Retailers understand the importance of planning for the future as they must forecast sales for upcoming seasons and often have to make their buying commitments several months in advance.  The decisions on inventory levels are often the most critical decision of their current year, and it can make the difference between meeting revenue targets and missing them.  Today we are hearing that many businesses seem to have become more reactive and conservative in their business planning especially in regards to their staffing requirements.  Many explain the rise in profits for most of the major companies in 2010 was because staffing costs remained extremely low.  What is not studied or evaluated is the serious impact to management and staff as they must continue to produce more with less.  Perhaps this overload is one reason that work productivity has slowed in the last few quarters.  People simply are tired.
The tendency to stay focused on current work demands and to avoid risk may also stifle innovation.  The truly innovative companies such as Apple have been able to roll out new or improved versions of their products despite the challenging economic climate.  In some ways they have created demand for their products by staying ahead of the competition who is trying to catch up with ITunes, the IPad and the IPhone.

All organizations large or small need to plan long term business strategies as the current fiscal year ends because both operating and capital budgets for 2011 are generated during the 4th quarter.  Setting goals and objectives for the upcoming year is an important process for any organization as it can set common goals in place and ensure consistency in all parts of the business.  Let’s hope the retailers planned correctly as there are whispers that this year could be much better than last year!

Don’t wait until January 1, 2011 to plan for the New Year.  Take a few moments now before the holidays come crashing in around you to think of the things you would like to accomplish next year.  This goal setting does not have to be a long painful process.  Start by doing the following:

• Think of the things you wanted to accomplish this year (2010).  How many of them did you actually accomplish?  Of those that you did not complete, were they even needed?  By not  accomplishing them did you lose:
• Sleep
• Money
• Time
• Productivity
• Aspects of your health
• Your passion for your work

•    Make a laundry list of all the things you would like to accomplish regardless of time, money and resources.  Make it a “Wish” list.  If you could be superhuman, what would you like to do?

•    Take the list above and prioritize utilizing your knowledge of the resources you have, the budget you are working within and the time constraints you are under.  Why the first step of a “wish list”? To brainstorm and get everything on paper so that you can be free from constraints.

•    Remember that goals that are written down are more likely to be executed.  So take a moment and write down the top 5 goals for 2011. A Harvard Business School study found:?      83% of the population do not have any clearly defined goals.?      14% have goals but not written down.?      3% of the population has goals that are written down.

The study concluded that the 3% that did have written goals were earning an astounding 10 times that of the 83% groups.  And what about the three percent who had clear, written goals? They were earning, on average, ten times as much as the other 97 percent put together. Source:  “What They Don’t Teach You in Harvard Business School” by Mark McCormack

•    Recall the concept of SMART goals.  Specific, Measurable, Attainable, Realistic and Time bound.
•    Assign a board date for each goal, first quarter, second quarter, etc.
•    Review your goals weekly and keep them within your visual sight.  Adjustments may have to be made, but you won’t forget about your goals if you can clearly see them.
•    Share your goals with someone who will help you stay accountable to reaching them.  We often call such people “coaches!”
Goals provide the guidance and direction that staff need.  Without an early start on developing goals and strategy, any company whether big or small can waste time, energy and lose their competitive advantage.   In today’s challenging economy effective goal setting and strategies reflect strong leadership.  To start the New Year on a high note of rising expectations and achieving success!