How to PLAN ahead ?
Yet another end of a Financial year, celebrating great success stories of your business. Past 12 months have been upside down for Indian businesses due to the abrupt changes in our economy. Although, you have grown to be strong through these experiences.Now, is the right time to achieve even more. Most people wonder what would be the right thing to do at this time of year to feel the joy of our hard work. All it takes is planning! You heard it right, just a thorough work plan for the entire system to function better.
Considering a F&B market, one of the leading markets all around the globe. In India, with perfect propagation, numbers just jump to billions and even more. To sustain in the rapid market, smartest move would be to plan ahead.In India, the food sector is a high-growth and high-profit sector due to its immense potential. Indian food market is the 6th largest in the world with 70 percent sales.If the cards are played right, a fiscal year for a F&B company is all under control.
In a F&B industry, the most profitable and perfect way to start an year would be by determining the future plan ofa fiscal year in accordance to the whole team. How do we plan is the next question? What are the focus points? How do we target them? We have it all sorted out for your discretion.
Team Insights / Discussions
For a successful year to follow, team discussions are most necessary. This is where as a businessman, you understand the smallest of the mishaps. Listen to their stories of management, appreciate them, assure them that they have your back. The charm here is that how they managed it, and how you use the same to avoid another. Once you discuss the terms, next comes in displaying your insights. Your expectations as a holder, and the growth you see for them needs to be showcased. This would trigger their positivity at this time of the year. Whilst for a team meeting, discussions about the previous fiscal year is mandatory. About the changes required, revenue details, data of the previous year has to be elaborately put down.
Then we count the numbers. In the end,focus always shifts to the finances. Finances need to be planned smart. Initially, as the team discussions go on, you will have to discuss the innovation you require, essential marketing followed by other activities. If you’ve set up a budget plan for an entire year, the difficult part is to execute it as it is planned. To keep it going as planned, team discussions on a regular bi-month timeline is essential. Revenue discussions on profit or loss, data from the previous year, needs to be discussed in detail. Taking their opinions, communicating about their strategies, plans for the firm.
Employee Needs & Benefits
Be your employee’s friend and understand his needs. This has proven to be an excellent growth promoter in a business. Requirements of an employee need to be put first as to procure the best from them. Have a meeting with your employees to revise the current plan and establish modules of their agenda. Take a poll on the problems they faced in the previous year, what they wish to change this year for better functioning. Then rewards & awards for them to recognize & improve themselves, be benefitted by them.