The Fast Forward MBA in Business Planning for Growth

by Walcoff, Philip

• ISBN13: 9780471345480
• ISBN10: 0471345482
• Edition: 1st
• Format: Paperback
• Copyright: 1999-08-30
• Publisher: Wiley

Summary

The Fast Forward MBA in Business Planning for Growth gives you a strategy for success! Is your company at a standstill, or is it growing but without the focus and strategy it needs for sustained and continued growth? Do you have an idea for a business but no idea where to start? Business planning is vital to the growth and survival of any company, but only an action-oriented plan can give your business the steady growth it needs to survive and succeed in today's business world. Whether your company is large or small, this hands-on, step-by-step guide will walk you through the process of creating a business plan that ensures growth and profitability. Drawing on more than 35 years of experience, Philip Walcoff shares the tools and techniques he has developed managing his own business as well as working with over 70 companies of all sizes. Walcoff avoids the pitfalls of the standard business plan which focuses only on raising capital, or the strategic plan, which sits on the shelf gathering dust. He shows how your business can: * Identify and resolve key issues that are roadblocks to your company's growth * Develop the strategies and tactics that foster growth and profitability * Design a process for managing the plan to success. From the creators of the bestselling Portable MBA series comes The Fast Forward MBA . . . * A quick way to brush up on new ideas * An easy-to-use format that fits in any briefcase * Real-world information that you can put to use now!

Author Biography

PHILIP WALCOFF is the cofounder of a high-technology information system company that grew from two employees in 1982 to more than 600 employees in 1990, with more than $60 million in sales. Currently he is President of PWI Business Solutions, where he brings his expertise to large and small companies, developing action-oriented plans for growth. He lives in Maryland.

