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 157Annual ObjectivesIn developing the tactical portion of the plan—the annual objectives and the action plan—make it atruly interactive (team) undertaking. When developing annual objectives, consider those you havealready developed, but keep them in your back pocket. Your team came prepared to suggest annualobjectives that they expect to champion. Get them into the plan, and ensure that these suggested annualobjectives meet your expectations. For revenue objectives, meet one-on-one with the champions prior tothe session to agree on those critical numbers. For developing annual objectives, remind the group thatalmost every five-year goal should have a related annual objective. See the discussion of annualobjectives in Chapter 8.Action PlanWhen developing the action plan, ensure that each annual objective has an associated action item andthat each action item has a description of what's going to be accomplished, by whom, and by when—see the action plan portion of Chapter 8. Also, ensure that each issue discussed earlier in the session isaddressed through an action item. Refer to the issue responses you developed in Chapters 4 and 5 tosupport the discussion.Plan-Management DiscussionRemind the group that planning is a three-step process—identify the issues, develop the plan, andmanage the plan. It requires their commitment to successfully implementing the plan throughmanagement reviews—see Chapter 9. Incorporating this process into the company and making it thebasis for your top-management decision making will set the stage for your future growth andprofitability. Discuss the dates for your first review meetings on your action plan and annual objectives.Your Closing RemarksIn closing the planning session, ask everyone to get you their final comments on the planwithinfile:///C|/Documents and Settings/gasanova/Local Setti...orward_MBA_in_Business_Planning_for_Growth/e-book.html (170 of 219)16.02.2005 13:54:23
Philip Walcoff - "The Fast Forward MBA in Business Planning for Growth"Page 158a week. Compile all the planning information (from all those sheets hanging up around the room) anddocument and distribute a draft version of the plan to the attendees by the next day or shortly thereafter.Remember that the plan should be only five or six pages long. Once it is finalized, brief the plan (noneed to include the action plan) to all your employees. As stated earlier, it's a morale booster.Just prior to adjourning, start going around the room to gather any closing comments (you go last). Ihave always found these closing comments to be a real boost to the general good feeling of the group—''We're organized; we have a direction, a focus, and a business plan."End PointThis chapter presents the approach to holding a planning session. Who to invite, session logistics,presession preparation, and the agenda are described. At this point, you have completed your businessplan. You have learned of a process for managing the plan to success, and you now have a means forgetting your management team involved in the planning process.Page 159EPILOGUEBegin with the end in mind.—Stephen CoveyThe purpose of this book is to have CEOs and other senior managers understand that to increase theodds of developing and maintaining a successful business, you must define and document the necessarystrategies and supporting tactics (the business plan), and you must implement a process in the companyto effectively manage the plan to success. It all boils down to Stephen Covey's suggestion to "Beginwith the end in mind" 1 —plan your business—which completely supports the thesis that one of themajor reasons that businesses are not successful derives from a lack of business planning.Response to Business Plan Failuresfile:///C|/Documents and Settings/gasanova/Local Setti...orward_MBA_in_Business_Planning_for_Growth/e-book.html (171 of 219)16.02.2005 13:54:23
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