|For those unfamiliar with a certain mouse and his friends, the Walt Disney Company© is a large and diversified Global 500 entertainment and media enterprise headquartered in California, USA. The company’s vision is to “entertain, inform and inspire people around the globe through the power of unparalleled storytelling.” It is one of the most recognised brands worldwide. According to the latest Annual Report, Disney’s Net Worth is $122.18 Billion. Yet it’s not the dollar figures that impress me, it’s how they consistently plan for their future.
Did you know there is a strategic plan for the next 5 years of cinematic releases? The plan is reviewed regularly, distributed on a strict timeline every quarter to the team, with tweaks for specific geographic markets. The entire team is regularly informed of future projects, projects nearing completion or delays, new releases and the associated promotional activities. At any given time, an employee knows what is in the pipeline and understands their role in the success of future releases. Everyone, no matter their role, is working towards the same goals.
Your business can also have a five-year strategic plan covering finances, operations and growth. By communicating the business goals to your team, you can align KPIs, sales targets and performance reviews with clarity. The new financial year is a fantastic time to start developing strategic goals for the next 12 months.
Ask yourself and your team what challenges shaped 2020/21 and what did you learn from them? If you invest in solving these challenges now, think of how much better off the business will be at the end of 2021/22.
If this financial year is the ‘year of change’, what about the goals for the next 24 months?
Where do you envision the business in five years time? Get creative and dream big, you have five years to get there. Could it be expanding into a new market, moving to new premises or establishing a franchising model? Is your team ready for the change?
No matter the vision, Virtual CFO’s are experts at collaborating with businesses on their strategic plan. We understand the financial processes, tax implications, HR requirements and ‘future proofing’ needed to make strategic goals a reality. We can streamline your business operations, help you plan for steady future growth and gain the executive level support your team needs.
We are here to help you through the process, creating a strategic plan for the ‘right now’ through to 2026.
Rachael Turner is a member of the Virtual CFO Association.
The Virtual CFO Association is an elite peer network, advocating and promoting the emerging VCFO sector within the accounting profession. Collectively the association currently has over 500 years of industry experience, with highly qualified and experienced specialists spread across more than 20 industry verticals.
If you would like any more information regarding the Association of VCFO’s please visit our website www.vcfoassociation.com.au