Implementation of Business plan (1/5)
The business plans should be accepted by the managers as a tool for dealing with situations connected to the distribution of funds, implementation of new products, procurement of new equipment, hiring of employees, managing the costs and many other things connected with the successful operation of the company.
Implementation of Business plan (2/5)
The making of a business plan by the management of the company is very important. But, plans are made to control all processes in the company and to take corrective action if some of the processes are stopped.
Implementation of Business plan (3/5)
Continuously monitoring of the operation and comparing with what is written in the business plan is the best way to stay on the road to success.
Implementation of Business plan (4/5)
Comparing of these two things, actual outcome vs predicted outcome, should be implemented at the end of every month or some other period which has measurable results.
Implementation of Business plan (5/5)
When managers make a business plan it should be made very realistic and according to realistic predictions of the development of the business.
Mistakes in business plans (1/3)
Mistakes can be made during the time the plans are drawn up. These will cause problems during the period of implementation and monitoring.
Mistakes in business plans (2/3)
Some of the mistakes can perpetuate, if not picked up during the preparation of business plan. Because of that, managers occasionally should review and make corrections to the plans.
Mistakes in business plans (3/3)
In some cases business can develop slower or faster than the plan envisages. This can be caused by big tremors and changes of the market or smaller variations in market conditions. In these cases corrections to the business plans are inevitable.
Corrections in business plans (1/2)
Corrections to the business plan should be small and should correlate with the new situation existing in the marketplace.
Corrections in business plans (2/2)
If the results achieved vary greatly in comparison to the data in the plan, then the business plan is incorrect and it is likely that in its construction there have been significant mistakes or wrong information used. In that case is better to make new business plan, which is more realistic and compatible with the situation prevailing in the company and the external conditions.