In this series, we go through why you need a business plan and how to write one. To recap, part 1 outlined the first three steps:
1. Set the vision and mission statements
2. Identify the goals
3. Outline how you will measure success
In this part 2, you will learn the last two steps and also have access to the greatest business plan template of all time. But first, you must learn step 4 and 5.
4. Describe the activities to achieve success
The activities are the specific tasks that will be undertaken, I've seen this be a long list or a short sentence. Either way, the purpose is to communicate to your team what needs to happen. The description should be adequate to explain how the goal will be achieved but not so detailed that it leaves no room for flexibility or innovation.
The other main purpose of describing these activities is that it "chunks down" the goal into bitesize pieces. It will make progress more achievable which builds momentum. If your goal is set without providing guidance it could create busy inertia or worse - good intended but disastrous outcomes.
For example, if the goal is to "increase repeat customers" the activities may include "develop customer loyalty program, undertake customer satisfaction survey, hold customer networking forums" and so on. Your team needs to easily see how the activity contributes to the goal.
When you review your SMART goals, engaging with your team come up with the activities part of the plan is a great way to build collaboration and ownership. It also brings up innovation that only those closest to the subject will know. Taking the example before to increase repeat customers, if upper management don't ask the frontline customer service team for their input then it is an opportunity missed as often the best solutions are from those closest to the issue.
5. Allocate accountability
In the compelling reasons of why you need a business plan, the last reason was to build accountability. I remind you that a good leader's only two jobs are to set the direction and help everyone in the team get there.
By linking goals to activities with success metrics - the activity needs an owner. Delegating the activity to one individual is usually best approach, even if they then delegate the doing, the responsibility needs to rest with whom you will hold accountable. Directly linking the performance of the business plan to an individual's own performance incentives (be it financial or otherwise) will make things happen. I promise. If they don't there should be no get out of jail free card.
This approach makes your role easier by allocating accountable roles. You will also need to communicate what the parameters are for escalating issues or reporting on performance which will enable focus on what is important to achieve the business vision.
Now just get started and check in along the way!
The hardest is part is often just to start but having the vision clear, knowing what you want to achieve and asking your team how it needs to be done is the best approach. The business plan will not be perfect. You have my full permission to change it as new information comes to light, the market changes or you try and fail. In fact, I expect you to change the business plan. That is why you are an adaptable leader!
Use the business plan as your map to achieving the goals and be disciplined to review it at least fortnightly to stay on track or course correct. I would wish you luck but you don't need it - you have a plan.
Now, to the best business plan template and a worked example for reference. In PowerPoint so it is editable and PDF. You can change the title headers to better suit your own business language and words that will resonate most with you and your team.
If you have any suggestions to enhance the template or need guidance, just contact with me via email on think.ascend@outlook.com and I can help you get started!
Download your free business plan template
PowerPoint
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