Monday, 10 December 2012

What’s Your Fiscal Gift for 2012?

Authored by: Mickey North Rizza

As you exit 2012, what is your Fiscal Gift to your business? Has your team delivered on their commitments to meet revenue, cost, working and fixed capital targets? Did your team meet their objectives, fulfilling the business needs for greater shareholder value? Why or why not? What would you do differently and how does that change your plans for 2013? What improvements in your strategy and plans must be made to meet and exceed next year’s goals and objectives? A quick poll at a recent conference uncovered 65% of procurement executives who had not yet prepared a full strategy and plan for 2013, leaving a real concern about their ability to meet their upcoming objectives.

A strategy that lays out the next 1 – 5 years will provide a growth roadmap. The roadmap can then be broken down into annual segments, creating a plan to capitalise and make the most of each year. Considerations such as KPIs to drive change and improvements; activities focused on projects that will bring more monetary value to top and bottom lines; and a plan with multiple levers to pull so that if one effort stalls or falls away, others can quickly replace it so success is inevitable. All are key elements of foolproof plans.

If your Fiscal Gift for 2012 wasn’t something that made you proud, then start preparing for 2013 now. Preparedness is the key to success, even with the surprises that await in 2013.