Q4 planning is one of the most critical processes in defining business strategy.
Sometimes as we wind down the year, we feel like we are on the two-minute mark of a football scoreboard, fighting it out until the end. Other times it may feel like we have scored in such a dominant fashion that the last two minutes won’t make any difference. Regardless of where your business falls on the Q4 continuum, strategic planning for 2019 ought to be on the top of the priority list.
Ask yourself these questions:
- How does my product and/or service compare to my competition?
- Have there been significant changes in my target market that I need to adjust for in the new year?
- Are there new marketing protocols and techniques that I could jump on and launch more powerfully for the new year?
- How has my 2018 performance aligned with my BHAG (Big Hairy Audacious Goal)?
- What do I need to accomplish in 2019 to keep me on track to capturing my BHAG?
This is where your team is critical. One of them may have the distinct advantage that will really rock 2019, so be sure you ask for their input.
Here are a few key strategies that might help:
Incorporate key people and capitalize on their experience and innovation for the coming year. Often an offsite retreat will accomplish this much more effectively and give you the momentum needed to reach aggressive targets.
Core Values, Core Customer, Purpose and your BHAG
Revisit and reaffirm your Core Values, Core Customer, Purpose and your BHAG. Whether they stay the same or you need to tweak them because something has changed, it is critical to get everyone on the team back on board and excited about each of these elements.
Goals and Timelines
Set clear goals and timelines, working backwards from your BHAG to your yearly goal, then divide that goal into 13-week quarter races to accomplish your goal. This keeps everyone engaged and working in sync towards your objectives.
OPSP One Page Strategic Plan
Update or develop your one-page strategic plan. Vision is really just a dream unless you have a plan attached. The strategic plan does not have to be a complicated encyclopedia, it really can fit on a single page and get the job done.
Decide what your X factor for the year will be. Again, this may be the same as last year, but be sure everyone on your team knows the factor that will 10x-100x your competitive advantage and maximize it.
The most successful organizations, those who survive the Valleys of Death inherent in business growth understand the importance of engaging independent, objective experts who can serve as guides to your organization in a powerful way.
As the King of Q4 Planning comebacks Michael Jordan says, “Talent wins games, but teamwork and intelligence win championships.”
Ready to dominate the court in 2019? Claim your FREE 20 min business coaching session at 702-421-3212.