- Step 1. Pick a number
- Step 2. Share that number (maybe)
- Step 3. Hope you hit that number
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Every year all companies face the same challenge of developing a plan for the upcoming year.
The extent of that planning will vary among companies, but generally companies need to have targets for the next year which are focused on revenues and expenses, resulting in what everyone hopes will be a healthy bottom line and reasonable growth.
Great companies are very good at this planning process, understand what it takes to meet their targets and their forecasts will be fairly accurate, not withstanding the obvious impacts of recessions and other unforeseen calamities.
"Plans are only good intentions unless they immediately degenerate into hard work." Peter Drucker
Many companies however employ a less than strategic approach to their planning. Numbers are generated without the requisite validation. Managers do not OWN their targets. Results will happen ... or not! This is what I call the Hope and a Prayer Strategy.