It’s time again for a mid-year business evaluation and planning. It’s the time of the year when the most important leaders and executives of a company gather to discuss the organization’s accomplishments and challenges. Good business leadership is knowing what questions to ask when planning.
Every time you need to change directions, plan for a new goal, or prepare for the year ahead, you must begin with the right information. And for you to have the right information, you must ask the right questions. The effectiveness of any plan lies on the quality of information it is based on, so asking the right questions is important.
The 4 Crucial Questions to Ask
1. Where are we now in terms of our goals? – You can’t plan when you don’t know where you stand. Ask your team to prepare the reports showing the company’s performance in all aspects of the business: sales, profitability, customer satisfaction, hiring and retention and every other important measurement of your success. Don’t forget to analyze the market you’re in to see what your position might be in the next few months. This information should determine your next step.
2. What have we done so far? List all the campaigns, strategies and everything you’ve done so far to achieve the goals you’ve set. What decisions have you made that contributed to your current position? Ask your team to discuss everything that has been done and the results of such actions. Did the past strategies get you closer to hitting your annual goal, or was production affected because of recent changes? Don’t exaggerate accomplishments and don’t try to hide failed attempts either. Only by doing this, you’ll find out what works and what doesn’t.
3. What do we do next? The next thing you need to discuss is which direction to take moving forward. Are you going to stick to the original goals that were set, or are you going to adjust it to reflect the difficulties you’ve encounter? Are you going to move forward with your current business activities, or are you willing to cut corners? Specify the goals clearly, and then make a plan that details how you’re going to achieve it. If you’re stuck, try asking these questions:
a. What is our revenue target?
b. Are we planning to expand the business?
c. What are our competitors doing? Can we adapt and improve upon some of their strategies?
4. What challenges are we going to face if we follow the new plan? Anticipating what happens next is important in strategic planning and good business leadership. Be realistic. Plan for the worse, so you’re not caught off guard when something goes wrong. List down all challenges you might encounter, however impossible or silly it might be. Ask yourself, “Will the demand for your product change?” What if your competitor suddenly launches a new product that makes yours obsolete? What if your employees go on strike? What if the market falls? Then create a plan for every scenario.
Strategic planning is important in good business leadership. Being a good leader doesn’t mean your plans always work, but it is important that you know what to do when such plans don’t work out.
© 2013 Incedo Group, LLC
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