December 22, 2015
Quarterly Review of Your Strategic Plan
Quarterly reviews are an essential element in the strategic plan for your business. Not only are they helpful for performance evaluation, but they also provide your company with the opportunity to adapt to business conditions, and ultimately grow. Generally, your strategic plan is a cultivated vision of distinctive business goals and the strides you take to complete them. It is taking current knowledge of your business, including conditions, personnel, and environment, and creating expectations based on that knowledge. Your strategic plan should always be a flexible work-in-progress that is adaptable to the newest business conditions and is continuously open for necessary improvements.
A quarterly review of your strategic plan allows you to re-evaluate your strategy in accordance with new conditions and opportunities, and plan for the next steps. It should focus on four main categories: reviewing the previous quarter, company morale and performance, updated learning and education, and an action plan for the next quarter.
Reviewing the Previous Quarter
Initially, a quarterly review is just that – reviewing the quarter. This means gaining an understanding of what the company achieved in the last quarter, celebrating triumphs, and evaluating what could be improved. The main focus of this category is to evaluate how your company is performing in accordance with the plan you created. Discuss what you learned and praise your accomplishments, but also examine where you came up short and how you can recuperate.
Company Morale and Performance
Your review should measure the growth, progress, and impact of each employee and/or department. Eliminate communication barriers by distinguishing clear goals and criteria for which employees will be reviewed. Use these goals to measure performance each quarter. The certainty and guidelines for performance reviews can also help to improve company morale. Well-performing employees receive recognition and those who need improvement are offered constructive criticism. The communication and recognition provides employees with a sense of certainty, which reflects back on their vigor and drive.
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Thank you to Guest Blogger, JM Consulting.