more than 5 top annual and quarterly priorities.
- Set business metrics (KPIs) for your leadership team, in line with the company strategy and priorities.
- Recommit to your communication rhythms with your team.
- Focus on your cash management and cash cycles (make, buy, sales process, debtors/creditors) and discuss improvements.
- Develop a cash strategy that is aligned to your business strategy.
If you want help with your annual planning workshop – we can facilitate it for you and ensure that you have your long-term growth strategy set, your short to medium-term business strategy set to drive revenue growth, and you have clear annual and 1st quarter priorities.
If you want to drive your growth into 2019, my challenge to you is to put a pre-Christmas annual planning date in your diary. Or give me a call and I’ll organise it for you!