How to Implement a Business Plan

Oct 20, 2012

How to Implement a Business Plan

An annual or on going business plan is an excellent tool to keep your business on the right track. It does not have to be complicated or a 100 page document. However, without one, and not properly implemented, your business can loose it's direction and focus. Once you've laid out your goals, you must identify how you will use your resources to achieve them. The CEO must show leadership while remaining flexible and creative -- and tough enough to accept when something doesn't work.

 

Instructions:

1. Prioritize your objectives, such as expected sales, repeat buyers, or milestones in product or technology development. Determine potential risks. Be prepared to offer coaching and training (or to delegate those tasks) to team members.

2. Identify how you will determine the success of each objective. Create a time line for each objectives completion. Identify the costs and resources needed, and allocate them. Lay out your expectations, such as how many sales you expect in each department within one month. Then create tools to measure success.

 

3. Delegate the responsibilities to your management team. By doing this, you make them accountable and give them the control and freedom needed to tackle their mission as they see fit. Motivate your employees by showing them how critical their role is and how it fits into the bigger picture. Explain why the changes are necessary.

 

4. Review progress on a monthly basis, keeping a log of the results. Welcome both negative and positive feedback. Determine which methods worked, which failed. Identify how the resources were used. Reward employees who meet their goals.

 

5. Implement any changes. Set a new timetable for one, three or six months in the future.

Tips & Warnings

  • If someone isn't pulling their weight, don't be afraid to let them go.

  • Stick to your budget whenever possible by using the resources you have. You may be tempted to apply for more financing; do this only as a last resort.

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