Business Implementation In Companies – How To Do It?
Today more than ever, it is necessary to have a good business implementation strategy because it is an instrument and methodology that allows business people and executives to promote investment initiatives in addition to having the most accurate forecast possible of the profitability of a project.
What Is a Business Plan?
It is an essential strategic document since starting or growing a business successfully with a good business implementation plan is possible. Likewise, it has a series of activities related to each other for the beginning or growth of a company. This is done thanks to a planning system tending to achieve specific objectives and goals.
It is a guide for the beginning of operations and the development of the activities of a company. In addition, this aims to create broad knowledge of the company or the project intended to be started.
When Is The Business Plan Functional?
The plan can be prepared for a newly created company or one already operating with growth plans.
On the other hand, when the company is operating and growing, a plan serves to restate objectives, goals, and needs. In the same way, to request credits or additional investments for expansion and special projects.
What Should A Business Plan or Implementation Include?
- Be conservative and realistic when making sales forecasts and financial projections for the business.
- The business plan must convey the success factors to new investors, shareholders, and financiers. And express how they will recover their investment. To meet the expectations of partners.
- Contemplate the analysis of the type of business, its viability, and technical, economic, and environmental feasibility.
- Include the design of strategies, the definition of objectives and goals, and the necessary resources for their implementation.
- Justify and provide sufficient information about any objectives and goals in the plan. For example: if an increase in the market size is forecast. And in the participation of the company in it. She explained and supported her reasoning with objective and convincing information.
- To make the business plan more objective and easy to analyze, including historical and comparative information. With statistical data and graphs from the last five years.
- It must be dynamic, updated, and renewed according to the needs, situations, and changes that arise.
- Each business plan is different because it has the personal touch of the person responsible for its preparation since it is designed according to each company. Also, having an identical format for all cases is impossible, although most are similar.
- The integrity of the information included in the business plan is of vital importance to its success.
- Investors and financiers should know the forecasts and projections used to estimate profit.
- Know and understand the assumptions, logic, and supports to make projections.
- The content, writing, and presentation are significant for accepting a business plan by potential investors and financial institutions.
Is The Business Plan or Implementation Used To Measure Achievement?
To achieve long-term objectives, business people must execute the plan in a disciplined manner.
After a certain period of operation of the business plan, it is advisable to compare the results obtained with the original method. In this way, it is possible to know the possible deviations, the reasons for them, the consequences, and the corrective measures that must be taken.
It is advisable to have quarterly, or semi-annual progress reports on the programs to evaluate the results obtained.
A business plan that needs to be well supported can be detrimental and can generate little credibility from investors interested in providing the financial resources.
There is always the risk that things will not happen as planned, so when preparing the plan, possible scenarios must be foreseen and prepared for deviations or difficulties.
It is advisable that upon completion of the business plan and before presenting it to potential investors, an expert reviews it to obtain their observations.
Importance Of Business Implementation
Most entrepreneurs do not give importance to making plans before starting business operations. But it is essential to elaborate on them if you want to be successful.
Generally, the chances of success or failure can be known during the initial stage of the business plan or implementation.
This is an invaluable opportunity to take a quiet look at how you plan to manage, operate, and deliver on your company’s mission-related master plan.
An analysis of the probable political, economic, social, and cultural scenarios is required. To consider the different variables in the preparation of the business plan.
The learning curve can be much more expensive, complicated, and painful if you do not have a well-conceived business plan.
You have to be planning professionals precisely because it is tough to anticipate all the possible contingencies that arise.
Characteristics Of A Business Plan
A plan must meet the following requirements:
- Appoint a coordinator responsible for its execution
- Define different stages that facilitate the measurement of its results.
- Set short and medium-term goals.
- Clearly define the expected final results.
- Establish measurement criteria to measure progress and achievements.
- Identify potential opportunities to take advantage of in execution.
- Involve in its preparation the executives who will participate in its application.
- Anticipate difficulties that may arise and possible corrective measures.
- Have programs with activities, responsible personnel, and financial and technical resources available for their realization.
- Be clear, concise, specific, and informative.
It is essential to remember that preparing a business plan is not a guarantee of success. But the chances of failure are reduced by seeing the idea to be executed in perspective.