Purchasing Resources for Business Development

Putting a Business Plan Into Action

Turning a document into reality takes teamwork and focus
By Judith Earley Your business plan represents your vision for the future. Effective implementation could mean the difference between an expensive hobby or a thriving business. The best business plans will always contain:

1. A summary of what your business does and where you want it to go
2. Measurable objectives and defined targets
3. Conditions under which you will consider an exit plan, including sale and/or closure of the business

Commit to excellence

In order to have the best chance of success your business needs clear leadership from you and the rest of your management team.
Try:  Check Point 360 is designed for those who lead, manage or direct other people. Work on hard-to-measure soft skills, setting priorities and individual development.

Encourage teamwork

Your business plan will not work by itself and you can't run it alone.
Try:  To help keep employees invigorated, consider the exercises mentioned at Team Bonding and The Accel Team Building Program.

Follow a financial plan

Your financial plan is the foundation for the rest of your business plan. It should be carefully tailored to meet your individual business needs.
Try:  Exl-Plan from Plan Ware is a powerful, easy-to-use template for preparing financial projections for up to seven years ahead.

Ensure accountability

Your business plan should include objectives, goals and action steps. Once a date has been assigned to a specific task or goal, it becomes a target. When targets have been met, let everyone know. When they are not, find out why and what's been done to address the problem.
Try:  You can track how each manager is executing their part of the plan with a mouse click at Businessandmarketingplan.com.

Make course corrections

You may find that you need to set new goals and make course corrections. Keep track of the original plan and manage changes carefully. An outside consultant could give you a fresh perspective.
Try:  The Lattitude Group specializes in consulting on business-plan execution. Or search for a consultant in your area at Bplans.com.

• Make the metrics clear: Set some key performance indicators in your business plan and use them as gauges of how well you are executing on your plan.
• Create a sense ownership: While your overall plan may spell out strategic goals, specific targets help employees understand how they fit within an organization.

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