What a difference a deadline makes!
Have you found that during the last month of your financial year there is more focused activity towards meeting annual budgets and KPI’s?
What is different? The end of financial year is just a line in the sand. But everybody buys into it, don’t they. It is a deadline that creates urgency. This urgency means that we are focused on the most important activities – we are doing the stuff that really counts. Energy is high, there is less procrastination, and blocks are addressed. We look forward, with anticipation to the new year – a fresh start!
So why not have an EOFY every month? If big goals are kicked in this deadline driven environment at year end – then why not replicate it during the year. We become more focused, more productive, more inventive and get to celebrate the new year 12 times a year.
Have you noticed that, when you have a bad month early in the year it doesn’t seem so significant because you have plenty of time, another 10 months or so, to make it up.
What a waste! And what is going to change? Why do we think that we are going to perform above current levels in order to catch up if we are not doing it now? This is a mindset which I have found is often the precursor to poor full year results – the underlying belief that there is enough time to catch up – the urgency hasn’t kicked in and we are kidding ourselves!
If we don’t have 10 months or so to catch up then this reasoning is invalid. If we have an EOFY every month then having a poor month really isn’t an option. Every month matters.
Then there is the “what’s the point” mentality that occurs when annual budgets and KPI’s seem impossible to reach.
The team gives up and becomes even less effective. This can occur 3 months (or more) out from year end and this lack of achievement can become very demoralising. The team can’t wait for 1 July when the slate gets wiped and a new story begins. What a waste – so much time spent (and never to be regained!) at well below potential.
With an EOFY every month, you get to start again more often – a new “year”, a new budget, new KPI’s, new energy! You get to take time to celebrate your progress and your wins and to reset 12 times each year.
Warning!! This is not just about breaking your annual plan down to more “doable” chunks – it is a mindset which must become part of the way you do things.
Your language, your thinking, your actions must all align with the new belief that there are 12 EOFY’s each financial year. Or that your years are now 4 weeks long not 52! It won’t work if there is an underlying belief that 30 June is the actual deadline and this is when the results that really matter are measured. Once installed into your culture the 1 month year creates a heightened sense of urgency and an increased focus on the critical activities which drive results and fulfilment.
Don’t wait until 30 June to change to your 1 month year – it can be implemented at any time.
Businesses we are working with to create their 12 month plans now, are starting their first 1 month year from 1 July – the longer you wait the more time passes, the more opportunities you are missing.
The mindset that comes with this concept is very powerful – each month we aim to be better than the previous month. The cry is – “How will we beat last month”! The compounding effect of growth month by month is the key. Compare this to waiting 12 months to know if you have outperformed the previous year!
You may even choose for 30 June not to be one of your year ends for your business – to take that arbitrary line in the sand out of contention.
By the way, just 12 months ago we were working with an EOFY every 3 months. Now we have chunked down even further to 1 month years. Why? Because:
- The compounding effect is even more powerful;
- The focus more sharp;
- The business environment is changing even more quickly;
- We are better positioned with a monthly timeframe to pre-empt change; and
- 30 days versus 365 days – brings a very different urgency
Leave your details if you would like to learn more about this process and how it might work for you. We will give you an obligation free call.
* These fields are required.
What a difference an EOFY deadline makes – Periodisation at its best!
Have you found that during the last month of your financial year there is more focused activity towards meeting annual budgets and KPI’s?
What is different? The end of financial year is just a line in the sand. But everybody buys into it, don’t they. It is a deadline that creates urgency. And this urgency means that we are focused on the most important activities – we are doing the stuff that really counts. Energy is high, there is less procrastination, and blocks are addressed. And we look forward, with anticipation to the new year – a fresh start!
So why not have an EOFY every 3 months? If big goals are kicked during this deadline driven environment at year end – then why not replicate it during the year. We become more focused, more productive, more inventive and get to celebrate the new year 4 times a year.
