JFP GROWTH TIPS FOR 2022 - NUMBER 5

By: John Fairley Senior Partner 01/31/2022 Categories: News

JFP GROWTH TIPS FOR 2022 - NUMBER 5

Implementation - Review and Monitoring Progress

Our Tips to date have focused on the planning and preparation stages that any business should cover. How do we avoid the “plan in the drawer” syndrome which is very common amongst many SMEs.

Begin with a clear mindset. “Stop talking do something”. It is all about ACTION. Implementing a plan is never straightforward. The Plan has to be driven. We talked in our previous blog https://tinyurl.com/5n8w7yry about the Owners/Directors achieving “buy in”. This means not just the Plan but most importantly the IMPLEMENTATION

Put in place a “Board Process” https://tinyurl.com/mvdb2ve9 . This is a regular and formal meeting of the owners/directors. Monthly or to suit circumstances. This is an ideal task to delegate to a Non Executive Director to manage/drive this process and chair the meetings. A “ring master” is a very useful person. It also takes another time intensive task away from the Managing Director to keep his focus on the business.

Create a standard Agenda to fit your needs. It acts as an aide-memoire for every meeting

Agenda

  • It makes sure you cover all business issues e.g. HR, P&L etc in a logical progression
  • The Agenda should always lead with the ACTIONS and finish with the PRIORITIES
  • Always issue it 7 days prior to the BM. Give everyone a chance to read and do any homework
  • It can be helpful and time saving if everyone adds update notes against their ACTIONS prior to the Board Meeting
  • This process helps avoid “surprises” and possible “conflicts”
  • It also allows you to set up an audit trail under each heading of your BM minutes.
  • They set out what your ongoing ACTIONS are and as importantly, your PRIORITIES
  • Always issue the Key Actions and Priorities within 24 hours. Full Minutes within 7 days
  • It helps avoid “surprises” and possible “conflicts”

Minutes

See https://tinyurl.com/3mhd6betfor our Board/Management Process service

As part of the Board Meeting Agenda you can use the KPIs covered in Growth Tip number 2 https://tinyurl.com/2wdpf429 to highlight your progress in specific areas and in the JFP website https://tinyurl.com/2p8vhsbb. Select KPIs that genuinely reflect the business. It need only be one. Whatever you choose as an owner/director

Actions

  • They should be short, succinct and someone nominated to be responsible. It is for that person to drive the implementation using the Board forum to discuss the key issues.
  • Actions should always lead both the Agenda and Minutes. They set the tone and dynamism for the business

This moves into the environment where management and staff are clearly empowered and supported to take actions. It has the potential to create a highly energised and motivated working environment. More of which will be discussed in later blogs

Priorities

  • Have a clear and succinct set of priorities which will undoubtedly be concurrent activity. It helps directors to make their own priorities and ensure that all the way to the shop floor that priorities reflect those at Board level.
  • It also helps people at all levels to understand the context in which decisions have been made particularly the less popular ones.

Audit Trail

  • A t the end of the Minutes it is helpful to keep an audit trail of all Actions annotated as Done, In hand, Ongoing or Park. It allows you to see at a glance the amount of work you have been getting through and in particular, progress you have been making or sometimes NOT making. It is easy to lose sight of what you have ACHIEVED.

The minutes should be cleaned every 3 months to ensure an audit trail of no more than 6 months, but it is up to individual businesses

If you would like to discover what other gaps you may, or may not, have in your business, take our complimentary Business Energiser Scorecard – you will find it very revealing! https://tinyurl.com/ycyjy3hh