RNM annual business planning exercise: an initiative to set targets
Ashu Malhotra & Pratichi Avinash
by Ashu Malhotra and Pratichi Avinash
Established in 1946 by R. N. Marwah, RNM India is committed to building on its strong legacy of 76 years in the finance/consulting industry, and is embarking on a challenging yet promising journey of growth. We recognise that this is a pivotal moment for us and the RNM leadership team is resolute in our shared commitment to further strengthen the company.
We first determined that RNM was suitably placed to take a new leap as an organisation. In order to draft a blueprint for a fresh strategy, we held our first annual business planning (ABP) meeting on 08 April 2023. A lot of deliberations went into designing the ABP session, and after a month’s meticulous planning and inputs from the leadership team, the programme design was finalised.
The basic tenet of the annual business planning meeting was to:
Collaboratively design the strategic business plan for FY 2023–24.
Formulate a robust and realistic action plan to translate the strategy into reality.
The approaches taken to prepare the annual plan:
Review of following documents and data as preparatory work to design the workshop.
Mission statement: A guiding principle that describes what our company does and sets us apart.
Vision statement: An aspirational statement about what our company wants to become – an important factor in setting the annual plan’s priorities.
Core values: These are the principles, beliefs, and philosophies that shape our company’s culture and support our vision for the future.
Financial information, including budgeting: A critical review, as annual planning is connected to the budgetary approval process for the next fiscal year, including anticipated revenue, expenses, and growth predictions.
Key problems and issues: By understanding what went wrong the previous year and the issues we faced, we can offer remedies in the annual plan to improve future outcomes.
Stated goals: SMART
It was decided to ensure business goals should be “SMART” & stretched.
SMART: Specific, Measurable, Attainable, Relevant, Time-Bound
Budget and financials
An annual plan includes projections for the coming 12 months, forecasting income and outlays. Projections serve as a guide to plan for cash flow dips, pinpoint financing needs, and decide the best timing for projects.
Timelines and checkpoints
To reach where we want our business to be in a year, we decided to split large goals into milestones, and assign timelines.
The ABP meeting had 3 distinct phases.
Pre-workshop:
Workshop design, objectives, and analysis of last year's performance.
During workshop:
Finalisation of the business plan for FY 2023–24;
Ensuring that all leadership are fully committed and confident in realising the targets; and
Drafting of a detailed action plan to emphasise the “how” part of the plan (i.e., how can the targets be achieved).
Post-workshop:
Put in place a periodical review workshop every three months (at the end of each quarter) to check on progress made, and determine any amendments needed.
Conclusion
At the end of the planning session, the whole leadership team pledged and reaffirmed their commitment to achieving the goals of the annual business plan for FY 2023–24.
All concurred that:
The ABP workshop provided a definitive road map;
As the leadership team, we are more focused and have clarity on business goals; and
We are now in a better position to guide our team and propel them to higher results.
GGI member firmR.N. Marwah & Co. LLP, Chartered AccountantsBangalore, New Delhi, IndiaT: +91 11 4319 2000
Advisory, Auditing & Accounting, Corporate Finance, Tax
R.N. Marwah & Co. LLP is a Chartered Accountancy firm that was established in 1946 by the late Mr R.N. Marwah. Its head office is located in Janpath, New Delhi (India). The four major service divisions of the firm are audit & business advisory services, tax & regulatory services, legal & company law services, and consultancy services. It has been serving a huge international and domestic clientele for the last 77 years.
Ashu Malhotra has around 30 years of business HR leadership experience, having worked in companies like Dabur, Bharti Airtel, Nokia, etc. His forte lies in organisational transformation and strengthening performance-driven culture. Ashu has many articles & talks in his portfolio. Contact Ashu.
An MBA in E-Business a Certified Digital Marketing & Communications professional & a Certified Lead Auditor, Pratichi Avinash comes with an experience of 5 years in various diverse industries in the field of Digital Marketing. Her forte lies in content writing and search engine & social media optimisation. Contact Pratichi.
