Business Action Plan
What is a Business Action Plan?
A Business Action Plan can help set you on the right track. It is an internal business document that lists the actions you must take within a certain timeline, while running your business, to achieve a goal.
What is the purpose of a Business Action Plan?
The purpose of a Business Action Plan is to set out what resources are required to reach the goal, create a timeline of what specific tasks need to be completed and determine what resources are required to reach that businesses goal.
What are the components of a Business Action Plan?
A good Business Action Plan has these components:
- Goal – The overall vision for the Business Action Plan.
- Objective – What completing the Business Action Plan would mean to the business.
- Indicators What milestones you would have to meet during the Business Action Plan.
- Strategy – Steps needed to take in the Business Action Plan to accomplish the goals.
- Action/Tasks – How would you implement the above steps.
What is a Business Action Plan like?
A Business Action Plan is like when someone is planning to go on a trip. (Below is a very simple example)
- Goal: is to have a fun time away.
- Objective: is to have a hassle free holiday, with everything planned before going away.
Indicators: Tickets booked, health insurance organised, accommodation organised, activities organised
- Strategy: Book tickets & organise health insurance by end of this month Organise all accommodation at least 2 weeks before holiday Organise all activities at least one week before holiday. Insure all planning is complete at least one week before the holiday.
- Action/Tasks: Tickets: Look online for the cheapest flights, book & pay for the cheapest ones. Health Insurance: Ring current health insurance and take out travel insurance. Accommodation: Search online using a few different sites and then book the accommodation that fits within the budget.
- Activities: Search online for activities that will take place where and when you are, book activities that are within your budget.
When do businesses typically develop a Business Action Plan?
Typically a Business Action Plan comes about during or after a meeting. A Business Action Plan is used to set goals such as; develop new business alliances, seek investment for a business or grow your existing business etc