Businesses, no matter what the size, succeed or fail for many reasons. Persistence, hard work, appeal of a product/service, marketing, customer demand or need can all play a part. Some say it is luck others say right time, right place.
Why do companies, divisions and departments fail? Some have not thought through their strategic business plan or after writing it, just put it on the shelf never to be looked at again. Many business owners, and company leaders get tied up working "in" their business rather than working "on" their business never really taking the time to plan the future.
For the successful organization, it is not only a matter of creating a vision, a mission, and a strategy followed by a well thought out business plan but also implementing that plan and checking results throughout the year. This can be accomplished via the Quarterly Business Review.
The Quarterly Business Review starts with a review of the business goals:
- Are they being accomplished?
- What is the dollar impact?
- Who is accountable?
Next is an organizational review including:
- Operations (production, waste, new development)
- Sales and marketing
- Talent and time management
Based on this evaluation, organizations should have a good understanding of where they are currently and what it still needs to be achieved. It is important to develop your plan and check each quarter that the business is meeting the stated goals. Our recommendation is to look at your strategic plan every three months to make sure the business is on the right track. If it is not, there is still the opportunity to correct it rather than waiting for December and saying "What happened?"
If you would like more information about how Alden Management Consulting Group can help you, please Contact Us