STRATEGY SESSION SEASON: 5 Questions My Client Companies Must Answer

The days that span the months November to February make up the strategy session season in Nigeria.

This is a time when companies develop plans for the new year and set high-level goals to be achieved.

In facilitating strategy sessions for companies, I ensure that these 5 questions get answered.                                                   

1. What 2 metrics would signify success (at the end of the new year)?

You can’t get to your destination if you don’t know what it is.

2 success metrics are ideal. One is too few; Three and above too much.

Most companies choose revenue and profit numbers as their success metrics.

These are good.

Others can include asset base, return-on-investment, return on equity, free cash flow etc.

A company can only achieve so many of its many dreams for the year.

That's why having a "top 2" is critical.

2. Why the chosen metrics?

Anyone can set goals.

But understanding the rationale behind choosing specific goals help show the wisdom in and probability of achieving them.

3. What resources are necessary to achieve the chosen success metrics?

It is important to assess the financial, human, technological resources amongst others, necessary to achieve the success metrics set for the year.

Results are only as achievable as the resources available to achieve them.

4. Has the leadership secured adequate input and buy-in from the troops across the company?

People drive results.

If the people within the company have not contributed to the conception or expressed support for achieving the success metrics, there is a big chance they would not be achieved.

5. What moonshots are we gunning for this year?

Companies that hope to be in business long term cannot focus on today’s income streams alone.

An annual focus on future, next-level business opportunities is essential.

Although fraught with possibilities of initial failures, moonshots hold the secret to future survival of every company in a competitive market.

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This article is part of my BUSINESS FUNDAMENTALS series wherein I review the underpinnings of companies’ business models for viability or lack thereof and proffer insights for enhancement.