It’s the end of the year, and three types of meetings must be held

01- Why should these three year-end meetings be conducted?

If a company has more than a hundred employees, it is mandatory to hold three meetings: the strategic meeting, talent assessment meeting, and financial forecasting meeting, which are essentially focused on personnel and finances.

Why hold these three meetings?

Because the corporate group announces personnel structural adjustments for the following year at the end of the year. If these three meetings are not conducted, how will you know how to plan for the next year?

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Management guru Peter Drucker once said that doing the right things is far more important than doing things right.

What are the right things? They are the company’s development direction, steps, and pace of development.

Conduct a strategic meeting. You need to decide what to do and what not to do next year and assess how the business should proceed.

Hold a talent assessment meeting. Once the strategic framework is established, you need to know who you will need for the next year and who you won’t, so an evaluation is necessary.

Conduct a financial forecasting meeting. You may want to do ten things, but completing these ten tasks requires a significant amount of resources that you may not have in abundance. Therefore, based on your financial resources, you should decide on the four or five most important tasks.

Align the most critical tasks with the most skilled individuals and forecast how much money will be needed for the next year. Even for large companies, both their funds and ammunition are limited, so careful consideration is required to determine where to allocate resources effectively.

02- How to Conduct Year-End Three Meetings?

So, how should these three meetings be conducted? I’ll provide some suggestions for your reference.

  1. Strategic Meeting

First, we need to clarify the goals of the strategic co-creation meeting, which mainly involve achieving three unifications:

  • Unifying thoughts.
  • Unifying direction.
  • Unifying tactics.

To unify thoughts, you must have an open and honest discussion before the strategic meeting.

Why is training valuable? The greatest value is not just in the knowledge but in the change of mindset. Therefore, it is necessary to unify thoughts first.

To unify direction, it involves organizing the strategy.

To unify tactics, after determining the strategic direction and focus of work, specific strategies, such as how to achieve a specific goal, need to be developed.

Once these three unifications are achieved, almost nothing becomes unattainable.

Many times, the reason why strategies fail is that these three unifications were not properly established, and consensus could not be reached. Alternatively, if consensus is reached, the direction may be clear, but alignment may be lacking, leading to discrepancies between different levels.

So, how do you practically achieve this?

  1. The boss should have a clear understanding.
  2. Conduct a strategic meeting with the executive decision-making team to determine the direction.
  3. The strategy should be the primary focus, followed by sub-strategies and method strategies. If the business involves a secondary focus, conduct customer research before making strategic decisions.

2. Talent Assessment Meeting

Ram Charan and Dominic Barton, former global managing director of McKinsey & Company, proposed the concept of the “2% jobs” in their book “Talent Wins.” They stated that talent in critical 2% positions has the most significant impact on the business, essentially playing an outsized role.

In challenging environments, key talents in key positions become even more critical. Therefore, talent assessment must be conducted.

Before talent assessment, it’s essential to understand that it often involves strategic changes and organizational structure adjustments. The process usually follows these steps:

  1. Based on the strategy and objectives, create an organizational structure that aligns with business flows, with the most crucial positions at the forefront. Business flows include internal and external collaboration processes.
  2. Define the value and positioning of each core position within the organization. Specify the responsibilities of each position and compare them with industry standards.
  3. Model the competencies required for excellent performance in these core positions. Compare the individuals currently occupying these positions and assess their suitability.
  4. Based on the assessment, promote those with sufficient capabilities, develop those with potential, and replace those who are not competent. If there are no suitable talents available, consider recruitment.

After the assessment of core positions, other HR-related areas become more apparent, including recruitment. The number of hires should be determined based on the availability of talents for specific positions. New hires should also have experienced leaders to guide them.

Furthermore, in the new year, employee training is necessary. Training is only effective when it is tailored to individual needs identified during the talent assessment, making the talent assessment valuable.

  1. Financial Forecasting Meeting

Budgeting is essentially about planning for the future and predicting your business’s performance. Financial forecasting can reflect the company’s strategy because it is closely related to essential elements of survival, such as talent recruitment, marketing, and working capital.

So, how should you approach it? The core is to forecast costs and revenues.

Costs can include items like rent, labor, marketing expenses, and tax payments, all of which ultimately impact operational efficiency. It’s important to consider how these costs align with your business.

Therefore, during the financial forecasting meeting, focus on these four aspects:

  1. Financial assessment based on business priorities.
  2. Assess whether the leader behind the business is suitable and determine the resources and personnel needed.
  3. Estimate the expected profit. In challenging times, it’s crucial to focus on profits as they determine whether the company can survive.
  4. Consider long-term capital planning.

These are the three essential year-end meetings. Conducting these meetings effectively will provide a clear action plan for the next year. Proper planning is the key to success.

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