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"This part describes Step 2 of the planning process—developing the plan. Three chapters guide youthrough the complete development of your business plan. The approach incorporates discussion of eachelement of the plan—vision statement, mission statement, five-year goals, annual objectives, and theaction plan—along with numerous examples to support you in completing the exercises presentedthroughout this part.Chapter 6: Major Business Plan Elements presents an overview of the major elements of the businessplan you will be developing.Chapter 7: Develop Your Strategy leads you through the development of your vision statement, missionstatement, and five-year goals.Chapter 8: Define Your Tactics leads you through the development of your annual objectives and actionplan.Page 77Chapter 6—Major Business Plan ElementsMake no little plans; they have no magic to stir men's blood. Make big plans, aim high in hope and work.''—Daniel H. BurnhamThe second step of the planning process is to develop the plan. Having identified and documented themajor issues facing your company and defined strategies to eliminate them in Part 2, you are nowprepared to plan your future through the development of your business plan. As shown in Figure 6.1,the business plan contains the following five major elements:1. Vision statement. Several words that draw a mental picture of your company, for example, GeneralElectric's "Progress is our most important product" or Microsoft's "Where do you want to go today?"2. Mission statement. A description of your company in 10 years—a definitive expansion of your visionstatement.3. Five-year goals. A snapshot of measurable results to be achieved in five years; reflects progresstoward making your mission statement a reality.4. Annual objectives. Objectives to be achieved by the end of the planning (fiscal) year in order to be ontrack toward achieving your five-year goals.file:///C|/Documents and Settings/gasanova/Local Settin...Forward_MBA_in_Business_Planning_for_Growth/e-book.html (92 of 219)16.02.2005 13:54:23
Philip Walcoff - "The Fast Forward MBA in Business Planning for Growth"Page 78Figure 6.1Business plan elements.5. Action plan. A list of near-term actions (30 to 45 days) in support of achieving your annual objectives.Strategic ElementsReferring to Figure 6.1, the first three plan elements—vision statement, mission statement, and fiveyeargoals—are strategic (longer term) and serve as the basis for developing the road map for yourbusiness. The vision statement presents, in just a few hard-hitting words, your picture of your company.The mission statement answers five questions about your company. It's an expansion of your visionstatement and puts in place your long-term, say 10-year, strategy for developing the kind of companyyou want to see in the future. The five-year goals are clear and concise; in contrast to your missionstatement, they are measurable milestones toward making your mission statement a reality. These threeelements comprise your strategy and set the stage for the development of the tactical part of yourbusiness plan.file:///C|/Documents and Settings/gasanova/Local Settin...Forward_MBA_in_Business_Planning_for_Growth/e-book.html (93 of 219)16.02.2005 13:54:23
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