Review and adjust business plan

[Midfielder]

Fullier details... Review and adjust business plan, as required, to maintain business viability, in accordance with business goals and objectives..

Post your tho's on this element on this thread.

[ashrafun]

An entity’s business plan is a formal document that communicates its goals, directions, and desired outcomes to various audiences. The goal of business planning is to anticipate and accommodate the future by identifying issues, opportunities, and problems. A good business plan is a living; breathing document that one should refer to regularly to make sure that he / she is on the right track. A well-prepared business has a working business plan that is constantly reviewed and adjusted, like a well-informed pilot checking his / her flight plan as circumstances warrant.

On the other hand business goals and objectives provide organizations with a blueprint that determines a course of action and aids them in preparing for future changes. A goal can be defined as a future state that an organization or individual strives to achieve. For each goal that an organization sets, it also sets objectives. An objective is a short-term target with measurable results. Without clearly-defined goals and objectives, organizations will have trouble coordinating activities and forecasting future events.

Besides setting goals and objectives successful business management requires the ongoing review and adjustment of business plan to ensure optimum business of performance in order to generate data by which to judge the success or otherwise of specific strategies. Improvement in performance and business viability can only be realistically achieved when owner is properly informed and knowledge about current performance. Business owner needs to have a thorough understanding and knowledge of the whole business planning that he/she is operating. In order to achieve operational targets by maintaining business viability, in accordance with business goals and objectives regular monitoring and adjustment of business plan is required, because this can only help the business owner to have a real picture of the ongoing business and take corrective actions for making it a successful one.

[rosebud]

An important final step of the marketing process is to review and make improvements to your plan. To help you achieve this you can develop and monitor a set of measures to see how well your marketing strategy is working against the objectives you have set. These measures are commonly called Key Performance Indicators (KPI's).
When setting your objectives and KPI's, it is important to ensure they are practical. To help you do this you can use what is called the "SMART" test. The Smart test ensures that your goals and KPI's are;
S - Specific
M - Measurable
A - Achievable
R - Realistic
T - Time bound
More information on the SMART test can be found at the NSW Small Business website.
After your marketing strategy has been in place for a reasonable length of time, it is necessary to review its success and identify areas that need to be improved. Over time, changes to your business can occur and you will need to reassess your marketing strategy accordingly.
The success of the marketing campaign can be measured by comparing its performance in the marketplace against what was originally laid out by the marketing goals. These goals are the key indicators for determining the level of performance your campaign has achieved.
If the marketing has met expectations and still fits within the SMART guidelines, you may not need to alter the objectives at all. However, if the objectives are not being met, you will need to either change the objectives to make them more realistic and achievable, or implement changes that will make the marketing more effective.
toolkit.smallbiz.nsw.gov.au/part/1/5/24

[nirmala]

If you are a small business owner, you know that business planning in an economic downturn is difficult, particularly if you need to get a bank loan. If you need financing during a recession, you have to present a realistic business plan to your financial institution. This means adjusting your business plan to reflect the current economic conditions and looking ahead to forecast future economic events. Your financial institution will be more likely to grant you the funds you need if you indicate your understanding of the economic environment.
If the economy is in a recession or if a recession seems to be on the horizon, shorten your business planning cycle. You need to review your business plan frequently. If you are developing a plan to try to get a business loan, set up your plan to reflect shortened planning cycles by Planning monthly if necessary; if not, plan at least quarterly. In a shrinking economy, you will sell less. Customers will have less money to spend. Indicate that you understand these issues in the financial statements you present to the lending institution.

[anilla]

Whether you have a 50-employee company or an empire of one, your business success depends on your ability to set and achieve goals. Put your business on the fast-track by applying the principles of SMART goal setting.

What are Smart Goals?

S.M.A.R.T. is an acronym for the 5 steps of specific, measurable, achievable, relevant, and time-based goals. It’s a simple tool used by businesses to go beyond the realm of fuzzy goal-setting into an actionable plan for results.

Specific: Great goals are well-defined and focused. “Obtain 2 new billion dollar corporate clients in the Boston property insurance market” is more meaningful to mobilize your team than “Get more business.” Ryan Blair, The Goals Guy eloquently states,"Focus creates a powerful force: goal power. The moment you focus on a goal, your goal becomes a magnet, pulling you and your resources toward it. The more focused your energies, the more power you generate."

Measurable: A goal without a measurable outcome is like a sports competition without a scoreboard or scorekeeper. Numbers are an essential part of business. Put concrete numbers in your goals to know if you’re on track. A goal white board posted in your office can help as a daily reminder to keep yourself and your employee focused on the targeted results you want to attain.

Attainable: Far too often, small businesses can set goals beyond reach. No one has ever built a billion dollar business overnight. Venture capitalists and angel investors discard countless business plans of companies with outlandish goals. Dream big and aim for the stars but keep one foot firmly based in reality. Check with your industry association to get a handle on realistic growth in your industry to set smart goals.

Relevant: Achievable business goals are based on the current conditions and realities of the business climate. You may desire to have your best year in business or increase revenue by 50%, but if a recession is looming and 3 new competitors opened in your market, then your goals aren’t relevant to the realities of the market.

Time-Based: Business goals and objectives just don’t get done when there's no time frame tied to the goal-setting process. Whether your business goal is to increase revenue by 20% or find 5 new clients, choose a time-frame to accomplish your goal.

sbinformation.about.com/od/businessmanagemen1/a/businessgoals.htm

[poonam]

A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals.Business plans may also target changes in perception and branding by the customer, client, tax-payer, or larger community.Objectives give the business a clearly defined target. Plans can then be made to achieve these targets. This can motivate the employees. It also enables the business to measure the progress towards to its stated aims.
The most effective business objectives meet the following criteria:
S – Specific – objectives are aimed at what the business does, e.g. a hotel might have an objective of filling 60% of its beds a night during October, an objective specific to that business.
M - Measurable – the business can put a value to the objective, e.g. €10,000 in sales in the next half year of trading.
A - Agreed by all those concerned in trying to achieve the objective.
R - Realistic – the objective should be challenging, but it should also be able to be achieved by the resources available.
T- Time specific – they have a time limit of when the objective should be achieved, e.g. by the end of the year.
The main objectives that a business might have are:
Survival – a short term objective, probably for small business just starting out, or when a new firm enters the market or at a time of crisis.
Profit maximisation – try to make the most profit possible – most like to be the aim of the owners and shareholders.
Profit satisficing – try to make enough profit to keep the owners comfortable – probably the aim of smaller businesses whose owners do not want to work longer hours.
Sales growth – where the business tries to make as many sales as possible. This may be because the managers believe that the survival of the business depends on being large. Large businesses can also benefit from economies of scale.
BUSINESS GOALS
Introduction of information technologies for communications must lead to achievement of business goals. It is important to remember that not only is it necessary to look at improving ways of doing things using technology. It should also be possible to add value to existing business processes using the technologies.
Typical business goals:
Improving customer service and satisfaction; Forming relationships; Facilitating business to business interaction; Improve awareness of IT capabilities within the business;
Marketing; Reduce costs

tutor2u.net/business/gcse/organisation_aims_objectives.htm
www-staff.it.uts.edu.au/~igorh/cscw/tools/busnets/busgoals.htm