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Tuesday Morning Coffee

Tuesday Morning Coffee

VITAL Question #13

Posted on May 7, 2014 at 4:10 PM

VITAL Question #13 What if Reality is different from the Plan?…What Do I Do Then?

Business plans are rarely “etched in stone”. They are better viewed as a dynamic prediction of future outcomes, subject to many variables both within and outside your control.

The secret to making plans truly effective is to review actual results. Weekly, you should meet with your sales and production teams to review progress towards the monthly targets, and how each prospect and project is impacting that progress.

Monthly, you need to conduct high-level monthly reviews of performance versus projections. The monthly review provides both a management scoreboard, and a possible call to action. Absent regular monthly review, the more likely management will not correct course in time to avert a poor outcome.

The monthly review will indicate one of three things:

1) Keep doing what you’re doing. If results are consistent with plan, get right back out there and do more of the same.

2) Modify your behaviors. If, for example, a planned increase in labor efficiency is not happening, try to determine why. Maybe strategy isn’t being implemented. Maybe the strategy itself is deficient. But you can’t keep doing what you’re doing.

3) Adjust the plan. This is what you are forced to do if results indicate a trend of outcomes exceeding projections (or vice-versa). Whether you need to adjust the plan up or down, do it. Your future investment in resources is based on the plan. Foolish to continue to invest against an outcome that is clearly not indicated.

Plan. Act. Review. That is the management cycle of consistently successful companies. Next week, we will explore, what is my Company worth?

 

 


Categories: VITAL QUESTIONS

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