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7 Lack of operational reviews: It s difficult to keep score in bowling if you can t see the pins The same is true of operational performance Conduct reviews at least on a quarterly basis and ask functions to conduct their own internal monthly reviews 8 Slow-moving response to problems: It s not about the large companies versus small companies but more about the slow versus the nimble in responding to external market and internal issues 9 Shooting the messenger: Be wary of individuals who don t accept corrective or unfavorable feedback, especially if it s intended to correct a problem Individuals can become defensive when this type of feedback is presented The style of the feedback is critical in setting the tone for mutual problem solving The feedback giver can start the conversation by saying, I have a concern Can you tell more about s 10 Miss the warning signs: Early warning signs can go unnoticed or lack action at a point when problems can be solved with less difficulty and more speed The key skill is to question everything and determine if a risk exists that must be addressed
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DATA DUMPS
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A data dump is an attempt to share all available facts and figures Data dumps will offer data rather than providing information that CAUTION can be used for recommendations or conclusions Data dumps often provide the answers to questions that may be unimportant and contain information of little relevance to the issues at hand To eliminate this problem, decide in advance in what format the data are to be presented to the planning teams Use legibility standards for any visual presentations, such as PowerPointThe data should be shared in advance of any discussions so that questions can be prepared in advance of a formal meetingThis can be a big time saver Information presented that cannot be acted on or that is not useful in decision making doesn t add value to the planning process
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In the past, the expectation of ethics and high standards was a given The new millennium had spawned an era of corporate greed and unethical behavior that has crippled some businesses and created huge financial losses for stakeholders: customers, employees, and stockholders What s
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Manager s Guide to Business Planning
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missing for many organizations is an in-depth review of company policies and guidelines regarding employee codes of conduct and ethical behavior Company policy should be centered on a commitment to conduct oneself ethically and fairly in relation to customers, suppliers, competitors, and all other constituencies with whom you conduct business In addition, policy should ensure that employees maintain the highest standards of business integrity in their relationships with the company and others outside the company All employees must understand that even though they may be trying to do what is best for the company, they should not deal unfairly or take undue advantage of those with whom they are conducting business The idea is to play hard but fair In publicly traded companies, there should also be ethical considerations preventing employees from making stock purchases or financial gains based on inside information Employees should be required to sign a Code of Conduct Statement on their date of employment and to reread and re-sign the statement annually to reinforce their commitments Violators of this code should be subject to disciplinary action up to and including dismissal Ensuring that ethical standards and behavior are institutionalized requires policy, role modeling, and consequences for violation of policy standards Fair dealing means something a little different to each of us Company policy and role modeling will help to focus personal codes of ethics on what is best for the company and its reputation in the industry
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