5 Key Things To Help Planning For 2023

Rupen Kotecha | WA Leaders

The world continues to change rapidly and there are already signs of economic shifts, as well as some resilience and strength amidst those changes. We are finding that businesses are having to adapt quicker than every before and plan in shorter cycles – assumptions and factors might have changed since planning was done (perhaps prior to the start of the FY).

So to help with some ‘refocusing’ we’ve highlighted 5 key things you should be doing to prepare for 2023:

You don’t need to change your vision!

Long-term goals are… long-term, so unless there is a real reason to change the vision, businesses should just review the vision and the shorter-term objectives, identifying any changes to the strategy instead.

Review your strategy, plan and goals

Goals are necessary for any plan to be successful so make sure your strategy, plan and goals, as well as your assumptions are still relevant and feasible. It would be good to also do some scenario planning.

Review or Set New KPIs

Setting Key Performance Indicators is essential for achieving your goals. Ensure you consider what are the best KPIs you will need to track to gauge your progress. You should also cascade those KPIs down to different operational metrics to better ensure success.

Perform a SWOT analysis

A common but useful approach to reviewing and planning is to conduct a SWOT analysis. ‘SWOT’ stands for Strengths, Weaknesses, Opportunities, and Threats, and helps the business identify areas to strengthen and leverage as well as risks to mitigate for the coming year.

Stay accountable as business leaders

No matter what role you play as a leader in the business, leaders need to be accountable for strategy to ensure effective execution. You are responsible for aligning the strategy with the company’s goals and objectives.

You also need to make sure you are:

• Disciplined in making sure you regularly work ON the business not just in the business
• Surrounding yourself with advisors and experts in key focus areas of the business
• Continually learning and keeping updated on how other businesses are changing
• Seeking opportunities while managing risk
• Working with other complementary businesses

WA Leaders helps provide the foundation for business leaders and businesses to succeed by offering a holistic platform for growth, to learn more, contact us.