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We recently came back from this year’s director’s strategy retreat.
This time, the trip took our team to Melbourne to bond and sample the city’s delights, from renowned restaurants to the National Gallery. We also enjoyed an evening watching Collingwood versus Geelong at the MCG.
As previously, we invited partners along to provide them with an opportunity to get to know who we work with and show them that we all share the dedication to the business—and have the same challenges.
Our business is built on relationships, and of course, there was a lot of banter. But we’re very serious about what we do, and the break away wasn’t all about fun and strengthening connections.
Its purpose, as it is every year, was to take us out of our usual working environment and give us a chance to work on our business, not in it.
It included two strategy sessions that took place over two days, where we discussed the business and market, talked strategy, made decisions and carried out some high-level planning to shape our long-term direction and success.
Personally, taking myself out of the office and away from home allowed me to free my mind and think laterally about the business. I’m sure the other directors felt the same.
The goal of the strategy sessions was to get offline, identify the issues, get on the same page, and allocate one or two people to take it on as a project.
When we got down to it, there was so much to discuss, particularly in terms of threats and opportunities. In fact, we never thought we could get through it all, but I’m pleased to say we did.
We flew back from the trip tired but with our energy, passion and focus sharpened and ready to get back into it and push things forward.
The lesson we want to share from this once again is the importance of stepping outside of your business.
We know, as business owners, this can be hard. Can you really justify time out when there’s so much to do? The answer is a big resounding ‘Yes’!
Time working on your business is never wasted. In the long run, it benefits it more than those few days spent engaging in business as usual would have done. If a few days is too many, surely one day for a strategic planning meeting is possible.
Just make sure you head off-site for your strategy meetings to get some distance and clear your mind.
If you’re unsure what exactly you should be covering in your meeting agenda for a successful business strategy planning session, here’s a quick breakdown of the key questions we recommend you ask and practical exercises you need to engage in.
Question 1: Are we doing what we want to do?
Related: Finding business clarity: the pre-strategy questions.
Question 2: Are there areas of the business we need to improve?
Question 3: What does the market look like?
Carry out a SWOT analysis and discuss how you can:
Question 4: What actions do we need to take?
We highly recommend asking an external business advisor to join in your strategic planning meeting discussions. They (we) can bring some welcome objectivity and may get you thinking about things you wouldn’t have thought of alone.
Learn more in last year’s blog: How to work on your business, not in it
As our trip to Melbourne has shown us once again, carving out time to work on your business in a strategy meeting—away from the usual routine—isn’t just beneficial. It’s essential. It allows you to tackle big-picture issues with a fresh perspective and collaborative vigour.
We hope this has inspired you to start planning your next off-site strategy session. Working on your business, not in it, is an investment in your long-term business success that pays dividends far beyond the tasks at hand.
Would you like to dive deeper into strategic planning? Check out our related blogs.
Interested in an honest appraisal of your business to help create a more successful business? Reach out to your Maxim advisor or get in touch with our team.
