How To Implement Your Business Plan
Ok, so now its time to implement your business plan.
Take the time to put it all into action. For your business plan to be useful and effective, you first must implement it.
As you would now be aware, an online business plan is an effective tool to get you started on the right track. However without proper implementation, it can become outdated and turn out to be a whole waste of your valuable time.
Moving on now.
As you should have laid out your goals and objectives, you must now identify how you will utilise your resources to achieve them.
Instructions on how to implement your business plan
- Prioritise your objectives, such as market analysis, marketing strategies, expected sales, repeat buyers, or milestones in product or technology development. Determine potential risks. For larger business’s, be prepared to offer your staff some coaching and training (or to delegate those tasks to them)
- Identify how you will determine the success of each objective. What are your performance indicators? Create a time-line for each objective’s completion.Identify the costs and resources needed, and budget for them. Lay out your expectations, in meeting your time-lines. Create or utilise existing tools to measure success.
- Delegate the responsibilities to your team. By doing this, you make them accountable and give them the control and freedom needed to tackle their mission as they see fit. Motivate your team members by showing them how critical their role is and how it fits into the bigger picture. Explain why the changes or additions are necessary.
- Review progress on a regular basis, keeping a log of the results. A simple excel sheet is sufficient. Be receptive of both negative and positive feedback. Determine which strategies worked, and which failed. Identify how the resources were used. Reward team members who meet their goals
- Identify and implement any required changes. Set a new timetable for one, three or six months in the future.
Are you finding the implementation process difficult?
If the implementation process has started to become overwhelming, then follow these steps to quickly draft an implementation plan. This will provide you with a clear direction of what goals and objectives take priority and how to advance through them.
Five Steps to Your Business’s Implementation Plan
- Highlight the goals and desired end results outlined in your business plan. Use a highlighter marker to make each of your goals stand out.
- Write down the strategies, required to achieve each of the goals that you have outlined.
- Delegate objectives to individual members of your team (most certainly applies to larger business’s) for them to complete or to oversee their further delegation. Every member of your team should have an objective that he/she is responsible for implementing.
- Determine milestones for measuring your progress in each of your objectives. Also instruct other team members with delegated objectives to do the same with their responsibilities.
- Operate on a “next action” basis until you have implemented your business plan. According to action management experts, a next action is defined as “the next physical, visible action that needs to be engaged in, in order to move the current reality toward completion.” Meet regularly with your team members to share progress reports, hold each other accountable, and round-table brainstorm for fresh input into best strategies to implement your business plan.