The attorneys at Engel Law Offices are pleased to assist in the guidance of creating and implementing your business plan. We will work to draft the business plan and financing packages along with looking for available grants and monies for economic development for your business. Please contact us at the inception of forming your business so we can work with you and your other professionals in a team approach. Below is a description of a business plan and implementation method, but each business is different. Engel Law Offices will customize our representation to meet your business’ goals, for your success is our success.
The core of our business development and corporate practice is making sure each individual business reaches full potential and is successful. To start, we determine the best legal entity for your new venture, then turn our concentration towards making sure you have everything you need to lead your business down the road to solid financial success. A business plan is essential in determining where you are, where you are going, and how you are going to reach the goal. A business plan is an essential roadmap for business success. This living document generally projects 3-5 years ahead and outlines the route a company intends to take to grow revenues.The plan determines the direction for the new businesses and established businesses with actual and projected growth plans.
IMPLEMENTING THE PLAN
Evaluate the business plan. The first step in the implementation process is to step back and make sure that you know what the business plan is. Review it carefully, and highlight any elements of the plan that will drive the results. Identify any part of the plan that might be unrealistic or excessive in cost, either of time or money. Highlight these, and be sure to evalute and implement realistic goals as you begin implementing the business plan. When constructing the business plan, goals should have been thoroughly evaluated prior to implementation. Keep in mind, if there are pitfalls during implementation, re-evaluation before proceeding forward may be necessary.
Create a vision for implementing the business plan. This vision might be a series of goals to be reached, step by step, or an outline of items that need to be completed. Be sure to let everyone know what the end result should be and why it is important. Establish a clear image of what the business plan is intended to accomplish. Evaluate the goals every week to ensure that you are on pace to achieving them. Do not wait until month, quarter or year end to evaluate. By this time it is to late to correct the action to put the organization back on track.
Identify team members to help you implement the business plan. Make sure you have a team that has the call to action, and understands the purpose of the plan and the steps involved in implementing it. Establish a team leader, if other than yourself, who can encourage the team and field questions or address problems as they arise. This person mst have a clear concise understanding of the plan objectives and steps for proper implementation.
Schedule meetings to discuss progress reports. Present the list of goals or objectives, and let the strategic planning team know what has been accomplished. Whether the implementation is on schedule, ahead of schedule, or behind schedule, assess the current schedule weekly to discuss any changes that need to be made.
Involve the entire organization where appropriate. Keep the organization’s executives informed on what is happening, and provide progress reports on the implementation of the plan. Letting an organization’s management know about the progress of implementation makes them a part of the process, and, should problems arise, the management will be better able to address concerns or potential changes.
Effective Business Plan implementation
Implementation effectiveness can be measured by how well the business meets the financial projections set out in the business plan.
To achieve effective implementation, a business must ensure that any changes initiated by the business plan are reflected in areas such as budgeting, marketing and information systems. The overall goal is to integrate the results of strategic planning with daily, weekly and monthly routines.
The goals articulated in the business plan should drive marketing and sales efforts, human resources practices and research and development. These goals become a central part of the business by guiding daily operational activities.
Four fundamentals of business plan implementation
Once you have a robust strategic plan in place, the following actions are crucial to successful implementation.
- Avoid common implementation mistakes.
- Reach out to influencers in organization to get their buy-in to the business plan.
- Measure progress in the business plan.
- Monitor the business plan.