We often hear many people come up with resolutions to better themselves, whether it be their body, finances, or career. As we all know, these resolutions are usually short lived and dead by March. This “Sweet 16” year should not be a year of resolutions or short lived business objectives, but of action. Use your best creativity to make this year the most productive and profitable yet. In order to do that, you must have a strategic plan formulated. Organization, growth, and financial components all comprise a stellar game plan.
Developing your plan means analyzing your organization. Start by assessing what works and what doesn’t. Take a look at programs, tactics, processes and systems that haven’t been performing well or that are redundant and address it. You may have to revamp the approach or get rid of it. Align business goals throughout your organization. You will not only meet but have a better chance to exceed business goals if employee goals are closely related. The more employees understand how what they do effects the business results, the greater the results of their performance. Your team must be working together to reach the common goal you have set for your company. Having a willing team to get onboard with new strategies is so important. This requires you have to have the right people who can take your vision, run with it, make good decisions and work to make it a reality.
Will your organization be able to handle the growth you are about to have? The most crucial asset is your people. Do you have the right people in the right positions? The team you have must be a group of strong individuals that can work independently as well as collectively. If they’re overwhelmed with demands that exceed their skill set, subpar work will be shown. Don’t be afraid to grow or let go of your staff. Complete an assessment to determine rather you invest in development or seek new talent with the required skills. Remember temporary or contract labor is a good way to tryout talent and share some of the load.
The common thread throughout your business is the financial component. Managing and measuring cash flow is essential in maintaining a healthy, robust organization. Aligning the financing you need to achieve your business goals is just as important. Another perspective to include in your plan is how you will track and measure what you do in your company. Not only should you know what funds are coming in, what’s going out, and how what you are doing is impacting your finances. Developing or improving your internal business analytics should be very important in 2016. You can’t monitor what you don’t measure. Invest time and money during the first two months of this year determining what you will be tracking.
Lastly, be prepared for the success. Plan ahead of time what you will do with the profits and increase revenue. Pocketing your company’s earnings may not be the best business move to make. Reinvesting in your company is one of the best ways to ensure growth across the board. Remember to think about long term goals and the longevity of the enterprise you’re building. Consider what combination is best in these four areas: People, Equipment, Systems, and Innovation (new products and/or research). Put it in your plan now so you will not have to make decisions under pressure.
Once a quarter ensure you …. Assess, Adjust, Execute, and Repeat! Don’t forget to celebrate your “Sweet 16”!