Planning in Business Planning

Once the Goal has been clearly defined, the Objectives established and the Strategy set, build a Plan to implement the Strategy. To this point, the process has been strategic. It now becomes tactical. For example, if your Strategy is to use direct mail to reach your Objectives spelled out above, lay out the tactical steps you will take to carry out this Strategy, such as list selection, copy writing, mailing method and so on. As at every stage of this GOSPA analysis, be specific and precise. Include deadlines and performance accountability, i.e., who will be held accountable for each tactic. Remember, what gets planned gets done.

Strategies Determination – One of the Most Important Business Planning Skills

With Goals and Objectives clearly defined in the most simple, specific terms, you must now determine the Strategy you will adopt to reach the Objectives and thereby attain your Goal. For example, your Goal may be to sell 4,000 units of a particular product at a price of $100 per unit within six months. Your Objectives might be:

Month 1: 50 units sold
Month 2: 150
Month 3: 300
Month 4: 500
Month 5: 1,000
Month 6: 2,000
6-Month Total: 4,000 units sold

The question now becomes, “How will I reach these Objectives?” Will you use direct mail? Email? Will you advertise? If so, what advertising medium will you use? And so on. The best Strategy for you will meet three criteria’s:

(a) First, it will be easy to define, to understand and to execute.
(b) Second, it will be based on the skills and resources most readily available to you.
(c) Third, it will be practical, offering you the best chance of success.

Establishing Objectives for Business Planning

In working toward a goal, you must establish clear Objectives or milestones – predetermined steps that will lead inexorably to the achievement of your goal. In essence, Objectives are like mini-goals and must meet the same SMART standards.

We help you hone your business planning skills at Mentor Club.