Posted on Sep 6, 2017
When it comes to annual planning, businesses often spend too much time on the planning process or too little because they are busy with day-to-day operations. There’s a simple method called the “Hourglass Approach” that can help you efficiently focus on your goals and create a plan to achieve them.
Top of the glass
In the first stage, review the internal and external business environment. Force yourself to carefully consider the variables affecting your business:
The narrowing middle
Now you should have a good handle on the current situation. Use this information to create the middle of the glass and distill it into actionable priorities.
Short lists of actionable focus. Create a short list of three to five strengths and weaknesses. Create a similar short list of your biggest problems and opportunities. These lists will be your focus as you set your goals for the next year.
Create goals. Your goals should be well defined and measurable.
The final results
In the bottom stage, you need to create your plan with a specific road map to reach your goals, such as:
Consider trying the Hourglass Approach to create your next business plan. It could help you and your team move your business in the right direction.
Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and Twitter.