In this series we are using the analogy of making a chocolate cake. So far we have visualised our cake and curated a list of ingredients. This third step on Execution is about establishing the measurements and mixing it together.
(Business Planning - Execution is Step 3 of Formulating a Business Plan. If you haven't already please refer to our recipe for building bigger profits post)
Actions are the measurements and method of mixing the ingredients together.
When the goals were established in the prior section they represented a future outcome for which the steps or processes were not yet defined. Establishing actions to each goal is literally breaking down the goal into the various steps that need to be taken to achieve that goal.
As a business owner the great thing about doing this exercise is that you're establishing actions that can be delegated to others within your business. If you don't consider yourself proficient at delegation we suggest you take some courses on how to delegate effectively. Too often business owners become their own bottle neck and constraint to a successful business because they think they need to do it all. This is certainly not the case and utilising staff to execute actions frees up time and speeds up the pace under which change can be made.
We've found it really useful to put these actions into a system where everyone can see and keep a track of who is allocated for what. There are heaps of options out there, but one of our favourites is asana because it's so simple to use and keep updated. But also consider that it's quite possible that within your existing systems there will be some sort of task management facility, use this to keep on top of the actions set at this stage.
At Evolve Accounting we specialise in facilitating the creation of business plans and all other aspects that go into business plan such as:
- Business Plan formulation
- Goal Setting
- Cake Making
- Establishing Key Performance Indicators
- Accountability to your goals
- Acting as a virtual chief financial officer to your business (VCFO)