End of Year Strategic Planning and OKRs

As the year winds down, I've noticed that many of my coachees, each a highly successful, accomplished, and driven leader, are feeling the pressure. They're handling last-minute tasks, wrapping up projects, and finalizing their financials. There's a rush to meet performance KPIs – a push to make significant progress and close any gaps before the holiday season begins. Indeed, it's a hectic period, with increased responsibilities. Some of these are inherent to their roles, while others are self-imposed.

Amidst this whirlwind, it's easy to overlook the crucial need for time and mental space to reflect on the past year and strategize for the next. This includes both professional objectives and personal aspirations.

As an executive coach and former Google leader, I've seen the profound impact that thoughtful reflection and forward planning can have - both on an individual and at team levels.

I've also observed how business planning exercises can sometimes dampen morale in organizations. Often, the person leading the exercise may do so out of obligation, finding little joy in the process (and rather hating life throughout) or they might view it as a necessary step towards a coveted promotion, enduring it rather than embracing it.

Oh and, I've also sat through end-of-year personal development plans that are treated merely as a formality, a superficial box-checking gesture from the organization to show 'they care about career growth.' These plans often lack depth and individualization, rendering the discussions around them hollow and unproductive.

I am not talking about any of the above. What I advocate for is entirely different. I am talking about YOU taking time for YOU to reflect on YOU.

Whoa.

Now, how can you do that?

Here are some best practices and fun tools we have played around with with my teams and coachees over the years.

Strategic Planning: Setting the Course

Whether you are a business owner, a corporate leader, or an aspiring manager, a strategic planning exercise is pivotal in re-examining your mission, vision, and overarching goals, guaranteeing that the objectives set for the upcoming year are in harmony with your long-term ambitions. So let's get to it!

The first and foremost step is to establish a space – both physical and mental – where you can freely organize your thoughts and plan ahead.

For individual goal setting, you might consider stepping away from your usual environment. The change of scenery can stimulate your thought process remarkably. For instance, I recently found inspiration at a cool, quiet cafe on the other side of town, armed with nothing but a pen, paper, laptop, and iPad.

When it comes to setting team or business goals, why not consider a retreat? A day or more in a tranquil, possibly wooded retreat center can encourage people to step away from the day-to-day and provide the perfect backdrop for collaborative and creative strategic planning with your team.

Once you've settled into a tranquil and inviting spot that stimulates your mind, consider reflecting on the following questions:

Key Questions for Reflection:

• What goals did I set for myself this year?
• What have I achieved?
• Where did I fall short?
• What activities brought me happiness, and which ones felt burdensome?

To dive deeper, here are some fun little exercises I like to engage in both with teams and individuals.

For Businesses / Teams:

• Exit Memo Exercise: Imagine writing a document today that, 3-5 years from now, potential buyers would read about your company’s achievements and future prospects.
• Bright Spots/Weak Spots: Engage in an open and honest discussion about what worked well and what didn’t over the past year.
• Hedgehog Concept: Identify your strategic comfort zone by asking: What can our business excel at? What drives our economic engine? What are we truly passionate about?
• Crisis Forecasting: Consider what potential event could critically impact your business.

For Individual Reflection:

• Magazine Cover Vision: Visualize your career success featured on your favorite magazine’s cover in the next 3-5 years. Think about the headline and the achievements it would highlight. This can guide you in setting and achieving ambitious career goals.
• Personal Bright Spots/Weak Spots Analysis: Reflect on your past year, identifying your successes and areas of strength, as well as where you might have underperformed. This insight is valuable for personal and career growth.
• Personal Hedgehog Concept: Adapt this concept for your career growth by asking: What can I excel at professionally? What activities or roles fuel my professional fulfillment?
• Wheel of Life Exercise: This tool helps you assess and plan for balanced growth by dividing your life into key areas like career, personal growth, health, finances, etc., and rating your current satisfaction in each area.

To dive deeper into this strategic planning process, I have created a FREE Strategic Planning Workbook you can download here.

OKR Framework

Following these reflective insights, you can approach the upcoming year's planning with a dynamic framework known as OKRs, short for Objectives and Key Results. Originating from the tech industry, this methodology has been revolutionary for me and has similarly transformed the approach of many I've managed and coached.

Watch my video on OKRs here

Breaking Down OKRs

OKRs involve establishing clear objectives – what you aim to accomplish – and then defining key results, which are the metrics used to gauge your success in achieving these goals. The objectives should adhere to the SMART criteria – Specific, Measurable, Achievable, Relevant, and Time-bound.

Objectives can be categorized into three primary areas:

• Business Objectives: These focus on your team’s performance metrics, like increasing revenue or enhancing customer satisfaction.
• People Management Objectives: For instance, building trust within your team, particularly if it's newly formed, or focusing on recruitment strategies.
• Personal Development Objectives: This is crucial since managers often juggle multiple roles and can neglect their personal goals and career advancement. I've always emphasized setting and monitoring personal objectives, whether it’s pursuing a specific training, aiming for a promotion, or developing a new skill.

After establishing your objectives, the next step is to define the key results. These are the specific metrics that will measure the success of each objective. For instance, if the business objective is to increase revenue, the key results might include acquiring 50 new customers and boosting the spending of existing customers by 10%. If the goal in people management is to enhance team trust, this could be quantified by aiming for a 90% positive response in an anonymous manager feedback survey on that particular aspect. When it comes to personal development goals, such as gaining more visibility with Vice Presidents, a tangible key result could be delivering four presentations on company-wide projects to VPs.

With objectives and key results in place, you might then consider the following aspects:

• Actions for Achievement: What specific steps must I undertake to meet these targets? This forms the 'deliverables' section of my planning spreadsheet.
• Key Collaborators: Who are the individuals that can support me in this journey? They are listed in the 'stakeholders' section.
• Timeframes: What are the deadlines for each goal? This is noted in the 'timeline' section.
• Required Resources: What resources will I need to accomplish these objectives? This is detailed in the 'resources' section. And there you have it! A comprehensive plan for the upcoming year is ready.

To help you kickstart this process, I’ve created a FREE spreadsheet template you can download here

Wrapping Up: The Path Forward

As we reach the year's end, it marks a pivotal juncture for both introspection and forward-thinking. This period is an invaluable opportunity to evaluate the past year and design a roadmap for what lies ahead. Through strategic planning, the implementation of OKRs, and deep personal introspection, leaders and business owners can lay down a robust groundwork for the forthcoming year. It's essential to remember that the path of ongoing growth and development is just as crucial as the final goal.

#Leadership #StrategicPlanning #OKRs #Reflection #NewYear #BusinessManagement #ExecutiveCoaching #LeadershipCoaching

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