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UNIT 10 BUSINESS PLAN IMPLEMENTATION - Coggle Diagram
UNIT 10 BUSINESS PLAN IMPLEMENTATION
REVIEW OF A BUSINESS PLAN
The Industry/
•
Business goals and objectives
Market Analysis
Competition in the Industry
Marketing Strategies
Financial Plan/
Resources
Management Plan
Operating Plan/
Operational Feasibility
IMPLEMENTATION OF BUSINESS PLAN
Creating a detailed action plan
Assigning responsibilities
Securing resources
Establishing communication channels
Monitoring execution
ASSESSING THE PLAN PROGRESS
profit and loss statement
cash flow projections
information on inventory
data on production
product quality
volume of sales
collection of accounts receivable
disbursements for the previous month.
others
• Key Performance Indicators (KPIs)
• Milestones
• Feedback mechanisms
• Periodic reviews
AVOIDING FAILURE OF BUSINESS PLANS
Goals set by entrepreneur are unreasonable
Goals are not measurable
The entrepreneur has not made a total commitment to the business or to the family
The entrepreneur has no experience in the planned business
The entrepreneur has no sense of potential threats or weakness to the business
No customer need was established for the proposed product or service.
Others
•Anticipate challenges
Remain flexible
Engage stakeholders
Continuous learning