RNM annual business planning exercise:  an initiative to set targets

We first determined that RNM was suitably placed to take a new leap as an organisation. In order to draft a blueprint for a fresh strategy, we held our first annual business planning (ABP) meeting on 08 April 2023. A lot of deliberations went into designing the ABP session, and after a month’s meticulous planning and inputs from the leadership team, the programme design was finalised.

The basic tenet of the annual business planning meeting was to:

• Collaboratively design the strategic business plan for FY 2023–24.
• Formulate a robust and realistic action plan to translate the strategy into reality.

The approaches taken to prepare the annual plan:

Review of following documents and data as preparatory work to design the workshop.

• Mission statement: A guiding principle that describes what our company does and sets us apart.
   
• Vision statement: An aspirational statement about what our company wants to become – an important factor in setting the annual plan’s priorities.
  
  
• Core values: These are the principles, beliefs, and philosophies that shape our company’s culture and support our vision for the future.
  
  
• Financial information, including budgeting: A critical review, as annual planning is connected to the budgetary approval process for the next fiscal year, including anticipated revenue, expenses, and growth predictions.
  
  
• Key problems and issues: By understanding what went wrong the previous year and the issues we faced, we can offer remedies in the annual plan to improve future outcomes.

Stated goals: SMART

It was decided to ensure business goals should be “SMART” & stretched.

SMART: Specific, Measurable, Attainable, Relevant, Time-Bound

Budget and financials

An annual plan includes projections for the coming 12 months, forecasting income and outlays. Projections serve as a guide to plan for cash flow dips, pinpoint financing needs, and decide the best timing for projects.

Timelines and checkpoints

To reach where we want our business to be in a year, we decided to split large goals into milestones, and assign timelines.

The ABP meeting had 3 distinct phases

• Pre-workshop: 

Workshop design, objectives, and analysis of last year's performance. 

• During workshop: 

Finalisation of the business plan for FY 2023–24; 

Ensuring that all leadership are fully committed and confident in realising the targets; and

Drafting of a detailed action plan to emphasise the “how” part of the plan (i.e. how can the targets be achieved).

• Post-workshop:

Put in place a periodical review workshop every three months (at the end of each quarter) to check on progress made, and determine any amendments needed.

Conclusion

At the end of the planning session, the whole leadership team pledged and reaffirmed their commitment to achieving the goals of the annual business plan for FY 2023–24.

All concurred that:

• The ABP workshop provided a definitive road map;
  
  
• As the leadership team, we are more focused and have clarity on business goals; and
  
  
• We are now in a better position to guide our team and propel them to higher results.

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Ashu Malhotra has around 30 years of business HR leadership experience, having worked in companies like Dabur, Bharti Airtel, Nokia, etc. His forte lies in organisational transformation and strengthening performance-driven culture. Ashu has many articles & talks in his portfolio. Contact Ashu. 

An MBA in E-Business a Certified Digital Marketing & Communications professional & a Certified Lead Auditor, Pratichi Avinash comes with an experience of 5 years in various diverse industries in the field of Digital Marketing. Her forte lies in content writing and search engine & social media optimisation.