Momentum - Business to Business Online Magazine MOMENTUM August 2019 | Page 30

FROM THE BUSINESS COACH MIKE HILDERBRAND, BS, MBA, CBC ActionCOACH of Galveston [email protected] www.galvestonbizcoach.com 9 Steps to Developing a Plan for Action A Only 2% of business owners have a written plan, and even fewer stick to it…. failure to plan is a plan to fail and for many business owners, who are caught up in the day-to-day of their business, finding time to plan for your business and knowing where to start can seem impossible. But planning is preparatory to action when solving problems in your business, and must be separated from implementation so that the major policy decisions can be made and their implications understood prior to action. Here are the 9 Steps to Develop a Plan for Action: 1 Express your solution as a series of goals Having agreed on a solution to a particular problem within your organization, you first need to define that solution in terms of number of goals and objectives. For example, each goal could be expressed as follows: “For us to do X, we would need to achieve Y”. Record each goal at the top of a whiteboard or sheet of paper. 2 Generate a list of Actions for each goal Use brainstorming to compile a list of actions to achieve a particular goal and record these below the goal. Arrange this list of suggested actions in sequential order. 28 MOMENTUM 3 Prepare a timeline Beginning with a point in time labeled “now” and ending with a point labeled “goal achieved”, build a timeline on which you allocate dates by which you intend to complete each of the sequential actions listed under a particular goal. It is important that you get both sequence and timing right if you are to reach “goal achieved” effectively. 4 Allocate resources Financial, physical and human resources must be allocated to each action step. If resources are limited, or fall short of requirements at any stage, it may be necessary to return to an earlier step and revise the action plan. 5 Identify possible problems Consider all of the things that could go wrong in the process of achieving a particular goal. List these problems and identify causes and suitable actions to resolve them. If necessary, these actions might need to be added to appropriate slots in the timeline 6 Develop strategies for monitoring progress List ways in which progress of the action plan can be monitored. These monitoring stages should also be included on the timeline. 7 Assign tasks Take each point on the timeline in turn and ask: “Who will do what, by the date set, to bring about the specified action?”. Allocate these tasks to appropriate individuals or teams. 8 Estimate costs Evaluate every expenditure required to complete the task. All costs will have to be accounted for when preparing a budget. If funds are not available, tasks will have to be reviewed and, where necessary, revised or eliminated. 9 Implement the plan Translate all your information to a clean copy, listing the actions required, the person responsible for a particular task, and when that task is to be completed. Having now finalized the plan for action in specific terms, this information can now be made available to all involved.