Too often businesses wait until the end of the fourth quarter to even begin thinking about their strategic plan for the year ahead. It’s very easy to get caught up in the concerns of the moment when strategic planning gets pushed back until the end of the year. This is a recipe for stagnation that can only be broken by beginning the strategic planning process in October. By getting started early and taking the time to set out a clear and actionable plan, any company can get a stronger start in the new year that will pay dividends in the 365 days to come and even beyond.
Here are three key reasons why you should consider beginning your business strategic planning early in the fourth quarter:
Strategic planning sets the stage. By the beginning of the fourth quarter, you should have a solid sense of whether your current year’s goals will be achieved by the end of the fiscal year. If you don’t have that understanding, that’s probably the best place to start with your strategic planning. Creating a plan for your business requires a solid assessment of where you’re at and where you want to go. By beginning this process early in the fourth quarter, you give your company the time it needs to properly assess its current situation and outline goals for the coming year.
The sooner you get started, the sooner you finish. Nothing is more de-motivating than not having a plan in place. If the new year begins with no sense of what has been accomplished in the year past or what needs to be done in year to come, your business will be stuck in the mud right from the get-go.
Motivation, motivation, motivation. With a strong roadmap in place, your employees and executives will be more motivated and encouraged to do their best work in the year to come. Everyone wants to know that they’re working toward something, so the sooner you can provide your employees with that direction, the better it will be for your business.
Whether you’re ready to get started or not, now’s the time to move forward with a strategic plan for your business. Contact the Level Up Leadership team to discuss your business needs with a consultant who can provide valuable insight and get your strategic planning underway well before the new year begins.