It’s Halftime – Let's Revisit the Plan

It’s always important to make the time to work on your business. The end of June, halftime for most businesses, is quickly approaching. How’s it going? If you had invested time in strategy planning this year, you would have created goals and milestones for the business. You’ve been diligent at reviewing your KPIs and adjusting as needed throughout the first half of the year. If you are pleased with your results, congratulations. If you are not pleased with your results, gather your team to review your plan and how you will course correct going forward.

What’s Changed

Assumptions are made in any business planning process. This is where the crystal ball sometimes appears. What will your customers do, and will the economy provide tailwinds for the business. What were the competitive challenges you anticipated and how have they played out? As you’ve managed through the last six months, you’ve meticulously noted the ups and downs to your initial plan. Make note of the assumptions that have panned out and any new impediments that may have surfaced. Your team needs to assess whether the strategy was right or was it the execution? No different that a golfer trying to make a putt – was it the read or the stroke that caused the missed three-footer.

Review Your Goals

What’s the plan for the second half of the year? My experience tells me that those firms that have a plan and live it each day tend to be more proactive in their decision-making process. Others tend to be more reactive to the opportunities that cross their desk. While both strategies can be effective assuming the stars are all aligned, I prefer playing offense.

Work to have a clear direction for the balance of the year. Your team, your staff want to know you have a plan, as their livelihood is counting on it. Allow for dissenting opinions within the senior team as a healthy and constructive debate is a good thing. But when the discussions are complete, agree to leave the room in unison, with everyone on board with the plan.

Plan the Work

Identifying the goals are the first step, now comes the hard work. What will it take to accomplish these second half goals ­– this is an important step that is too often left for chance. Identify the milestones and the work necessary to accomplish them. And don’t overlook the fact that everyone has day to day responsibilities in addition to working on these goals.

Accountability and Sense of Urgency

Why is it that in some organizations, accountability and sense of urgency are viewed as sensitive issues? I often hear it said, “we need more accountability around here,” with everyone pointing to other areas as the culprits. The companies that really need more accountability and a sense of urgency are often those that don’t want to address it or bring it up. Those firms that make things look easy are those with a well thought out plan and the right people in the right seats. They demonstrate a sense of urgency and are accountable, not because someone said to do it, but because that’s just how that business is wired.

Whether you are on track or off track of your goals for the year, it’s a healthy exercise to revisit your initial plan. Try to understand if any underlying assumptions have changed, and if they have, determine how you’ll course correct for the balance of the year. Don’t overlook the work necessary to achieve those milestones. And focus your execution with a sense of urgency with everyone accountable to play their position. None of this is easy and will force you to step away from working in the business, to work on the business.

These are my thoughts, but what’s working for you? How are you making the strategic decisions to advance your company, while leveraging the opinions and experience of your team? Please add your thoughts and comments below.

Mike Philie can help identify what’s working in your business and what needs to change. Shifting a business’s trajectory while maintaining core operations is challenging. Mike offers strategic insights and direct, realistic advice to ambitious owners and CEOs in the Graphics Communications Industry. He isn’t afraid to voice unpopular opinions and helps leaders navigate change with a practical, common-sense approach. Learn more at www.philiegroup.com, on LinkedIn, or by emailing mphilie@philiegroup.com.