5 minute read.
The task of deciding the trajectory of our business goals can be challenging and confusing. This is especially the case in today’s market with things changing at a rapid pace. That’s why this week, we wanted to introduce you to a new method of planning and the steps you can take to creating a strategy that will help with your hourly, weekly or annual goals.
As always you can listen here or keep reading for some of the highlights from this episode.
Backcasting vs Forecasting
You have probably heard about forecasting or heard people in business talk about forecasting. Forecasting is taking the present and past elements and projecting them into the future to accomplish a project or goal. The challenge is that forecasting is becoming an outdated unimaginative method for anything outside two to three years.
Now enter backcasting. Backcasting is a method used to work backwards step by step from a projected goal or vision. Instead of working step 1 to 10 you instead work step 10 back to 1. This allows for more creative outlooks, flexibility and failures without having to start all over.
The terminology might sound new to some but the method is probably one you’ve used before. When you discover a new recipe online, it’s usually the result that catches your attention first not the list of ingredients.
How To Plan For Your Future
Everything your business does should be working towards its fundamental goals. You should never take steps aimlessly without a plan. Your goals, whether short or long, should be accessible to you at any time for review and alterations. Here are four planning steps to help guide:
Backcasting is a great tool to identify goals and create practical and creative ways of attaining them. Backcasting can be used for simple day to day projects or for the big picture. A great example would be to look at a company like Sheertex. Sheertex started solely making woman’s tights but are now moving into manufacturing shoes and undergarments. When their company was created, the end vision may have been to create a durable woman’s apparel. They would have worked back from there to realize that ladies’ tights would be the first step. With their company growing, they’ve now been able to move through their plan getting them one step closer to their end vision.
2. Create the Culture
Culture is created by leadership and leadership is what drives the company. Great leaders create a culture of growth, knowledge and creativity to drive their team. Targets are easier to achieve with the involvement of everyone. In order for this to happen, there needs to be a safe and collaborative culture set. Take time to identify what you want the workplace to represent and how to demonstrate it.
3. Update, Update, Update
Companies are no longer working with 5 to 10-year plans. With changing technology, processes and customers' needs, a 5 to 10-year plan that stays static will be outdated before it even comes to fruition. Constantly check your long-term plans to see if they can be completed sooner or if they need alterations to fit current needs. If you backcast your plan, does it allow for more flexibility especially when it comes to pivoting towards your goals?
It is so easy to get lost in the crowd if you’re not staying on top of your product or process. Hire a position or dedicate a few days a month to explore your marketplace and what consumers want from it. Consumers want accessibility and adaptability. Make sure your company is offering both. There is even the chance that your product is already easily adaptable – take, for instance, pool noodles. Still marketed as pool noodles but can be used for a variety of purposes like protecting surfaces, highlighting locations or wedge something open.
Business planning is exciting. This is the occasion when we get to say what our biggest goals are and how we can work towards them. When we achieve them, we celebrate and create more. View these opportunities for not only businesses to grow but also for personal growth.
That was it for this week’s podcast. Just as a reminder, our weekly podcast comes out every Tuesday on Youtube, Spotify, Google Podcast and Apple Podcast.
As always you can connect with us on social media @knowledgebrkr or email me at firstname.lastname@example.org with your comments and ideas.
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JOSHUA CAMPBELL (@knowledgebrkr)
Real Estate Broker
Coldwell Banker The Real Estate Centre, Brokerage
249 Avenue Road • Newmarket, ON L3Y 1N8