Planning is one of those things that everyone knows they should do -- and few people actually take the time and really do it. I'm encouraging all the companies I'm involved in to take time and develop a 2010 operating plan. A good annual operating plan can really bring an entire compnay together and get everyone pulling in the same directino for at least the first 6 onths of the year.
The planning process takes market research, contemplation and communication. I'd recommend the following process:
- Research: One person or a small team should take the lead on collecting relevant market research, getting employee inputs on important issues, reviewing the 2009 annual plan and producing a SWOT (strengths, weaknesses, opportunities, and threats) analysis. This all gets compiled into a powerpoint deck.
- Contemplation: Usually comes in the form of a first meeting with executives that reveiw the powerpoint deck. I think it's useful to also send this deck out to advisor and get input from outside the company. Also, annual plans -- or more specifically, strategic decision are best done over a couple weeks. You need time to gestate, ponder, sit with it. If you can -- take a half day retreat with folks to discuss the plan. Serve good food at the retreat. It helps the conversation. The direction of a company usually involves business and emotional factors -- and they're both really important.
- After things have settled, and you know that no plan is the "right" plan -- Set a course and communicate the plan back to all the stake holders and participants in writing and verbally.
This takes time and work -- and I've found it incredibly valuable -- if you haven't started, you still have time to get this done before the new year!