With 8 months of 2022 almost behind us we now have a pretty good amount of data points to see how you are growing your business. Yes, you have been following your goals and strategies but now you have data. The real information to either validate what you are doing is working or your tactics and strategies should be tweaked to make them contribute better.
The early fall is a great time to begin the review of your business for the future. Once Labor Day is celebrated, we are back to work for the last 4 months of the year. Late into November and throughout December there are distractions which get in the way of a focused business plan evaluation. This is why it is suggested to do your planning for 2023 in Late September and be wrapped up by mid-November. It seems like a long time but if you are going to do your organization its best service you need to take the review, release, revise and replenish in stages.
Although taking the whole leadership team off site for a three-day review is healthy, most small businesses can’t just bail on the business. The business still needs to operate and close out 2022 on an up note while structuring 2023 for another great contribution. Besides, the reiterative process over a few weeks of shorter, very focused meetings allows for department leaders to not just prepare once but can build their plans based on new data points brought to each successive meeting. People attend a meeting and then go and research to identify additional input and the business grows from the added input data points.
All of this planning is designed to bring your business to its next best level of success. It is important to have key measurement items as part of your planning and strategy setting for not just future years but for the remaining months of 2022. By starting now to get metrics as part of your organizations valuation of results you can have more productive meetings moving forward.
Think of it this way, when a deposit slip is prepared for your banking process, the details are captured, and the math calculated so that the bottom-line entry all adds up. This is a pretty important aspect of running your business so that cash in and cash out is well understood and maintained. We use such tools as accounting systems, profit and loss statements, balance sheet etc. to narrow in on the details of our business. We put our trust in those processes and transactions to give us timely and pertinent information to make decisions with. The same needs to be true with other aspects of the business. What does your sales pipeline tell you about your future cash flow? What do your cycle count inventory results tell you about current and future cash flow? All of these supporting metrics contribute to the ultimate deliverable – Net Profit.
As you look at the remainder of 2022 and begin your plans for 2023 make sure you are incorporating key metrics which give you input and feedback in advance of a real issue. Make this part of the leadership teams contribution points so they keep track of them and bring the details to the leadership team for status. When looking at the various moving parts of the business it might look a bit daunting. If you think about the moving parts in an automobile there are plenty of things which could go wrong. With all the sensors on the vehicle they give input to the driver on the status of their vehicles condition. Your business should run just like having a dashboard for the components of your business. By doing this you can have more to bank through your business for growth, scalability and sustainability moving forward.
Now is the time to get your 2023 planning meeting on your calendar and engage a Promise Guide to facilitate your best plans for the future. Give us a call at JKL Associates MI (313) 527-7945 or FL (407) 984-7246