To transform your business strategy into tangible results, it is crucial to create a well-defined action plan. An action plan outlines the specific steps that need to be taken to ensure the success and growth of your business.
Understanding the basics
Your action plan should be designed to follow through on your business strategy.
Your strategy should outline the overall direction of your business and the major decisions that are needed to be taken – such as identifying what your target market segment will be and what you would like your business to look like in five years. However, your action plan should provide precise details about your goals and the actions required to achieve them in the day-to-day running of your business.
When writing your action plan, involve your partners and/or employees, so that you can create and share new ideas. Inviting others to contribute also means that you are more likely to earn their commitment to making your venture a success – especially if they’re made to feel as if their ideas were valued.
Getting started
1. Departmental action plans
Consider the different departments within your company, such as marketing, production, and finance. Depending on the complexity of your business, you may need to create separate action plans for each department.
2. Avoid conflicting deadlines and resource competition
Ensure that your action plan does not have conflicting deadlines and that different departments do not compete for the same resources. In small businesses, it may be possible to cover all activities in a single plan.
3. Set deadlines and regular review meetings
Specify deadlines for key tasks in your action plan. Regularly meet with your staff to discuss progress, address any necessary changes, and update your plan accordingly.
Need to knows...
- Action plans outline the specific steps that a business will take to execute its strategic plan, which in turn fulfils its business plan.
- Business plans outline the key objectives of a business, such as what products or services it provides and to whom.
- Strategic plans describe in broad terms how a business intends to follow its business plan.
Making a plan of action
Example: A mountain tour guide company wants to tell potential customers about their new winter routes, so they develop an action plan based on marketing. More complex steps in the plan, such as social media campaigns, will benefit from having their own, more detailed, action plans.
The goal:
To increase awareness and sales of the tour guide company’s new winter mountain routes.
Key steps to take:
- Email existing customers about the new winter routes, offering discounts.
- Arrange advertising on hiking and mountaineering websites.
- Run a social media campaign that showcases exciting features of the new routes.
Timeframe:
- Begins: 17th August
- Completed by: 25th August
Who is responsible?
- Email – Staff member 1
- Advertisement – Staff member 2 & 3
- Social media campaign – Staff member 4
Resources required:
- Staff member 1’s time and the customer mailing list.
- Staff members 2 & 3’s time, list of suitable websites to advertise on and £5000 advertising budget.
- Staff member 4’s time and digital marketing tools.
Creating a well-structured action plan is essential for implementing your business strategy effectively. By involving your team, considering departmental requirements, and setting clear objectives and timelines, you can successfully execute your action plan and achieve your business goals. Regularly review and update your plan as necessary to ensure its continued relevance and success.
