When each team has OKRs that align with the corporate goals, not only is everyone working together, but we can see the progress each step of the way. Everyone wants to feel like they're contributing and have ownership, and personal development plans have made that a reality.
The bonus is that these efforts also help immensely with the retention of our talent.
4. Tap into resources. Especially if a business planning session is new to you and your firm, specific resources and tools may benefit the process and make it more effective. Consider having a third-party resource such as a business coach facilitate the planning meeting. A facilitator can help you ask the right questions and stay focused on the overall goal of the meeting. You may also consider reaching out to your custodian for resources to help with annual planning. It might also be helpful to invite your CPA or legal team to participate in your planning meetings since they know your business but may come to the table with a different perspective.
Clientwise, a consulting firm that works with financial planning firms looking to grow, helped lay the foundation for our personal development plan, but they also have various tools to help jumpstart your planning. We also use a performance management tool to monitor our progress. Consider Workboard, Lattice, or 15Five to ensure you are on track to meet your goals.
5. Have the right people in the room. Take time to consider who should be a part of the planning. If you don’t, there may be people in the room that aren't a good fit or critical team members missing from the conversation. You should also be strategic about who you share your big-picture company goals with. You want your leaders to be a part of the process from the beginning.
It's easy to get caught up in the daily grind. And, before you know it, the quarter is over, and no clear goals have been communicated for the year ahead. That's why setting aside focused time to plan—no matter the size of your team—is vital to your continued growth and success as a company. Now is the perfect time to get started!
Kay Lynn Mayhue is president of Merit Financial Advisors, (“Merit”), a national wealth management firm in Atlanta that supports both the independent broker-dealer and RIA models. For more information about Merit, please visit www.meritfa.com.