Annual Planning Cycle Definition
The annual planning cycle is the process that organizations use to create and implement their yearly plans. This cycle generally consists of four distinct phases: goal setting, strategy development, implementation, and evaluation.
During the first phase, organizations set goals for the upcoming year. These goals should be specific, measurable, achievable, relevant, and time-bound (SMART). Once these goals have been established, organizations develop strategies for how they will achieve these goals.
After the strategies have been created, it is time to implement them. This phase generally involves creating action plans and assigning tasks to individuals or teams. Once the implementation phase is complete, organizations evaluate the results of their efforts and make any necessary adjustments to their plans for the following year.
