Advertisement

Mistakes to Avoid When Preparing and Executing an Annual Planning Meeting

Lamar Tyler

We’ve all heard the old adage, “If you fail to plan, you plan to fail” and when it comes to business, truer words have never been spoken. Simply put, the key to success is having a solid plan in place that will govern the efficiency, consistency, and growth of your business. Having a clear vision improves your chances of achieving every goal you seek to accomplish, and whether you’re a solopreneur, or a corporate agency, it is important to hold an annual planning meeting to clarify that vision and ensure that your work and efforts are aligned and executed with intention. 

The great thing about annual planning is that doesn’t have to be tied to the calendar. While most would create and implement an annual plan at the top of the year, you can create one at any time to help your business stay on track over the next 12 months. However, if you’re not approaching your annual planning meeting, strategically, you are likely making mistakes that could hurt your bottom line. 

Mistake #1: Not planning for the meeting at all.

Course Correction: Allocate focused time to plan. Block out at least two to three days on your calendar as planning days. Find a location outside of your office that allows you to focus or put a “Do Not Disturb” sign on your office door and really mean it.

Mistake #2: Not preparing for the meeting ahead of time.


Course Correction: Do your prep work. Create an agenda for efficient use of the team’s time and compile business data for team analysis. Update the plan from the current year and gather financials to share for objective evaluation of the year’s initiatives.

Mistake #3: Impromptu action.

Course Correction: Think strategically. Share your vision to ensure everyone on the team is working towards the same goals. Then take the time to focus on your long-term goals and strategy before getting into your execution planning.

Mistake #4: Only creating sales plans.

Course Correction: Build out a full business plan. Look beyond the product or services the company sells to develop a plan for conducting business at maximum efficiency, which includes hiring the best team, job roles, improved technology, enhanced processes, and more.

Mistake #5: Lack of reporting.

Course Correction: Periodically track your progress! Provide a way to track the progress of your plan throughout the year via quarterly, monthly, and weekly meetings.

By putting in a little extra work planning with strategy, you will ensure a positive, productive and collaborative effort for annual planning and execution throughout the year. Your top and bottom line will appreciate it!

Advertisement

Advertisement

Advertisement

Latest Stories...

Headshot of Britt Hogue in a brown jacket with one hand across her knee and the other under her chin
GameChangers

From Wall Street to Social Impact

Jeremy Reynolds — November 3, 2024

NMSDC Annual Conference Awards

2024 NMSDC Annual Awards Recipients Recognized in Atlanta

MBE Magazine Staff — October 27, 2024

J.E.D.I. Leadership Principles

MBE Magazine Staff — October 27, 2024

How to Build Wealth

Sidney T. Curry and Saundra Curry — October 24, 2024

Woman standing at blackboard with her back to the camera.

What Is So Special About Founder Mode?

Andrew Plato — October 24, 2024

Young Black man stands on stage presenting at a tech summit
Marketing

Why Visibility Matters for Diverse-Owned Businesses

Tanya Isley — October 19, 2024

Laptop with AI display
Marketing

Taking an AI Approach to Digital Marketing

Andrea Ness — October 16, 2024

Crissle West hosting the Mosaic Awards

Crissle West Hosts Annual AAF Mosaic Awards

MBE Magazine Staff — October 16, 2024

Advertisement