Your year in review: if you’re anything like me when I worked in the corporate world, I spent time in December determining how I actually performed, then compared that to where I needed to perform next year. Last but not least, I then created a plan for the following year. It always served me well so I thought, why not spend time this month helping you step into that planning process? In each episode, I’m going to walk you through a strategic process that I do for clients and with clients to help them create their roadmap. While the training I will give you will be sort of generic at points (since I can’t speak directly about your business), know that you can always reach out to me directly for one on one support. What that said, let’s dive in.
If we are going to create a strategy or a roadmap for next year, where do we start?
We start by understanding where we are.
You can spend an entire day defining where you want your business to be, but if you don’t know where you are, you can’t create an effective roadmap to get you there.
Step one is to define your current state. In this instance, it’s looking at all of your KPIs, financials, and overall metrics for the current year. Pull the actuals. Compare them to plan. How did you do? Don’t dive into the “why” relative to your performance, just make an honest assessment. What did you deliver on? Where did you exceed expectations? What did you miss? Answer these questions for each metric in your business.
The key here is to not just look at your overall business metrics, or your lag measures, but actually look at all of your levers or contributing factors. In other words, look at both your lead and your lag measures.
For example, look at your revenue performance. How did your team perform to its revenue target this year? What are all of the components that contributed to that revenue performance? List all of your revenue streams and the metrics or KPIs that you looked at daily to guide you on your revenue performance. How did you do relative to each of those targets?
Remember, in this step you’re not assessing WHY the actuals are what they are. Today you are simply listing all of the metrics, KPIs, and numbers and assessing how each one performed to the established target.
Your challenge for today is to pull all of your actuals, all of your targets, and assess your current state.