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 137applicable, your senior staff need to commit to accomplishing these critical action items. Remember,getting these important things accomplished has big payoffs in the end, such as meeting your annualobjectives, having a good year, and being on the way toward eventually achieving your vision of yourorganization.Don't Maintain Two To-Do ListsIf you get your management staff involved in the plan, each manager will have responsibility forachieving certain objectives, and their action items should be added to their own to-do lists. I have seentoo many cases where the CEO and the senior management team maintain two to-do lists: The first is alist they normally use to manage their time and run the business, and the second is their business planaction item list. This approach will surely set the stage for ushering in a key reason that business plansfail, as stated in Chapter 1: The plan action items lack priority. With two lists, you create theopportunity to do the planning action items later, when things lighten up—a sure-fire recipe forensuring that the action items won't get done.Don't Get Bogged down in Day-to-Day DetailsThe action plan reviews should not include ordinary day-to-day business activities such as closing asale, ordering inventory, or getting payroll out. This will bog down the review session. Focus on thosenecessary activities that support the achievement of your annual objectives.EXERCISE 41: DEFINE YOUR ACTION PLANREVIEW DATESSelect which days of the month (e.g., first and third Mondaysfor semimonthly reviews or every Friday for weekly reviews)and the time of day when you will hold your action planreviews. Give yourself an action item to hold your first actionplan review. Enter the date and time in your business plan'saction plan (see Appendix B).file:///C|/Documents and Settings/gasanova/Local Setti...orward_MBA_in_Business_Planning_for_Growth/e-book.html (152 of 219)16.02.2005 13:54:23
Philip Walcoff - "The Fast Forward MBA in Business Planning for Growth"Page 138Holding Progress Reviews on Your Annual ObjectivesYou need to hold management reviews of progress toward achieving your annual objectives on aregular basis. Holding monthly reviews provides you (and your management team) 11 opportunitiesduring the year to provide midcourse corrections to keep the corporate ship on course toward achievingyour annual objectives.Select a time of the month and time of the day when you will review your progress towards meetingyour annual objectives (Exercise 42). Select a day of the month when your financials for the previousmonth are available. As an example, if you close your books on the 15th, pick a day in the third week ofthe month to hold these reviews. If you are the only one directly involved in attaining these objectives,this review should only take 10 or 15 minutes. For larger companies where your senior managers haveresponsibility to meet certain annual objectives, select a day and time convenient for the team; thereview should not last more than an hour.EXERCISE 42: DEFINE YOUR ANNUALOBJECTIVES REVIEW DATESSelect the day of the month (e.g., the third Monday) and thetime of day when you will hold your annual objectivesreviews; hold your first monthly annual objectives reviewwithin 30 days of finalizing your business plan. Documentthis action item in the action plan portion of your businessplan (see Appendix B).Defining New Action ItemsWhen reviewing your progress on your annual objectives, if you (or a senior staff member) are on targetfor a particular objective, make sure to acknowledge the progress—either to yourself or to the memberof your management team who is the objective's champion. Use this opportunity to update the actionplan to include your next steps to continue your progress toward attaining the objective.file:///C|/Documents and Settings/gasanova/Local Setti...orward_MBA_in_Business_Planning_for_Growth/e-book.html (153 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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