No, it is not the holiday season, it is the time of year to look at what your company has done and plan for what it will do over the next three to five years. I work with countless business owners who before we met thought year end planning was a waste of time. We have been doing the same thing for years and we are just fine! It’s a waste of time and money to get the entire team together to think about what might happen! My favorite is – Forecasting and budgeting is a waste of time, we never get it right anyway!
Does any of this sound familiar? Spending some focused time and effort this time of year to better analyze what happened last year, both in your company and the industry has benefits far beyond creating Key Performance Indicators (KPI’s) to measure success against in the future. The fact is most companies large and small fail to hit the bullseye when it comes to forecasting. If you have any money in the stock market this year you know that’s true.
Planning is about the agility and alignment of you and your organization. As the owner you know where you want to go, that’s why you started the business. Knowing which path to take to achieve the quickest results and having everyone onboard rowing in the same direction is where planning and budgeting comes in.
Imagine sailing to a Caribbean Island from New York without a navigational map or instruments to predict the weather, direction, or speed. For the millennials out there, planning a road trip without your phone might be a better analogy. Of course, we wouldn’t even think about doing these things. Then why would you try to build a business without an up-to-date GPS to help guide the way.
Take time in the month of December to run the numbers, analyze the changes in the market and yes, get feedback from your team as to what they see as the best way forward. Captain Kirk could never have survived without Scottie and Spock helping find the right path. As the owner the responsibility to move the company forward is yours, but your team will be more loyal and work harder to make the journey a success if they helped create the plan to get to the destination.
Here is to a successful 2023. All your dreams and wishes will come true if you plan it that way and get everyone aligned around the KPI’s that will guide you to your destination! Let’s Get It Done!
While 2020 has been absolutely devastating for some franchise sectors, it is not all bad news. As the world transforms itself in preparation for the post pandemic new normal many business sectors have seen significant growth. Home Services, Elder Care and Cleaning Services have all seen significant growth in 2020 with excellent forecasts for 2021.