There are 5 Parts of Every Business, each of which flows into the next: Value Creation - Discovering what people need or want, then creating it.
Unless that direction is clear, the core four business planning resources of the corporation may wander away from the high priority needs of the marketplace or service area. When the direction of the corporation is clearly defined, that direction forms a pact of sorts between the board and management.
It defines the expectations of the board that management is tasked to carry out. Strategic planning is useful only if it becomes the basis for management action. In short, a planning system must be alive. Plans, both long and short-range, should be made annually.
When new projects are placed before the board or CEO, such as new investment, approval of contracts, etc. This may mean that energy or resources will not be used well. To read about a template that better fits the bill, click here.
Leadership must be certain that they understand and support the reasons for changes in direction. To do this, keep the plans in front of you as you consider any new business opportunities or ventures.
Elements of the planning system The following are the major elements of a sound and complete planning system: Why are you in business?
What is your business? What difference do you intend to make? What is your unique niche? In our view these should be separated.
To make people happy Cargill: To improve the standard of living around the world Merck: To preserve and improve human life 2. Core Values These are the prioritized guiding principles or credo for everyone in the organization as to how they should operate, what is important to always be or do.
Service to customer above all else Hard work and individual productivity Never being satisfied Excellence in reputation; being part of something special 3. Long-term Vision This is the picture of what it will be like when you get there. It is a statement of accomplishment or condition you are seeking.
It may be stated with a timeframe, e.
In the earlier example from Disney, it is a statement of the result they always want, not just in the long-term, but today, and it works, i.
In any case, it should represent a call to action, a galvanizing statement for staff. It should provide a clear sense of direction and target for all effort. The vision should be viewed as a real stretch, just shy of unattainable, yet real to everyone.
For an interesting side note on a vision statement, read our Growthlines newsletter: Strategic Agenda What is the discrete set of projects we are going to undertake in the next years to move toward our vision and make the needed improvements to our operations?
The answer here is the strategic agenda. Note the strategic agenda is not restricted only to projects that move the company toward its vision, expand its client base, etc. The estimation in the eyes of employees the followers of the quality of leadership in the organization, including the board, will hinge in large measure on whether they view leadership got the strategic agenda right.
Do they understand the true condition and what needs to be fixed? Have they developed a winning strategy that assures a secure future for the company and all those who work within it? Project Plans For each of the projects in the approved strategic agenda, a project plan should be developed.
Each project plan should include the following list of elements. One year target for accomplishment for the project; a result or condition to be achieved Two or three year target for accomplishment on projects that will take more than a year to implement Metric: Note that a solid metric is not one that measures whether or not a project is being completed, but rather that it is accomplishing the intended goal.
Not all projects will have a metric, either because of the nature of the project, e.CORE FOUR Business Planning Course. 60 likes. The CORE FOUR® Business Planning Course is a turn-key curriculum to help you educate and motivate small.
BDC’s Core Four Business Planning Class will be held at the University of Hawaiʻi Lahaina Education Center 60 Kenui st, Monday and Wednesday evenings from 6 to 9 p.m. starting July 2 through Aug. 1, This model is applicable to business, government and non-profit organizations.
It can also be used for new businesses and startups to identify, examine, and make explicit the assumptions that underlie their business planning.
Core Four: Business Planning Course This course teaches strategies for planning a business. It deals with four core bodies of knowledge an entrepreneur must have to operate a sustainable business: success planning, market planning, cash flow planning, and operations planning.
MEO BDC’s Core Four Business Planning Course is a hour course that focuses on the fundamentals of writing an accurate and informational business plan for a startup or an existing business. Your business may be considering an acquisition, in which case a pro forma business plan (some call this a what-if plan) can help you understand what the acquisition is worth and how it might affect your core business.