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"TABLE 8.7 EXAMPLES OF FIVE-YEAR EMPLOYEE COMMITMENTGOALS AND RELATED ANNUAL EMPLOYEE COMMITMENTOBJECTIVESFive-Year GoalGreater than 90% employee annualretention rateFully operational employee careerprogression plan in placePerformance-based compensation(PBC) plan in placeEmployee profit-sharing program inplaceComprehensive management andstaff training program in placeEmployee ownership of company inplace6% 401 (k) annual matchingprogram in placeAnnual Objective80% employee annual retention rate(None)Employee position descriptionsdeveloped and FY 2000 objectivesdefinedProfit-sharing study completedAll senior managers to attend oneprofessional training programStock distribution study completedNonmatching 401 (k) program in placePage 122EXERCISE 38: DESCRIBE YOUR ADDITIONALANNUAL OBJECTIVESIn defining any additional annual objectives, review theexamples presented in Table 8.8 and the five-year additionalgoals you might have developed earlier. Document your ownadditional objectives for the current (or upcoming) fiscal yearin your business plan (see Appendix B). Don't forget toassign a champion (it may be you) for each of your additionalobjectives.file:///C|/Documents and Settings/gasanova/Local Setti...orward_MBA_in_Business_Planning_for_Growth/e-book.html (136 of 219)16.02.2005 13:54:23
Philip Walcoff - "The Fast Forward MBA in Business Planning for Growth"Annual Objectives Stemming from IssuesAs discussed in Chapter 3, the issues and resolution strategies you defined in Chapters 4 and 5 need tobe incorporated into the business plan through tactical near-term actions. Most issues should beaddressed immediately through the action plan discussed in following sections. Some issues can beaddressed only by setting their elimination as an annual objective rather than addressing them in theshort run (Exercise 39). Some examples of annual objectives stemming from the 8 predominant issuesvoiced by the 20 sample companies (as discussed in Chapter 3) are shown in Table 8.9.EXERCISE 39: DESCRIBE ANNUAL OBJECTIVESTHAT STEM FROM YOUR COMPANY'S ISSUESIn defining the annual objectives stemming from your issues,review your list of issues defined earlier in your Major Issuesand Approaches for Resolution document, select those thatyou believe warrant longer-term solutions, and set them asannual objectives. Document the current (or upcoming) fiscalyear objectives stemming from these issues in your businessplan (see Appendix B). Don't forget to assign a champion (itmay be you) for each of the objectives stemming from yourpreviously defined issues.What Your Annual Objectives AchieveYour annual objectives serve as the milestones for successfully implementing your business plan. Theobjectives stem from your five-year goals and are quantifiable and tactical stepsfile:///C|/Documents and Settings/gasanova/Local Setti...orward_MBA_in_Business_Planning_for_Growth/e-book.html (137 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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