Table of Contents

INTRODUCTION	xvii
PART 1 THE BUSINESS-PLANNING PROCESS: THREE STEPS TO AN EFFECTIVE BUSINESS PLAN	1	(20)
CHAPTER 1--AN INTRODUCTION TO BUSINESS PLANS	3	(14)
Business Characterization by Size	3	(1)
Most Companies Don't Plan	4	(1)
Business Failures Are Linked to Lack of Planning	5	(2)
Reasons Why Companies Don't Plan	7	(1)
Why You Need a Business Plan	8	(1)
Types of Business Plans	8	(2)
The Classic Business Plan	9	(1)
The Strategic Plan	9	(1)
Strategy and Tactics	10	(1)
Other Types of Plans Used in Business	10	(1)
Why Business Plans Fail	11	(2)
Plan or Die	13	(1)
Stephen Covey's Time Management Matrix	13	(1)
Objectives of This Book	14	(1)
End Point	15	(2)
CHAPTER 2--THE THREE-STEP PLANNING PROCESS	17	(4)
A Three-Step Process	17	(3)
Identify the Issues	17	(1)
Develop the Plan	18	(1)
Manage the Plan	18	(2)
End Point	20	(1)
PART 2 IDENTIFY THE ISSUES	21	(54)
CHAPTER 3--ISSUES IN THE WAY OF SUCCESS	23	(14)
Gathering the Issues	23	(2)
The Interview Process	23	(1)
Gathering and Presenting the Issues	24	(1)
Issues for Small and Start-Up Companies	25	(1)
Major Issue Categories	25	(1)
Incorporating Issue-Resolution Actions into the Business Plan	26	(1)
Major Issues Facing Small to Medium-Sized Companies	27	(4)
The Sample Companies	27	(1)
The Major Issues	28	(1)
Issue Categories by Number of Responses	28	(2)
Two Issues Not Included	30	(1)
Where Issues Reside	31	(4)
Function-Specific Issues	32	(2)
Companywide Issues	34	(1)
End Point	35	(2)
CHAPTER 4--FUNCTION-SPECIFIC ISSUES AND APPROPRIATE RESPONSE OPTIONS	37	(20)
Approach to Issue Resolution	37	(2)
Issue-Resolution Timeframe	38	(1)
Consider Using Consultants	38	(1)
Documenting Your Business Plan	39	(1)
Marketing and Sales Issues and Response Options	39	(7)
Personnel and Compensation Issues and Response Options	46	(4)
Management and Operations Issues and Response Options	50	(3)
Finance and Administration Issues and Response Options	53	(2)
End Point	55	(2)
CHAPTER 5--COMPANYWIDE ISSUES AND APPROPRIATE RESPONSE OPTIONS	57	(18)
Communications Issues and Response Options	58	(4)
Culture Issues and Response Options	62	(1)
Systems and Processes Issues and Response Options	63	(3)
Planning Issues and Response Options	66	(3)
Resources Issues and Response Options	69	(2)
Personnel Shortages Are Tied to Growth	71	(1)
End Point	71	(4)
PART 3 DEVELOP THE PLAN	75	(56)
CHAPTER 6--MAJOR BUSINESS PLAN ELEMENTS	77	(4)
Strategic Elements	78	(1)
Tactical Elements	79	(1)
This Is Not Your Final Plan	79	(1)
End Point	79	(2)
CHAPTER 7--DEVELOP YOUR STRATEGY: THE VISION STATEMENT, MISSION STATEMENT, AND FIVE-YEAR GOALS	81	(28)
Defining the Vision Statement	81	(2)
What Your Vision Statement Achieves	83	(1)
Developing the Mission Statement	83	(2)
Answering the Five Critical Mission Statement Questions	85	(8)
Question 1: In 10 Years, Who Are My Clients and What Am I Selling?	86	(1)
Question 2: In 10 Years, What Value or Benefit Do My Clients Receive from My Products and Services?	87	(2)
Question 3: In 10 Years, What Special or Unique Characteristics of My Products and Services Set Me Apart from the Competition?	89	(1)
Question 4: In 10 Years, What Major Marketing Strategies Do I Employ to Market and Sell My Products and Services?	90	(2)
Question 5: In 10 Years, What Are My Commitments to My Clients, Employees, and Stakeholders?	92	(1)
What Your Mission Statement Achieves	93	(1)
Establishing Five-Year Goals	94	(10)
Defining "Stretch" Goals	94	(1)
Revenue Goals	95	(1)
Defining Revenue Goals for Each Element of Your Business	96	(2)
Profit Goals	98	(1)
Customer Satisfaction Goals	99	(1)
Conducting Customer Surveys	100	(2)
Competitive Distinction Goals	102	(1)
Strategic Marketing Goals	103	(1)
Employee Commitment Goals	104	(1)
Relationship between the Mission Statement and the Five-Year Goals	104	(1)
Additional Goals to Consider	105	(2)
What Your Five-Year Goals Achieve	107	(1)
End Point	107	(2)
CHAPTER 8--DEFINE YOUR TACTICS: ANNUAL OBJECTIVES AND THE ACTION PLAN	109	(22)
Setting Annual Objectives	109	(1)
Establishing a Planning Timeframe	110	(1)
Establishing Accountability	111	(1)
Revenue Objectives	111	(2)
Developing a Revenue Projection	113	(2)
Profit Objectives	115	(1)
Customer Satisfaction Objectives	116	(2)
Competitive Distinction Objectives	118	(1)
Strategic Marketing Objectives	118	(2)
Employee Commitment Objectives	120	(1)
Additional Annual Objectives to Consider	121	(1)
Annual Objectives Stemming from Issues	122	(1)
What Your Annual Objectives Achieve	122	(3)
Defining the Action Plan	125	(5)
Action Items Stemming from Annual Objectives	125	(3)
Action Items Stemming from Issues	128	(2)
What Your Action Plan Achieves	130	(1)
End Point	130	(1)
PART 4 MANAGE THE PLAN	131	(28)
CHAPTER 9--TAKE ACTION: IMPLEMENT YOUR BUSINESS PLAN	133	(10)
Managing the Plan to Success	134	(1)
Holding Action Plan Reviews	135	(3)
Updating the Action Plan	135	(1)
The Action Plan Is Never Completed	136	(1)
Be Diligent in Completing Action Items	136	(1)
Don't Maintain Two To-Do Lists	137	(1)
Don't Get Bogged Down in Day-to-Day Details	137	(1)
Holding Progress Reviews on Your Annual Objectives	138	(1)
Defining New Action Items	138	(1)
Developing an Annual Objectives Review Package	139	(2)
Quantitative Objectives	139	(1)
Qualitative Objectives	140	(1)
The Planning Cycle	141	(1)
End Point	141	(2)
CHAPTER 10--ACTIVITIES TO SUPPORT YOU IN TAKING ACTION	143	(6)
First Steps toward Implementing Your Plan	143	(1)
Review and Finalize the Plan	143	(1)
Hold a Planning Session	144	(1)
Share the Plan	144	(1)
Preparing Mini-Implementation Plans	144	(2)
Managing by Objectives	146	(1)
Holding Regularly Scheduled Staff Meetings	146	(1)
End Point	147	(2)
CHAPTER 11--BUSINESS PLANNING IN LARGER ORGANIZATIONS	149	(10)
Holding the Planning Session	149	(1)
Four Questions to Be Addressed	150	(8)
Planning Session Participation	150	(1)
Planning Session Logistics	151	(1)
Planning Session Preparation	151	(3)
Planning Session Agenda	154	(4)
End Point	158	(1)
EPILOGUE	159	(4)
APPENDIX A--YOUR MAJOR ISSUES AND APPROACHES FOR RESOLUTION	163	(2)
APPENDIX B--YOUR BUSINESS PLAN: PUTTING THE DOCUMENT TOGETHER	165	(8)
APPENDIX C--SAMPLE BUSINESS PLAN	173	(8)
APPENDIX D--SAMPLE ANNUAL OBJECTIVES REVIEW PACKAGE	181	(20)
NOTES	201	(2)
INDEX	203