Friday 12th April, 2024
A recent poll conducted suggested that most respondents have never been involved in a strategic review. Should they have? Read our 5 Reasons for a Strategic Review NOW below!
Reason 1 – IS THE PLAN WORKING?
The start of March is the perfect time for a strategic review. January passes in a flash, making February is the first full month of trading for most businesses.
So, the big question arises – is everything going according to plan?
If you are in front, that’s brilliant! Adjust the plan now to reflect this progress and maximise opportunities. Conversely, if you are falling behind, now is the opportune time to reassess the plan. Above alI it is far easier to correct a slow start now rather than waiting until later to attempt to recover.
Reason 2 – ARE THE RIGHT PEOPLE IN THE RIGHT SEATS?
Early in each year, employees should be well up to speed and working to the plan.
Some will be excelling (could they be incentivized to do more?), while others my be already behind and need assistance or a nudge in the right direction.
A strategic review at this point will highlight changes and lead to improvements. Again, it is far easier to correct a slow start now rather than waiting until later to attempt to recover.
Reason 3 – REINFORCE KPI’S
After the Xmas break some employees return reinvigorated and ready to go, whilst others are a bit slower to get back up to speed.
Conducting a strategic review will endsure clear expectations are known, Key Performance Indicators (KPI’s) are in place, and ensure that they are on the right track. Reviewing these KPI’s regularly is imperative for maximising potential success.
Reviewing early in the year provides companies with the opportunity to check in with employees and ensure that they are on the right track. Employees who are in front could be encouraged to do more, whilst those behind can easily loose motivation if they perceive a recovery as too hard.
It is far easier to correct any issues after 2-3 months rather than waiting till month 6-9 to try and then looking for a recovery.
Reason 4 – MAXIMISE OPPORTUNITIES
In many companies, the current plan was set up in the previous financial year. But, what if the assumptions made then were incorrect? Conversely what if a particular area of the business has excelled past its perceived level? Could other areas do more with some focus?
This is a great reason to conduct a strategic review at this time of year. Staff have had their summer break, and it is now time to turn on the afterburners and maximise potential.
The “bullets and cannonballs analogy” by Jim Collins is a great example of how a company can identify key growth areas and pivot toward these to exceed perceived levels of performance.
Reason 5 – ESTABLISH SUCCESSION PLANNING
One previous client admitted that no plan was in place for when employees at retirement age left.
How many of your staff are in this position? People at this age are more likely to have been with companies for long periods. Furthermore, what will happen to all that experience when they leave? As a result How long will it take for appropriate handovers to take place?
As a minimum, Operation Manuals should be dusted off and reviewed to make sure all current processes have been updated. In addition identifying potential replacements and establishing a handover process is the next step.
With nearly 30 years’ experience we can help. Reach out to us at info@fbsconsutling.com.au or phone 0468 794 040 for a no obligation chat. Also, if you enjoyed this blog there is more to be found at our Latest Blog Pages.