The spreadsheet may also assign a priority for the initiative (low, medium or high). Actions can be simple one-off projects (e.g., hiring a new person), repeatable actions (e.g., initiating monthly reviews of actual versus estimated costs) or a larger project (e.g., converting the website to an e-commerce site).įor each action, the spreadsheet lists a key performance indicator, names of those responsible for or involved in the initiative, and a timeline for execution. The action plan is typically presented as a one-page spreadsheet that lists initiatives by function. You’ll get the best team buy-in if as many key employees are involved as possible,” Drepaul says. “People on the front lines sometimes have the best ideas for planning and implementation. Involving your team helps ensure the best ideas are considered and employees are on board for implementation.
“The idea is to prioritize actions to move from the current state to the desired future state and close the gaps between the two.” “The intention is not to generate an exhaustive list of everything to do,” Drepaul says. The idea is to take many great ideas, filter them to select the important ones, make a short list to study in detail, and then focus on a few key actions with the greatest potential of helping the company attain its strategic goals and desired future state.
DEFINE ACTIONS HOW TO
Managers involved in strategic planning should brainstorm with their teams about projects and specific steps to include in the action plan and how to implement them. A good leader achieves results through teamwork.” That’s the old-fashioned way, which has a high risk of failure, especially if the owner becomes busy with something else. Some owners try to create a strategic plan by themselves their teams aren’t involved. “The owner can’t do it alone,” Drepaul says. They should be involved from the beginning as you develop the action plan and other elements of the strategic plan. Your team’s participation will make or break the action plan. Growth & Transition Capital financing solutionsĭrepaul offers seven tips for creating a successful action plan.
Kauffman Fellows Program Partial Scholarship Venture Capital Catalyst Initiative (VCCI)
Industrial, Clean and Energy Technology (ICE) Venture Fund