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 141major clients in February and setting up visits for September). This way, it's easy to see whether anobjective is on track or not and who is responsible for achieving this objective (C. Boss). A completeannual objectives review package is presented in Appendix D for the sample business plan described inAppendix C.The Planning CycleThe plan you have just completed needs to be revisited prior to going into your next fiscal year. Inreviewing your business plan, you will review your vision statement, mission statement, and five-yeargoals and make any necessary changes. You will then develop a new set of annual objectives for thecoming year and develop a new action plan that supports your new annual objectives. Revisiting yourbusiness plan each year is the basis for your continued pursuit of attaining the company you describedin your mission statement.End PointRegularly scheduled action plan and annual objectives reviews are a wise investment toward achievingyour annual objectives. When you complete your action items and are on track toward meeting yourannual objectives, you are on a course toward having a good year, meeting your five-year goals, andeventually making your mission statement a reality.. The time required to conduct these reviews is lessthan two hours a month. This is a small investment of time to accomplish these important businessitems, and it greatly increases your chances of successfully implementing your business plan.You are now equipped with a methodology for managing the plan's implementation. Referring to KenHubbard's quote at the beginning of Part 4, putting this plan-management process in place will help toensure that you do not confuse bad management with destiny. Chapter 10 presents several additionalrecommendations to support the implementation of your business plan.file:///C|/Documents and Settings/gasanova/Local Setti...orward_MBA_in_Business_Planning_for_Growth/e-book.html (156 of 219)16.02.2005 13:54:23
Philip Walcoff - "The Fast Forward MBA in Business Planning for Growth"Page 143Chapter 10—Activities to Support You in Taking ActionChapter 9 describes a methodology for managing your business plan to success by incorporatingregularly scheduled reviews and preparing a prescribed review package. This chapter presents a numberof activities you should undertake following completion of your business plan to support the plan'simplementation. These include reviewing and finalizing the plan, holding a planning session (for largercompanies), and sharing the plan with your employees. Additional suggestions include preparing miniimplementationplans, managing by objectives, and holding regularly scheduled staff meetings.First Steps toward Implementing Your PlanThere are three initial steps you should take following completion of your business plan: (1) review andfinalize the plan, (2) hold a planning session, and (3) share the plan. These are described following.Review and Finalize the PlanTake some time, say a week, for all planning participants to review the plan you havejustPage 144completed and make any necessary changes. If you are a small company, have your mentors (e.g.,accountant, lawyer, and banker) and key employees review the plan and provide you with input for yourfinalization of the plan. Set a target of completing the business plan within 2 weeks of its initialdevelopment.Hold a Planning SessionFor larger companies, holding a planning session with senior line and staff managers or advisors willprovide valuable input on your plan's strategy and tactics. In addition, gathering their input enablesthem to buy into the plan and take on responsibility for supporting the plan's implementation. Makethem part of your plan and active participants in helping to achieve your vision. Chapter 11 offersguidance in holding this planning session.Share the Planfile:///C|/Documents and Settings/gasanova/Local Setti...orward_MBA_in_Business_Planning_for_Growth/e-book.html (157 of 219)16.02.2005 13:54:23
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