In our last post, we highlighted the fact that the first six months of the financial year are gone and for many SMEs nothing went as planned. We thought a second post on the same must follow as this topic is very important. A year of revenue lost can never be recovered. We are not happy with many entrepreneur friends who did not plan a yearly strategy for their business, leave aside sharing and motivating teams and expecting results from them. If we have failed to plan on the numbers our business should achieve this year, we should be hurt. And then take corrective measures.
Yearly strategizing the business and putting the annual operating plan in a form of a blueprint is not merely a wish or a nice to do activity in your business. It is a must to do.
The former RBI chief Raghuram Rajan’s view on the banking sector in which he talks about the next big challenge of NPAs coming from the MSME sector is a scary thought because this is where it can lead to.
When the growth story takes a wrong path, it becomes really easy for us all to blame the external factors and the factors not in our control. How about focusing on the factors that are very well in control, like taking out time – may be a complete day with the core team and creating a strategy for the last 5 months in this financial year? The core team means those selected few in the organization who possess the acumen and creativity to come up with great ideas for the company.
Take your think tank to a peaceful location and plan together with the journey. This will inculcate in all a sense of belongingness and the targets will be owned by all and not only the few
Gather relevant data, ask your team leaders to do their homework and get down creating a strategy which looks achievable. The better half for your business is yet to come.