And have you noticed that, when you have a bad month early in the year it doesn’t seem so significant because you have plenty of time, another 10 months or so, to make it up.
What a waste! And what is going to change? Why do we think that we are going to perform above current levels in order to catch up if we are not doing it now? This is a mindset which I have found is often the precursor to poor full year results – the underlying belief that there is enough time to catch up – the urgency hasn’t kicked in and we are kidding ourselves!
If we don’t have 10 months or so to catch up then this reasoning is invalid. If we have an EOFY every 3 months then having a poor month really isn’t an option.
Then there is the “what’s the point” mentality that occurs when annual budgets and KPI’s seem impossible to reach.
The team gives up and becomes even less effective. This can occur 3 months (or more) out from year end and this lack of achievement can become very demoralising. The team can’t wait for 1 July when the slate gets wiped and a new story begins. What a waste – so much time spent (and never to be regained!) at well below potential.
With an EOFY every 3 months, you get to start again more often – a new “year”, a new budget, new KPI’s, new energy! You get to take time to celebrate your progress and your wins and to reset at least 4 times each year.
Warning!! This is not just about breaking your annual plan down to more “doable” chunks – it is a mindset which must become part of the way you do things.
Your language, your thinking, your actions must all align with the new belief that there are 4 EOFY’s each financial year. Or that your years are now 12 weeks long not 52! It won’t work if there is an underlying belief that 30 June is the actual deadline and this is when the results that really matter are measured. Once installed into your culture the 3 month year creates a heightened sense of urgency and an increased focus on the critical activities which drive results and fulfilment.
Don’t wait until 30 June to change to your 3 month year – it can be implemented at any time.
Businesses we are working with to create their 12 month plans, will be starting their first 3 month year from the 1st of the next quarter – the longer you wait the more time passes, the more opportunities you are missing.
You may even choose for 30 June not to be one of your year ends for your business – to take that arbitrary line in the sand out of contention.
Leave your details if you would like to learn more about this process and how it might work for you. We will give you an obligation free call.
* These fields are required.
At this time of the year business owners and their teams are making plans for the next financial year. This planning process can take many forms – it can be anything from a full strategic session incorporating life, growth, profit, people, and wealth plans or it may be limited to a simple budget. The process may include the owners only, the leadership team or the entire team – for all or part of the session.
Whatever the format, one of the most important considerations is deciding who will facilitate the session. The most successful businesses engage external facilitators with experience, with a proven process, and who can bring fresh intellectual capital to the table.
The alternative is to facilitate the session yourself or to use someone internal to the organisation. This can be fraught with complications and, from my experience, does not promote the most creative, diverse and effective flow of ideas, solutions and strategies.
Here are 7 reasons why you should engage an external facilitator
1. It’s almost impossible to ride two horses at once! It is not effective to be switching between roles – the role of a facilitator and a participant. In order to stay focused, to keep the momentum going as you brainstorm ideas and build strategies you cannot be interrupted by the demands of your role as facilitator. Mind chatter breaks the flow of thought and it is near impossible to retrieve that last thought, comment or idea.
2. You know what you know AND you don’t know what you don’t know – this places invisible boundaries around the potential of your business. If you choose not to bring some fresh intellect into the mix, or to have someone who is not prepared to challenge the participants to stretch their thinking beyond what they currently think is possible – then you will most likely get what you already have. Same stuff, different day!
3. Strategic sessions are just that – strategic, and are generally not the time or place to become bogged down in detail. The external facilitator will ensure that everyone understands the “rules” around the process and what the desired outcomes are. They have little interest in the detail, whereas an internal facilitator may have, particularly if it directly impacts their job or if they are not entirely supportive of the idea.
4. The facilitator is the mood maker and not burdened with the business politics, current challenges or past issues of the participants. They will bring a fresh, untainted mood to the day. If the internal facilitator is feeling challenged about capacity, feels that they are already too busy to deal with more projects, or has an urgent business matter that is playing out in the background, this will impact on their energy and mindset which will be “caught” by the participants – and will put a huge dampener on the whole session.
