Most business owners would likely agree that strategic planning is important, yet many companies rarely engage in active measures to gather and discuss strategy. Rudler advocates taking strategic planning seriously.
To get the most from strategy sessions, Rudler advises using some of the best practices you would use for any formal business meeting.
Sometimes strategic planning is tacked on to a meeting about something else. Other times it occurs only at the annual company retreat when employees may feel out of their element and perhaps not be fully focused. One way business can take strategic planning seriously is to hold meetings exclusively focused on discussing your company’s direction, establishing goals and identifying the resources you’ll need to achieve them.
Set an agenda
Every strategy session should have an agenda that’s relevant to strategic planning — and only strategic planning. Allocate an appropriate amount of time for each agenda item so that the meeting is neither too long nor too short.
Before the meeting, distribute a document showing who’ll be presenting on each agenda topic. The idea is to create a “no surprises” atmosphere in which attendees know what to expect and can thereby think about the topics in advance and bring their best ideas and feedback.
Lay down rules (if necessary)
Depending on your workplace culture, you may want to state some upfront rules. Address the importance of timely attendance and professional decorum — either in writing or by announcement as the meeting begins.
Every business may not need to do this, but meetings that become hostile or chaotic with personal conflicts or “side chatter” can undermine the purpose of strategic planning. Consider whether to identify conflict resolution methods that participants must agree to follow.
Choose a facilitator
A facilitator should oversee the meeting. He or she is responsible for:
- Starting and ending on time,
- Transitioning from one agenda item to the next,
- Enforcing the rules as necessary,
- Motivating participation from everyone, and
- Encouraging a positive, productive atmosphere.
If no one at your company feels up to the task, you could engage an outside consultant. Although you’ll need to vet the person carefully and weigh the financial cost, a skilled professional facilitator can make a big difference.
Keep minutes
Recording the minutes of a strategic planning meeting is essential. An official record will document what took place and which decisions (if any) were made. It will also serve as a log of potentially valuable ideas or future agenda items.
In addition, accurate meeting minutes will curtail miscommunications and limit memory lapses of what was said and by whom. If no record is kept, people’s memories may differ about the conclusions reached and disagreements could later arise regarding the direction the business is headed.
Gather ’round
You can put your company in a stronger competitive position by gathering your best and brightest to discuss strategic planning. Your Rudler, PSC advisor can help lay out some of the tax, accounting and financial considerations you will need to discuss. Call us to help you prepare for your next strategic planning meeting at 859-331-1717.
RUDLER, PSC CPAs and Business Advisors
This week's Rudler Review is presented by Evan Kandra, Staff Accountant and Audrey Goetz, CPA, CVA.
If you would like to discuss your particular situation, contact Evan and Audrey at 859-331-1717.
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