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 139If you (or a senior staff member) are not on target for a particular objective, it is imperative (asportrayed in Figure 9.1 as the double arrow between management reviews and the action plan) to definenew action items to get back on target. This is perhaps the most important activity in these reviews. Itprovides the opportunity to determine the necessary actions to get your plan back on track.Developing an Annual Objectives Review PackagePrepare a review package that presents each objective and the status of its achievement (Exercise 43).This package will make your progress, or lack of progress, highly visible.For quantitative objectives such as revenue, profit, client retention rate, employee retention rate,customer satisfaction percentage, and so on, use charts and graphs. For more qualitative objectives suchas having a comprehensive employee professional development program in place or submitting threeproposals with a value greater than $5 million, use a simple graphic showing the objective and note itsstatus in one or two sentences.EXERCISE 43: PREPARE YOUR ANNUALOBJECTIVE REVIEW PACKAGEPrepare an annual objectives review package for yourbusiness plan using the format suggested in Appendix D.Document this action item in the action plan portion of yourbusiness plan (see Appendix B).Quantitative ObjectivesAn example of a chart reflecting the status of a quantitative objective is presented in Figure 9.2. Thisshows the progress of the Waste/Recycling Commercial Division's annual revenue objective of $2.5million. As indicated, the objective is shown as a solid line over the company's fiscal year—in this case,the calendar year. In addition, the actual revenue of $1.1 million to date (assuming the company lastclosed its books in June) is shown as a dotted line. Finally, afile:///C|/Documents and Settings/gasanova/Local Setti...orward_MBA_in_Business_Planning_for_Growth/e-book.html (154 of 219)16.02.2005 13:54:23
Philip Walcoff - "The Fast Forward MBA in Business Planning for Growth"Page 140Figure 9.2Quantitative objectives review chart.$2.8-million projection of revenues through the remainder of the fiscal year is shown as a dashed line.Reviewing progress toward achieving quantitative objectives in this manner allows one to quicklydetermine whether an objective is on track or not. Note that the name of the person responsible forachieving Commercial Division's revenue objective—G. Gettum, the objective's champion—is alsoshown in the chart.Qualitative ObjectivesAn example of a chart reflecting the status of a qualitative objective is presented in Figure 9.3. Thisshows the progress of the CEO in visiting clients twice a year in order to determine client satisfaction.The objective (CEO visits client sites at least twice a year) is clearly stated, as well as the status ofachieving this objective (visited allFigure 9.3Qualitative objectives review chart.file:///C|/Documents and Settings/gasanova/Local Setti...orward_MBA_in_Business_Planning_for_Growth/e-book.html (155 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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