Top Tips for Implementing Your Business Plan

Implementing-your-business-plans

Competition is strong because everyone has their unique business idea, but the ratio of successful businesses is low. According to statistics regarding start-ups, as few as 30% of start-ups survive their 10th year in business, while 50% fail in their first few years. A key factor can be the proper implementation of the business plan. Here are top tips for implementing a successful business plan.


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1. Divide Objectives into Different Tasks

Once, you have strong ideation, market research, direction and a competitive product, list your key objectives. Having a direction or objective can streamline your progress and also guide your goals.

By going after each of the objectives in a task oriented way, you are more likely to succeed. One thing to keep in mind is that all objectives cannot be attained at once. Organise the flow of different tasks so that each process helps you achieve your goals.

2. Allocate Resources

For all businesses, resource management is a tactful and an important task. Allocating the right person to do your job is critical here.

As John Allen, Marketing Manager, Australian Master points out, Resource allocation is a process of deploying resources based on their skillset and capabilities to do a certain task’.

While hiring your team, focus on the following things:

  • Hire people based on their past experience and knowledge. 
  • Be clear to your employees what you require from the team and how their skills can help achieve a positive outcome.
  • If you can, also hire people who are all-rounders. You might have heard the famous phrase, ‘Jack of all trades.’ Most of the times people who have knowledge about multiple fields can, not only do wonders in their own field but also help others with their experience.

Recommended reading: Top Tips for Creating a Successful Business Plan


3. Gantt Charts Can Help

At all times, you should have a detailed summary of your business. Gantt charts help you structure the business story and make it easier for you to see where you might be going wrong.

Gantt charts can be a really useful tool in project management helping companies to adapt and to keep a check on the growth of the business.

4. Monitor Progress

Be smart while tracking the progress of your business. Review weekly, monthly and yearly. Compare the results and see in which season your company was more profitable as this will help you understand the market and its needs.

Plan periodic business check-ups which will act as a guide to monitor the progress of your business plan.

5. Balance the Team Workload with the Growth

While resourcing your team, distribute tasks according to the expertise of each member and monitor how their efforts are resulting in the achievement of the tasks and objectives.

6. Keep an Eye on Your Finance

50% of all business start-ups fail in the first five years. Lack of planning but also failing to keep account of money spent and profit earned are key factors.  


Recommended reading: 6 Common Money Mistakes Business Owners Make


7. Be Flexible With Your Plans

Don’t rush into things and assess every opportunity as it comes to you. Stay focused but don’t take success as an overnight phenomenon.

8. It’s Time to Implement

No matter, how reliable your product is, how robust your marketing mix is, you cannot reach your goal until you start implementing your business plan.

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Thursday, 17 October 2019
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