Philip Walcoff - "The Fast Forward MBA in Business Planning for ...

Philip Walcoff - "The Fast Forward MBA in Business Planning for Growth"Page 79Tactical ElementsThe last two plan elements shown in Figure 6.1—annual objectives and the action plan—are tactics(short-term) and are the vehicle for achieving your vision based on the road map the strategy provides.The annual objectives are highly measurable near-term mile-stones, typically to be achieved within ayear. They can be considered as steps toward achieving your five-year goals. Finally, the action planconsists of near-term, say 30- to 45-day, activities to be undertaken to support achievement of theannual objectives. As shown in Figure 6.1, the resolution approach to the issues you've identified in Part2 are described through the tactical activities you define in your annual objectives and supporting actionplan.This Is Not Your Final PlanIt should be understood that the business plan you develop in this book is not to be thought of as beingcast in concrete. It's an expression of the best strategies and supporting tactics you are able to define asof today. You should revisit your plan annually to review and modify your strategies (vision statement,mission statement, and five-year goals) based on a changing market and business environment or newinsights or capabilities you possess. In addition, each year you will develop new tactics (next year'sannual objectives and action plan) to support your previously defined strategies. Therefore, moveforward with the development of your plan based on what you know today, but keep in mind that theplan will change in the future.End PointThe five major elements of the business plan are the vision statement, mission statement, five-yeargoals, annual objectives, and action plan. The remainder of Part 3 takes you through these five elementsand includes examples toassist you in preparing each component of your business plan.Page 80Appendix C presents an example of a completed business plan. This plan will give you a sense of whatyour final product will look like. This example business plan comes from one of my high-tech clients(the name of the company has been changed) who has been in business for over seven years and, asindicated by the numbers, is well on the way to creating a very successful company.file:///C|/Documents and Settings/gasanova/Local Settin...Forward_MBA_in_Business_Planning_for_Growth/e-book.html (94 of 219)16.02.2005 13:54:23