Step Task Description 1 Collate the facts & figures. Effective planning involves making decisions with the appropriate supported up-to-date facts & figures. Use your financial data from Xero, MYOB and CompassPlus, market insights on your trading areas and market trends. They must also consider the facts of the past numbers and trends to help formulate the plan and projections moving forward. Preparation makes planning easier and goals more realistic. 2 Vision. Be clear with respect to your vision, document it and articulate it to your team. 3 Set Goals. Realistic and well-defined goals are a must. 4 Set Time Frames. Carefully constructing clear and achievable timelines will assist with. 5 Budgeting & Cashflow. Understanding the cost of running the business, the breakeven point and the forecast profit are critical for long term success. 6 Who will do it? Managers must carefully consider the skills of team members when planning who will be assigned to each task. Delegated goals should be challenging and seen as a step forward by each employee. 7 Implement the plan. Managers should plan to implement the game plan by seeing that all persons concerned understand their part in the total undertaking and commit themselves to the attainment of the goal. 8 Follow up & execution. Planning an effective performance control system to monitor progress helps business owners ensure goal attainment. Consider using project management systems, platforms within R&Home and seek consult with your regional manager to help you achieve execution on your business plan. Business Plan A business plan is a written document which describes a Principal’s vision for the future and includes the business’s objectives, strategies, resources, an analysis of the market and plans to achieve objectives. The plan is not just for new businesses; all business should write a business plan. Preparation of a business plan makes you look at yourself and see yourself as others might see you. It helps to get your act together and understand the business. It is an invaluable aid in formulating strategies to nurture, control and grow the business. Who should write the plan? Only the Principal can formulate the plan because it is the Principal who has capital at risk and the most interest in the success of the business. Examples given are for guidance only and you should give considerable thought to the information you include to ensure the plan is your plan. Remember, those who fail to plan, plan to fail. Think of this business plan as a high-level yearly Information Memorandum. EXAMPLE 124 |
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