Executing Business Plans

Filed under Business Management, Business Plans, Small Business, Venture Capital and Start Ups on December 3, 2008

If there’s one thing worse than not having a strategy, it’s having a strategy with no implementation plan. It’s all in the execution. no matter how much research goes into the plan, unless somebody does something, it’s not going to happen. In most small businesses, you have to do something whether you are the only person or leading the way.

What’s even worse than not having an implementation plan? One that is not realistic. Stretch goals are nice for deciding where your end point is going to be. It forces you to think outside the box. But the end result is unrealistic. Stretch goals for individual implementation steps are a different thing all together. Once you find yourself falling behind in implementation steps, you will become disenchanted with the process and so will anyone on the path with you. A realistic plan will allow you to enjoy the success along the way and feed your enthusiasm. You know your business and probably know what steps are necessary to make your plan a reality. How do you put a good implementation plan together?

Lay out the steps required for implementing your plan.
Take inventory of your resources and the resources that will be required to make it happen.
Given the time available, will you be able to keep your strategic plan moving at a pace that will sustain itself or are new resources going to be needed? (see our blog “The Delegation Dilemma” for tips on freeing up time.)
Having established a reasonable time frame that will allow you to keep your business running while maintaining a pace in your strategic plan, you need to decide who will do what.
Create milestones that include a deliverable, tangible accomplishment or event that you can measure your timing by.
Also include financial performance measures that expect to be impacted by the implementation of your plan. What results should be achieved and when? Track your results, if you are not achieving the expected results: Change the Plan!

The day to day demands of your business can make it difficult to maintain focus on the big picture of your strategic plan. Celebrate your success along the way with people that are a part of the process. Keep them engaged and mindful that the process is very important to you.

Richard Gabel