As another financial year closes, and before we consider our Strategic and Business plan for the 2020 year, it’s good to have a critical review of our past 12 months’ performance.
As with most businesses, we know we can, and need to, do better in this increasingly fast-moving business environment. Sometimes our strategies or performance were not as we planned, but one of the best learnings is to understand and learn from any errors we may have made. Sometimes we can learn more from what we did wrong, as against what we did right. The key is to ensure we did understand and learn from these experiences.
So as we start our new Annual Strategic and Business Plan cycle, these experiences will ensure we continue to improve.
Other matters you may need to consider when planning for this year include the Minimum Wage increases. Will you consider the total range of pay rates and decide to increase all employees wages to retain relativity? How are these increases going to affect costs and pricing?
There’s plenty to think about so we can’t make the ultimate mistake and be too busy to do our annual business plan.