Annual Planning

Setting up an annual plan for your business is especially important. For most companies, that process begins in August. Here is a typical schedule:

August – Begin with a simple leadership survey on performance YTD. Next, have your accounting team prepare a financial forecast based on historical trends. Then work with Leadership and/or the Board to establish key performance goals (sales, staffing, expenses and key performance indicators). Finally, you’ll want to schedule a date for the annual planning meeting between leadership and middle management.

September – Hold your annual planning meeting and share your leadership goals. Have your departmental managers come prepared to present their goals with subsequent feedback from leadership and peers.

October – Finalize and distribute the strategic plan to the management team.

November & December – During these months, give employees time to prepare their individual goals in support of the annual plan for the following year. These goals will become part of their performance reviews.