View more on these topics

David Shelton’s top tip: Hold a business planning day

A disciplined approach to your business planning day – in preparation and execution – will ensure that everyone gets the most out of it… 

David-Shelton-MM-Peach-700.png

To make a business planning day successful, invite those who are key to your business and essential to implementing the plan. Before the day, issue a structure and explain the purpose of the meeting so those participating understand what is going to happen.

An example of a good structure is:

  • Business strengths and weaknesses: 2 hours
  • Opportunities and threats that will affect the business: 1 hour
  • Key issues that identify no more than five major items arising from the previous sections: 30 minutes
  • Vision covering the direction, scale and scope of the business in the next 3-5 years: 1 hour
  • Headline implementation to cover what needs to be done, who will do it and by when: 1 hour
  • Risks to the plan and how it will be monitored: 30 minutes

You have to be very disciplined to stick to these times and using a facilitator to run the day and take notes makes a lot of difference. 

Agree some ground rules at the start, including: no ‘hobby horses’, make points once, avoid long examples, leave politics outside and respect all viewpoints. Finally, ask somebody to write up the plan for everyone to consider and agree at a subsequent meeting. 

David Shelton is the author of The Business of Advice book and website www.businessofadvice.co.uk 

Recommended

Gower_Wisdom_Skandia

Skandia appoints Gower Wisdom as product director

Skandia has appointed Gower Wisdom to the role of product director. Wisdom has worked for Skandia for the past three years – most recently as head of protection product and pricing – and for parent company Old Mutual for the past 10 years. In his new role, Gower will be responsible for developing Skandia’s customer […]

Japan Economic Insight

James Dowey, Chief Economist, and Paul Caruana-Galizia, Economist

The conventional wisdom is that following a roughly 50 per cent rise in the stock market in 2013 in Yen terms, the Japan trade is over and done*. So the story goes, those big gains were due to a one-off boost from quantitative easing (QE) and a depreciation of the Yen — policies that one should think of as a palliative to Japan’s economic weakness, but not a cure. Rather the cure, and by implication the necessary condition for a longer-term investment case, is deep structural reforms — a painstaking re-weaving of Japan’s economic and social fabric, no less. The story continues: this is a much tougher test than launching a blast of QE, and one that prime minister Shinzo Abe, although well intentioned and well supported by the public thus far, is likely to fail. Stick a fork in Japan, it’s done…continue reading

Tolley-Steve-peach.jpg
9

Will people’s first guidance question be: ‘Is this advice’?

If you had two similar concepts you wanted to distinguish easily between what would you do? Perhaps you would name them: guidance and advice for example. Pretty simple. But it seems some politicians think this is too complicated for the general public to understand. After plans for collective defined contribution schemes were confirmed in the […]

Tax year-end planning for annual allowance

Last tax year-end there was a lot to think about in relation to planning. The introduction of the tapered annual allowance and the implications of moving to a fixed pension input period, the reduction in the lifetime allowance and potentially applying for protection, and the concern about changes to tax relief, to name a few. […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com