Next Years Planning
Below is a MRR and PLR article in category Business -> subcategory Management.
Planning for Next Year
Title: Planning for the Year Ahead
Word Count: 1068
Summary
Each year seems to pass by more quickly, and now, as fall arrives, it’s a perfect moment to focus on strategic planning for the future.
Article Body
Time seems to fly faster every year. Just weeks ago, I was enjoying the sunny San Juan River in Utah, with temperatures soaring at ninety degrees. Now, it’s fall here in Southern California, and in other regions, winter is approaching. Friends back East are already experiencing temperatures around 30 degrees, with snow flurries on the horizon.
Before we know it, November will roll in, followed by Thanksgiving and then New Year's. This time of year is ideal for those who enjoy winter sports, but it also signals the start of a crucial activity for every businessperson: planning.
Around this time each year, I urge my clients to revisit and compare their business plans from last year with current realities. Surprisingly, many people lose sight of their annual commitments. While they might track sales and profit numbers, vital aspects like market development, customer growth, distributor relationships, and service improvements often go unnoticed. These elements are essential for sustained business growth and prosperity.
If it's been a while since you've evaluated this year's performance or planned for the next, now is an excellent opportunity. Analyze your progress compared to your expectations, regardless of the current month. Even if next year's plan is already in place, reconsider it from a fresh perspective.
A Different Approach to Planning
The conventional planning method involves setting a sales growth target for the next year. Typically, this is calculated by multiplying the previous year’s results by a certain percentage, often 10%?"which seems to be a standard due to our ten fingers! Industry standards vary from 5% to 25%, but maintaining steady progress, even without growth, can be a victory in today's economy.
Many plans also include solving key issues and enhancing product lines?"quick fixes that create a basic plan.
But, as readers of my book know, I encourage thinking differently. Here’s a proven process I’ve used to help clients achieve inspiring and profitable results:
Step 1: Define Your Heartfelt Goals
Consider what you truly want to accomplish in the coming year. Focus on what you truly desire, not merely what the market might allow.
While financial goals like revenue, profit, and cash flow are crucial, also think about non-financial objectives. What new products or services do you want to introduce? What markets should you explore? How can you build better customer relationships or expand your distribution network? Consider how these goals can improve life for your employees, partners, community, and yourself.
For each target, understand why it matters. Make sure your reasons are compelling and supportive.
Step 2: Learn from the Past Year
Reflect on lessons from the past year, a step often overlooked.
For instance, realize the actual time it takes to train a new distributor. Many entrepreneurs repeat the same mistakes due to ignored insights from past experiences. Capturing this knowledge can open major opportunities to boost profits.
Step 3: Set Inspiring Targets
Establish goals that motivate you and your team to take action every day.
Instead of using a standard percentage like 10% or 25%, aim for growth numbers you truly believe in. Suppose you want 35% growth despite only achieving 15% before. Consider how to achieve this ambitious goal. Even if you’re not sure how initially, don’t worry?"you’ll figure it out soon.
Step 4: Evaluate Market Changes
Review any changes in your market. Consider shifts in customer behavior, demographic trends, industry developments, and competitor actions. Determine how these changes impact your goals and make adjustments if necessary.
If you need questions to guide your business evaluation, feel free to email stratq@lemberg.com.
Step 5: Develop an Action Plan
Work out how to reach the targets you've set. Consider whether your plan is feasible.
You might need to reverse-engineer your planning process using the Merlin Method, where you envision achieving your goals and trace back through essential steps, ensuring practicality.
This approach has transformed businesses for my consulting clients. Visualize your goals as already met and identify the final step you took before achieving them, then the step before that, and so on, back to the present. This creates your action plan.
Follow this for each target and execute the plan for a breakthrough year.
Stay tuned for future articles where I’ll explore critical success factors in detail.
Best regards,
Paul Lemberg
You can find the original non-AI version of this article here: Next Years Planning.
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