Successful companies (and people) set goals and then work towards them over the course of the year. Cannings Purple’s Investor Insight team explain.
As the days get warmer and the sun stays in the sky just that little bit longer, many people are counting down the days until a well-earned Christmas break. Major projects are either being rushed to completion before the break or left to run into the new year. End of year drinks are coming thick and fast – some a wonderful celebration, some just going through the motions on another year down.
Unfortunately, for many companies, this time of year reflects a wind down of both activities and planning. For some, just making it through to the New Year has been an achievement.
However, a successful 2017 won’t just happen by itself. Boards can and should take this time to reflect on the achievements (or lack thereof) during 2016 and work out what they can do better in 2017.
Successful companies (and people) set goals and then work towards them over the course of the year. Setting out a vision and goals for the year ahead provides management and shareholders with a clear purpose.
A clear focus and purpose enables management to identify and make decisions based on defined objectives. Is it worth doing this conference again? Should we target a new set of investors? Do we have the business model and projects to drive the company to the next level? Do we have the right people steering the ship?
Some of these questions are easy to answer. Some might make the MD squirm a bit or stay awake at night. Either way, they are questions that should be addressed and not just put off for another day.
Spending some time before the end of the year to review the past 12 months and set in place a strategy for 2017 is likely to be much more beneficial than yet another chardonnay and canape.