We have now entered the fourth quarter of the current calendar year. This is the time when business becomes focused on a couple things: The big push to achieve budget expectations for the current fiscal year; and it is also strategic planning season.
Business leaders will be taking their teams to off-sites looking to create a plan to guide next year. It likely will include the creation of a budget for next year as well.
Planning is a critical part of the business cycle but one that gets little in the way of headlines or notoriety. It is generally an internal function so it will not attract coverage in the business media or outside the company’s walls. But it’s also a hard thing to do.
For the most part, corporate leaders spend most of their time being distracted. Employees show up at their door to ask how this or that should be done. It leaves little time for the boss to attend to their own issues or to think strategically – perhaps the most important thing their job entails. That’s why many successful CEOs look to peer groups to find a safe place to explore new ideas or fresh directions.