It may seem far away right now but planning for Fiscal Year 2026 is actually just around the corner.
So, it’s wise to start thinking about budgeting, planning and getting ready for the new year – regardless of whether you serve on your organization’s executive team or at the middle management level.
In fact, getting involved in strategic planning as a middle manager is extremely important, and early preparation is essential.
Let’s take a closer look at how you and your team can benefit from the planning process.
The “Why” of Strategic Planning
So, what’s all the fuss about strategic planning?
First, participating in strategic planning can help you understand the importance of your specific role within the larger group.
This matters.
Understanding your role in the organization is crucial, and knowing your business’ big goals and how you can influence them is key. So…
- What are your organization’s goals for the coming year?
- How can you effect meaningful change toward those?
- How can your colleagues lean on you?
- What is your role in the big picture of the organization?
Second – engaging in strategic planning gives you a voice for your area of the business.
No one can read your mind, so it’s important to articulate what your department needs in terms of support, resources and personnel.
This is your time to clearly communicate your team’s needs so that they can become integrated into your organization’s holistic plan for the coming year.
And this is also your chance to align your expectations with what’s being expected from you.
When planning is done well, you can move forward with confidence and clarity about how the work you’re doing contributes to the overall organization’s success.
Your Team’s Role
All too often, managers and executive leaders view planning and budgeting as grueling tasks they’re forced to take on alone.
But don’t forget: you have a team, and your team is there to support you.
It’s essential to include them in the planning process for many reasons.
Inclusion demystifies the process for them.
When your team understands what you do, how you do it, and why you do it, their business acumen grows.
You are an important part of driving this learning process and helping them grow as professionals.
Engaging in the process gives them good practice.
Let them test out your planning process for themselves.
They’re not only learning, but they also can provide you with valuable feedback. What’s working? What might they improve?
Chances are, you’ll get some valuable insight and see areas of improvement that you’ve been blind to.
Participating in the planning process shows your team that their actions can have a meaningful impact on your organization’s success.
That’s why it’s so important to communicate to your team the results of the planning process.
Share with them the organization’s final plan and/or the final budget. Show them where their efforts fit into the overall puzzle.
The more information your team has, the more confidence and clarity they’ll have. And that’s really what planning is all about.
Confidence. Clarity. Performance.
Tips for First-Timers
If you’ve never planned for a new fiscal year or made a budget, it’s easy to feel overwhelmed.
But just take a deep breath – we’ve outlined some essential steps to get you started on the right foot. Here they are:
- Understand the Goal: This is a must-have. Make sure you clarify exactly what you are being tasked to do. What is the organization’s overall goal, and what is the purpose of your particular budget or plan? Where does it fit? What is expected of you or your team – or for your engagement with others in different areas of the organization? It’s important to ask a lot of questions to make sure you’re clear on what you’re setting out to do. Don’t hold back – ask all your questions to make sure you fully understand.
- Consider Different Perspectives: Look at the planning and budgeting process from various angles, including those of your customers and colleagues. How will your current plans impact others? How can you help them achieve their goals?
- Seek Guidance: Find someone who’s done it before – who has experience with budgeting and planning. Ask them about the challenges they faced and how they overcame them. Learning from others can provide insight and help keep you from falling prey to the usual “rookie mistakes.”
- Review Past Budgets: What better way to plan where you’re going than to look back at where you’ve been? Research how money has been spent in previous years. What were good expenditures that had a positive impact? And where are there gaps or areas for improvement? What can you do to close those gaps?
Planning and budgeting are the key to getting you from where you are today to where you want to be.
If you can involve your team, harnessing their ideas and intelligence, you’ll be that much better off.
So, try to embrace planning as a positive, measurable way to document the value you and your team bring to your organization.
And if you need a planning partner, our team would love to help. Reach out today to find out more about how our family business advisors can assist.