Make a Business Plan
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In addition to the benefits of identifying strengths and weaknesses of the enterprise and communicating expectations and priorities to all levels of staff there are a number of other internally beneficial facets of a business plan.
Performance Measurement
The creation of a comprehensive roadmap as detailed in the business plan allows a more objective evaluation of the success or shortcomings of future actual results. The grading can apply to the company as a whole, to individual departments, divisions or units or to executive responsibility areas. It establishes a standard for determining whether assignments and goal attainment efforts were good , poor or somewhere in between. Where management bonuses are connected to contributions to firm achievements there is the added benefits of expected levels of performance known to all parties in advance.
Key Decision Assistance
At points in time where decisions need to be made on key areas there is an overall guide to the ultimate direction that the business intends to take. Sometimes you cannot make a completely correct choice, but the alternatives can be weighed in light of longer term impact. A rational structure for accepting or eliminating an alternative is in place to support large decisions.
Consistent Coordination of All Business Units
For companies large enough to have multiple divisions or locations a business plan provides a method of ensuring that everyone is pulling in the same direction. A business plan can help coordinate the efforts of all parties and establish accountability at points of management responsibility. Make the goals and priorities known throughout the organization.
Business Plans Make Key Staff More Motivated
Possibly the largest benefit from the development of a business plan is the way it can help to involve and motivate the key members of the supervisory and management team.
It serves as an educational tool - helping staff develop their creative and analytic skills. It educates them on the priorities and direction of the firm - and their part in it.
Staff feel they are part of the planning process and therefore have an impact on the organization. This increased level of involvement and awareness leads to an enhanced commitment to achieving the firm's goals. Because they are, in part, their goals as well . You can never underestimate the value of energized and motivated line management and staff. People are the key to success - no matter if you are large or small or what your industry might be.
Make a Business Plan - then Work the Plan
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