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Article added or updated:
09/05/2011 |
Finish Strong - Execute your plans!
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Biz Plan
Executing your plans
effectively is just as
important as conceiving them in the first place
It’s
the start of another new year and once again you have ambitious
plans for your business . In the past, those shiny, new schemes have
often grown increasingly tarnished as the year has progressed and
you’ve become bogged down in the minutiae of your daily operations.
Let’s face it, even the most innovative businessplan will do little
to help the business , if the plan is poorly, or never fully,
implemented. So how can you make sure that this year is going to be
different? We have a few suggestions.
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Right at
the Start
The most important key to properly executing a businessplan is to
have a good plan in the first place. While a businessplan should
demonstrate vision and ambition, it should also be firmly based in
the realities facing the particular business . It’s as easy to
overestimate sales figures as it is to underestimate costs, and
doing either will get you in trouble fast, so businessowners should
always favor conservative forecasts. “Behonest about how things are
and what you’re likely to face,” advises Joy Gendusa, business
consultant and founder of Postcardmania.com. “An unrealistic plan is
useless and can cost your businessa great deal.” A well-thought out
businessplan must also take into account the difficulties
that the firm may encounter along the way. What happens if there is
an economic downturn? What happens if a key employee leaves?
Building contingencies into a businessplan provides the small
businessowner with flexibility to handle crises without having to
abandon or substantially alter the course chartered for the
business .
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Having
the Right Team For the Job
The best and most brilliant plan ever devised won’t do a
businessany good without employees capable of carrying it out.
Small businessowners must assemble their teams with an eye toward
finding employees who have the right mix of talent and experience
for the roles they must play. For example, if the businessplan
calls for an extensive marketing campaign, it is essential to have
employees who have experience in marketing. Business owners must
compare the goals of their businessplan with the array of talents
in their staff and decide if they have a team with all the necessary
skills to carry out the plan. If they find their employee ranks lack
the necessary talent and experience for a given goal, it may be time
to take on additional employees, or consider outsourcing the task.
Review and Feedback
Implementation is an on-going process. Many businessplans are
launched with high expectations and generate positive early results
only to stumble as time passes. A good means of preventing this is
frequent,
periodic reviews of the plan’s implementation and its results. These
can be as simple as weekly staff meetings where the specific
application of the plan is discussed, or a more extensive,
structured evaluation process. Constant, scheduled reviews help keep
the employees focused on the plan and allow for adjustment of the
plan to changing conditions. Management consultant C. Davis Fogg,
author of Team Based Strategic Planning, observes that regular
reviews are essential for keeping the businessplan on track.
“Frequent reviews keep attention focused on your goals and let you
reallocate resources as you accomplish goals or your strategic
situation changes,” Davis said. “Reviewing also promotes a sense of
accomplishment to every involved employee, and lets you reward
results to ensure commitment and continued top level performance.”
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