The Prosperity Playbook: Planning for a Successful Family Business Succession

Blog, November 11, 2019. https://www.invespcro.com/blog/customer-acquisition-retention/.

Weekly or daily, updates will occur for the following: • The cash headroom report will be prepared by your accounting team and distributed to the owner and key employees. • The sales forecast will be prepared by your sales team and distributed to the owner and head of production or service. Quarterly, you and your management team will do the follow

The management team reviews the sales forecast, which is updated weekly by the sales team.

On a monthly basis, the following activities will take place:

Accounting prepares and the management team reviews your historical toolbox. • Accounting prepares your net-income forecast, and your management team reviews it.

Using the Cascading Metrics goals as the starting point, build a detailed month-by-month and annual financial plan.

Annual Plan • Before beginning, determine if any changes need to be made to your annual planning team.

To keep the system at optimum performance, you’ll need to tune up and update all of the tools—some

you’ll slowly develop a set of new rhythms based on the following: • Planning your goals annually • Measuring progress toward your goals weekly and monthly • Building projects to support goal achievement quarterly