Philip Walcoff - "The Fast Forward MBA in Business Planning for ...

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Philip Walcoff - "The Fast Forward MBA in Business Planning for Growth"Page 93with the growth and profitability of the company.4. We are committed to sustaining an excellent reputation with our customers, having our employeesshare in the company's vision and promoting their financial and professional growth, and providing toour stakeholders a company based on integrity and maintenance of a business strategy that ensurescontinued growth and profitability of the company.5. We are committed to providing to our clients unsurpassed service and superior technical solutions, toour employees financial and professional growth in a fun place to work, and to our stakeholderscontinued growth and profitability of the company.EXERCISE 24: DESCRIBE YOUR COMMITMENTSTO YOUR CUSTOMERS, EMPLOYEES, ANDSTAKEHOLDERS 10 YEARS FROM NOWReview the five sample answers to Question 5 and documentyour own answer in your business plan (see Appendix B).Describe what you think you would like to commit to interms of your clients, your employees, and your stakeholders.Recall that in addition to your clients and employees, othermajor stakeholders in your company include your bank orother financial backers; your suppliers, who rely upon yourprompt payments for their goods and services; and, naturally,the stockholders or owners of your company.What Your Mission Statement AchievesA clear and concise corporate mission statement will ensure that you and the rest of the company'ssenior management understand and agree on the company's direction. It also serves to provide thecompany's employees with a clear and concise statement of the company's future from the perspectiveof its top management. The mission statement also provides the necessary focus for development of thenext element of your plan—your five-year goals.file:///C|/Documents and Settings/gasanova/Local Setti...orward_MBA_in_Business_Planning_for_Growth/e-book.html (106 of 219)16.02.2005 13:54:23
Philip Walcoff - "The Fast Forward MBA in Business Planning for Growth"Page 94Establishing Five-Year GoalsBill Copeland says, "The trouble with not having a goal is that you can spend your life running up anddown the field and never scoring." Five-year goals are a snapshot of your company five years from now—the basis for ensuring that you're not just running up and down the field. These are goals to beachieved by the end of the fifth fiscal year from your current planning year. They are meant to bemeasurable milestones to ensure that you're on the path towards making your mission statement areality. That is to say, you need to set some quantifiable measures to be achieved 5 years from now foreach point in your previously developed mission statement representing the state of the company 10years from now. These five-year goals are like buoys guiding you to your destination—letting youknow where you are going so you don't become lost along the way.Defining "Stretch" GoalsIn setting your five-year goals, it is important to be realistic but not tooconserva-file:///C|/Documents and Settings/gasanova/Local Setti...orward_MBA_in_Business_Planning_for_Growth/e-book.html (107 of 219)16.02.2005 13:54:23
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Philip Walcoff - "The Fast Forward MBA in Business Planning for ...

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