Mid Year Review - If you even have a plan in place

As I spent time with different organizations this first quarter, I discovered many things that I take for granted when I was leading my community's strategic initiatives.

Everyday life is chaotic. Even the most organized leaders can struggle with the balancing act of leading teams and managing their organization’s day-to-day activities. It’s one of the most common reasons we see organizations fail during the strategic management process if one is put into place.

Most organizers and teachers are prioritizing teaching classes and putting on social dances first. Placing strategic planning low on the list of things to do. Why? There isn't enough time and resources. This decision does put a cap on the ability to grow and operate effectively and efficiently moving forward. Yes, the classes and social dances will happen. Even if a strategic plan is happens to fall on a napkin over lunch here are some of other things that may make this process feel like it isn't real.

Since we are coming up on mid year, reviewing said goals is important. Even if your team makes an effort to review your plan, many leaders are left feeling like their strategic management process is herky-jerky and all over the place. Instead of feeling like your plan is being managed inconsistently and half-heartedly, take these steps to centralize its importance within your organization:

Embed it in your organization’s schedule

It sounds obvious, but schedule ahead of time your organization’s performance management meetings for the year. Put your strategy reviews for the entire year on the calendar and send the meeting notices now. It sets the precedent that this process is important and gives your team plenty of notice that these reviews are not optional.

Be crystal clear about data and priorities

Run your quarterly reviews with a consistent structure and data. Make it absolutely clear that data is the backbone of the meeting; your team will be using it to see how you’re doing, what you should be focusing on, and what you need to change on a day-to-day basis. Run each review with the same agenda, data sources, and performance visuals. Everyone should leave with a common understanding of what is happening in the business.

The idea that data based decision is what drives these meetings, and that it doesn't matter who looks at it. The general conclusion should have a similar sense of direction to the company's long term vision.

Keep it at the right elevation

These reviews are not designed to solve the smaller, day-to-day challenges your organization may face. Be clear that these reviews are to review your organization’s performance against your strategic priorities and make bigger decisions about what you’ll focus on during the next quarter (or year). Put issues or conversations that aren’t at the right level in a “parking lot” and revisit them in the appropriate meeting or time.

Put it in your team’s hands

Execution does not wholly fall on your executive team. It’s an organization-wide effort. So, when it comes to your review meetings and your plan’s data management, include all of the people who are part of the process. It’ll break down communication barriers and allow everyone to see the plan’s direction. The more everyone knows and keeping goals transparent, the better the operating team and even customers (scene members) will help you solve these dilemmas.

While these steps may seem obvious, they’re essential to making performance management a priority in your organization. These simple steps empower you to set the expectation that your plan and its ongoing management are a priority in your organization. As your team consistently engages in the process, each review and planning cycle becomes more fluid and powerful.

All division under my watch had mid year reviews to check, my job was to make sure we were pointed in the right direction and working towards our success indicators. Meeting them would be great, but most importantly we are heading that way.

Strategic plan management can be tricky business because it has components of leadership, and it should embody the values of the business and people.

How to Minimize a Costly Interruption to Your Business

You plan, strategize, and agonize over your business in an effort to get it to run smoothly. You have great team members and volunteers for your business and your profits are growing from all your hard work. Then a freak fire, flood or some other claim strikes and you are forced to close for repairs. Does your commercial insurance have Business Interruption as part of your protection plan?

Having the proper Business Interruption Insurance for your business means you can stay in business even if you make no sales during the restoration of your commercial property.

How does it work?

Business Interruption insurance supports you when you cannot operate as a result of a covered loss. Things like blackouts and extended power outages, fire, a disaster at one of your key suppliers, expenses from establishing a temporary location and more can create havoc on your bottom line. Your expenses, unfortunately, do not stop when you cannot earn money.

To combat the effects of an insured disaster striking your business sound Business Interruption insurance will help with covering your expenses for things like taxes, employee wages, and other utility expenses as well as protecting your business income.

While your business is recovering you face serious challenges such as losing key scene members and volunteers, vulnerability to competition, loss of clientele, lost income and reduced earning capacity. Business interruption insurance helps to lessen the impact of a claim on these areas of your business.
Here’s how to lessen a claim’s impact on your business.

Accounting – Keep your bookkeeping as current as possible. This way if something happens you can send your insurance company the most up-to-date financials to help determine your coverage needs.

Contingencies for Suppliers – What if a key supplier of yours has an issue and can’t deliver the product you need. This will affect your ability to operate effectively. Have a list of other supplies handy in case one of your regular suppliers has issues.

Disaster Planning – Can you develop a different method of operation of your business in a claim situation? Having a disaster plan means you can adapt to a major claim easier. Can employees work from home? Can operations be easily moved elsewhere while repairs are undertaken? Are all your files and data secured and backed-up? Create a claim response strategy to address each area of your business.

Resource Planning – Are you home growing and training new successors to fill those key positions for the organization? This is an ongoing process and as soon as you let up, you run a risk of losing a cornerstone to the organization and scene.

Want to know more about what business interruption insurance is best for your business? I use Erb and Erb Insurance in Kitchener, Ontario to cover me.