Now's the time of the year when our clients begin to plan for next year by setting budgets.
In business "nothing changes if nothing changes". Why not turn your business planning process around by establishing and agreeing on plans to achieve your strategies and goals and then budgeting to resource plans? It does require some effort but the benefits are enormous!
Taking the time to reflect upon the past year's performance of your business is an important yet overlooked step in the business planning process. Leading organisations take the time to measure and understand their results. They use data and information to show how well their business is performing and as the basis for monitoring, review and improvement. What type of reporting does your organsiation do on the achievement of strategic outcomes? How is this information used or does it just sit in the Annual Report? What type of measures do you use; are they purely financial or do you have a more holistic suite of measures?
Leading organisations measure, report and interpret internal and external indicators to help their business perform in a sustainable manner. Things like financial and asset capability requirements for the future, using risk management to mitigate strategic risks, ensuring the organisation understands changing customer and stakeholder requirements and making sure that the organisation has the capability to deliver.
How do you take the time to reflect and understand your holistic business results for the past year?