In Netcore, we have an external Advisory Board with whom we review business and plans every quarter. We typically do the next year’s plan review sometime in early March, so that gives time to the teams to also start planning ahead for the next year.
This year, I decided to split our plans into what I called “Core and More.” Core is the part of the business that is already happening and needs to grow to achieve the targets for the year. It is largely down to Sales and Operations to deliver on this. Then, there is a More part – which are the new ideas and initiatives that will perhaps contribute later in the year, but are important to give us the next boost for the business. Thinking along these lines helps separate the investments needed for More so that they do not impact overall EBIDTA. These can be thought of as R&D expenses.
A financial year transition is a good time to set new goals and make some changes in the company. There is a freshness and expectation of newness. But changes should have a clear purpose, else they can negatively impact momentum.
So, welcome to a financial year and wish your company all the best!