As part of organizational practice, it’s understood firms at the beginning of Q1 or on the verge of closing out completely from its Q4 (4th quarter of its business year) strive to forecast and strategize for the incoming business year via their team of experts, which is also applicable in this field. Hence, to ensure the set target is feasible, annual business plans are structured in phases, which begs the question: Is your Q3 plan & target laid out?
Going forward, it should be borne in mind that firms’ annual plans aimed at set targets don’t just emerge easily due to influencing factors that could potentially alter a firm’s preceding business output or the fear of global economic contraction. As a result, looking at this sphere of economic sub-sector it’s worth noting that a number of factors ranging from geopolitical frictions down to commodity inflation across regions and markets have left experts and trade entities with untold uncertainty even as they double down on their strategies.
Ordinary, we all know that coming up with a workable annual plan often requires a lot of hard work let alone being faced with uncertainties that are borne out of crises, however, the phases of an annual business calendar for business entities notably in the field of trade is known to be structured in four (4) quarters (Q1, Q2, Q3, and Q4) per annum, which for the purpose of significance is expected to be tailored based on the lesson learned from the previous business experience coupled with the likely outcome of the incoming season or quarters. However, judging by the current economic climate on trade, carrying out cross-border trade effectively has left experts and involved parties with challenging experiences due to global and regional events that are influencing the global economy.
As we strive to come up with feasible quarterly plans suitable for our respective fields of trade specialty, it’s important to keep in mind the factors influencing trade at the moment which could potentially have a great impact on our future trade if we’re to believe experts’ forecast. The latter which is believed to be centered on a number of factors such as commodity inflation and geopolitical frictions are determinant factors, notably the former which is raising a lot of questions in the field of cross-border trade. However, noting how determined we’re to excel with our various plans, influencing and damaging factors should be taken into account coupled with risk while structuring our quarterly plans because firms and individuals are expected to bridge barriers lest we fail in our various plans.
Equally, while we’re yet faced with an economic crisis that may stretch than we could imagine, it’s also necessary to ensure that our quarterly laid-out plans are structured to keep clients and partners within the orbit of our trade offering in an attempt to avoid counterproductive outcomes.
Crises like the one the world is currently faced with may be damaging but at the same time offers the informed some level of opportunity, which according to the universal saying, “in the time of crisis money moves”, it means that the experienced and experts notably in the field of trade take advantage of such situation, and this should be our priority.
To achieve our targets without shutting oneself in the foot, the need to undermine these developing events in this sphere should be considered. To this end, trade firms looking to have a busy season are expected to consider reduced tariffs and rebates, equally, for freight forward-focused or shipping firms, plans should cut across altering the existing trade architecture in order to amass trade volume, which should represent our annual financial mapped-out target.
Lastly, as we conclude, it’s understood we’re faced with a number of trade challenges in this quarter, but have we come up with a feasible plan, if yes, being urged to engage and exercise our competence in our capacity, we’re poised to ask, what your quarterly and long term plan is?