At most, management teams and department heads would use the 4th quarter of the year as the time to be able to make necessary preparations for the coming year. Forecasts, budget preparations and outlooks for the coming years are all part of the planning process, all aimed at ensuring another year to look forward to, and get over the hump of achievements and shortcomings that have been experienced for the current year.
For sure, using the current and previous year performances will be the yardstick for everything. Looking forward to a year that can erase the stigma of overlooked strategies and management styles will surely be something that can help be brought to the table for discussion, and dissect certain ideas that can be applicable towards the overall performance of an organization. Looking back and studying the competition in the various industries that most people would find themselves in, brainstorming and advanced planning techniques are a good way to be ready for the coming year.
Planning is not primarily focused on increasing sales and hitting profits. It should cover every aspect, starting from revenue allocation, financial constraints and market feasibility. The various departments will have their own evaluation and recommendations and this is what management wants to see. Each contribution to the entire administration and operations management of the entity will surely be something that will spell the difference between success and impending disaster. Whatever the case may be, the overall satisfactory performance of business entities is what is important, and this is not only for one department but for each department aiming to contribute as a whole.