5. A pre-planned agenda incorporating timing and outcomes is essential. The session needs to be built in a way that encourages participants to participate fully with the requisite knowledge and without fear of reprisal. In order to be relevant and effective the strategy session must stay on track and cannot be influenced by side agendas or the facilitators’ particular projects of interest.
6. A facilitator must listen actively and manage the process. Internal facilitators may find it challenging to listen without judgement and to be patient enough to recognise that others may not have the same degree of knowledge on a subject as they have. This may result in cutting conversation short, or flippantly dismissing an idea – and this will inhibit the free flowing input of ideas and information that is essential to the strategic process. The internal facilitator can be too close to the business.
7. It is important that participants do not feel any pressure to take the same view as the facilitator or to be afraid to speak up and contribute. If the internal facilitator holds a position of power in the organisation, this may impact on the discussion and input. The facilitator holds the “talking stick” and can take over the session and make decisions which may not be entirely supported by the group, without even realising it.
Often the person who puts their hand up to be the facilitator is the more confident, entrepreneurial partner, director or leader and is not backwards in coming forward with their ideas and input – as a consequence these 7 reasons are even more important. Or alternatively, they are so focused on doing a great job of facilitating they do not contribute as they would normally. In both cases, value is left on the table and potentially, the business suffers.
At Opening Gates we have a proven strategic process, we have years of experience and have facilitated amazing outcomes for our clients.
to find out more or to secure a date for your strategic planning session, time is of the essence – we would love to be part of your success.
Simply get started on your Strategy AND follow through TO reap the rewards…
We are currently in the process of facilitating annual strategy days and making plans for the new financial year. There is lots of excitement and anticipation around what is possible this coming year. And there was last year too. But according to many business owners, that was then… and almost immediately the day to day “stuff” sapped this energy as reality struck…and they wondered what on earth they had been thinking? The plan and the strategies seemed overwhelming… too overwhelming to even get started. When there is more time… we will allocate the resources and energy. And the momentum rolls to a halt.
Sound familiar? In a state of busyness, we rarely see these plans or strategies as a series of small, achievable tasks, which if accomplished one at a time will see those big goals actually realised.
Every strategy should include:
1. The OBJECTIVE – what is it you want to achieve – what is the outcome?
2. The WHY – what value will this strategy add to your business, to you and your team?
3. The CHUNKS – chunk the project down into at least 3 parts
4. The FIRST STEP – what is the first step that needs to be taken?
5. The WHO – who is responsible for making this happen?
6. The BLOCKS – what might get in the way of this strategy being implemented?
After a few months when the memory wanes it can become less clear as to what value the action will add and therefore much easier to let it fall by the wayside. By including the WHY, you remind yourself why it is important to remain motivated to implement this strategy.
The CHUNKS – most projects can be broken down into 3 parts and research indicates that we, as human beings, are able to deal with 3 tasks or actions without feeling overwhelmed.
Then be clear on the FIRST STEP – what is the first step required to get this show on the road. And WHO is responsible for making this happen? Often this is all it takes to gain momentum.
The BLOCKS is a pre-emptive measure – think about what challenges may be faced as you implement this strategy? Including the BLOCKS serves as a reminder that, yes, this was anticipated and no, it does not mean the project should be delayed – there are solutions.
The best time to consider these 6 factors is on your Strategy or Planning day – this is when you are most clear on the value this strategy or project will add to your business. You are more likely to find innovative ways to deal with potential challenges or blocks.
Remember the formulae > Decisions x Actions = Results. You can decide to implement any number of innovative projects at your strategy days. However, if you take no action, then you will not enjoy the results. If you take too long to get started, the value will be eroded.
The power of an idea is in its implementation. So invest valuable time up front to provide the impetus to get started straight away and to follow through!