This post is one in a series designed to help SME businesses benchmark their business and create a best practice business improvement plan across all of their business processes. You can find the links to the full series here.
Why are regular planning and review sessions critical to the success of a fast growing business?
At the heart of every successful, fast growing business is a powerful and effective internal communication strategy to solve problems quickly, ensure alignment with strategic direction and build team performance.
Verne Harnish in Mastering the Rockefeller Habits stresses the importance of tightly run daily, weekly, monthly, quarterly and annual huddles and meetings, all of which happen as scheduled, without fail, and with specific agendas.
How does your business measure up?
Review your business against this best practice benchmark now
BEST PRACTICE BENCHMARK: We have a rigorous business planning review process including daily, weekly and monthly meetings attended by all staff covering results, challenges and issues, opportunities, and forward planning. #planning
Here’s a checklist to help you determine if you have an effective planning and review process in your business.
Rather than providing a checklist for this benchmark… I’m just going to suggest you answer two questions
- Do you and your people have sufficient feedback on a daily, weekly and monthly basis on:
- What team members are currrently working on
- How team members and the company as a whole are performing in relation to business objectives
- What issues and challenges team members are facing
- What risks and opportunities are opening up and how these can be addressed
- Do you have an effective way to share this information across all your people on a daily, weekly and monthly basis to maintain alignment and drive accountability?
Suggested reading Scaling Up: Mastering the Rockefeller Habits 2.0
About the SMART-Connect best practice business strategy advisor
Business Consultant and Risk Advisor
Over the past 25+ years, Stewart Clark has worked with many business owners across a broad section of industries, in both small and large businesses. This work has included extensive business reviews from a financing/operational perspective, through strategy, succession, marketing, risk and more general business disciplines.
Experience has shown that it's not what you make that counts, it's how much you keep which really matters. Many businesses are not clear on these points, in that they are not in control of how much they are generating (revenue/marketing/sales), nor are they clear on what they actually keep (gross/net margins). Strong business disciplines address both of these areas.
Services provided to business include strategic planning, profit enhancement, succession planning and business structuring, marketing and sales performance, risk assessment and advisory.
There are a lot of consultants/coaches who talk the talk and help you plan your journey, but very few will develop the strategy, work with you through the trials of implementing change, and then still be around to see you celebrate your wins and achievements.