Ensure Your Annual Plan is Future-Ready
As business leaders, it's important to keep in mind that when creating your annual plan, you should include insights from your sales team and other revenue-generating front line team members. They can provide invaluable input on the customer-facing side of the business that you may not be aware of. Additionally, it's also important to plan for replanning. Circumstances can change and you may need to adjust your plans accordingly. Failing to do so can cost your business time and money. By keeping these common mistakes in mind, you can make sure your annual plan is well-informed and ready to take on the future.
A Common Mistake Made By Leadership Teams When Creating their Annual Plan
When creating an annual plan, many business leaders tend to forget that their sales team and other revenue generating front line team members are the ones who will be executing the plan. As such, it's important to get insights from them, as they may have valuable insights into the customer-facing side of the business that the leadership team may not have.
Another mistake is failing to plan to replan. Many leaders set their plans and forget it, but this is not a good strategy. Circumstances can change over time, and plans may need to be adjusted accordingly. One example of this is when your sales team asks for price concessions, which may require you to replan.
How This Mistake Could Play Out
If a leadership team fails to involve all relevant stakeholders in the planning process, and fails to plan to replan when necessary, the consequences can be costly. Without the insights from the sales team, the plan may not be reflective of the customer's needs or preferences. Furthermore, without a replanning strategy, the team may find themselves in a situation where they are unable to react quickly enough if the market changes or customer demand changes. This can lead to lost sales, dissatisfied customers, and a decrease in market share.
Avoid This Mistake
Fortunately, there are steps that business leaders can take to avoid this mistake. The first step is to make sure to involve all relevant stakeholders in the planning process, getting insights from your revenue generating front line team members. This will help ensure that the plan is reflective of the customer's needs and preferences.
The second step is to plan to replan. This means that instead of just setting the plan and forgetting it, you should have a strategy in place to replan when necessary. This strategy should include data-driven decision-making, with the help of testing and optimization. This will ensure that the team is able to react quickly and accurately to changes in the market or customer demand.
In conclusion, it is essential for business leaders to keep in mind the importance of incorporating insights from their sales team and other revenue-generating front-line team members when creating their annual plan. Additionally, it is also important to plan ahead for replanning as circumstances may change and require adjustments to your plans. By taking these considerations into account, business leaders can ensure their annual plans are well informed and ready to face the future.