It’s common for football teams to focus on the fourth quarter. Players can be seen holding up four fingers as a way of signaling that “it’s time to double down, focus and finish strong.”

For businesses, the fourth quarter is especially critical for two reasons. First, for those on a calendar fiscal year, the fourth quarter can make or break their financial year. Second, and perhaps of even more importance, the fourth quarter is a time for planning for the next year.

Typically done between late October and early December, next year planning is critically important. The organization is far enough along in the current fiscal year to understand how things will play out. While there is still time for adjustments to bring the year in on target or better, the foundation is mostly in place to begin the hard work of assessing what (and who) has worked, what hasn’t and ways in which the upcoming year can see improved performance.

High performing organizations do this on a regular basis. Those who enjoy sustained results formalize this as part of a process. That process includes structure, clear measures, assessment tools, critical thinking and active problem solving, and most importantly, open, honest discussion, dialogue and yes, even robust debate about the organization’s best prospects for success moving forward. Having expert help prepare for and guide these sessions is a key factor in making the most of these planning meetings.

Consider the many benefits of bringing your senior leadership team together, preferably offsite, and away from the distractions of the workplace to meet in strategic   to evaluate the current state of the business and explore options for a bigger, better future for all stakeholders. For some, this may sound like an unnecessary expenditure of time and money. For organizations who aim for high performance and sustained success, it is a requirement and a solid investment.

It’s the fourth quarter. The clock is ticking.

Get started now on establishing or improving your organization’s process for strategy and planning. Contact me at joe@ajstrategy.com or visit my website, ajstrategy.com.