Final Stages

Once the management team have agreed on the options which they wish to adopt, the final stages of the plan can be completed. These include:

– identifying the actions needed to implement the chosen options, with responsibilities and dates. An example is included as Appendix IV of our downloadable guide (If you wish to download a copy of the guide, please click here Download Strategic Planning Guide.);

– optionally, preparing financial projections, showing the impact over the next 3, or, sometimes, 5 years;

– consolidating the discussion documents into one business plan document, for future reference when the plan needs review;

– producing summaries of the plan for internal and, if required, external consumption;

– if required, producing a ‘mission statement’ encapsulating the agreed aims and objectives of the organisation. Please note that, unlike some organisations, we recommend that the wording follows on from detailed discussion of the options rather than the wording pre-conditioning the options.

Monitoring

When all this has been done, the organisation should regularly monitor its action plan to ensure that momentum is being maintained. A good action plan will include items for reviewing both the action plan and the business plan. As suggestions:

– the action plan should be reviewed every quarter;

– the business plan should be reviewed annually;

– the business plan should be re-written every 3 to 5 years.

If there are significant changes to the business, the business plan should be re-written, whether it is due for re-writing or not.