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Unformatted text preview: ions and checking on performance? Start With a Good Plan The illustration below shows a view of what it takes to develop and implement a business plan. I call this planning for implementation. IMPLEMENTATION ISN’T AUTOMATIC A business plan will be hard to implement unless it is simple, specific, realistic and complete. Even if it is all these things, a good plan will need someone to follow up and check on it. HURDLE: THE BOOK 20.2 ON BUSINESS PLANNING There are some important factors beyond the plan that are also critical: 1. Is the plan simple? Is it easy to understand and to act on? Does it communicate its contents easily and practically? 2. Is the plan specific? Are its objectives concrete and measurable? Does it include specific actions and activities, each with specific dates of completion, specific persons responsible and specific budgets? 3. Is the plan realistic? Are the sales goals, expense budgets, and milestone dates realistic? Nothing stifles implementation like unrealistic goals. 4. Is the plan complete? Does it include all the necessary elements? Requirements of a business plan vary, depending on the context, but there is no guarantee that the plan will work if it doesn’t cover the main bases. Track and Follow-Up Ironically, a good plan alone isn’t enough. As the illustration on the previous page indicates, other elements are also critical. Even a good plan means virtually nothing if somebody doesn’t follow-up on its concrete and specific milestones or results. A plan won’t be implemented unless responsibilities are assigned to specific people, milestones are established and agreed upon, and the people responsible know that somebody will follow up to check on results. A useful business plan is a live document. As you review implementation results with the people responsible, you will often find the need to set new goals and make course corrections. Keep track of the original plan and manage changes carefully. Although changes should be made only with good reason,...
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This note was uploaded on 01/26/2014 for the course BUINESS 102 taught by Professor Unknown during the Winter '09 term at University of Phoenix.

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