Assuming that you built the plan in order to provide a routemap to your business goals then the plan should form the basis for your management reviews from now on
- In order that you can use it to manage the business the plan should contain
o A detailed month-by-month budget for the first year
o Monthly sales targets
o Monthly marketing targets
o A small number of other monthly KPI targets covering customers, operations and staff
- The monthly management review should
o Be attended by the staff responsible for the above areas
o Follow a set agenda
o Be scheduled and diarised for the year ahead
o Take place as soon as possible after the month end once the necessary figures have been produced for the previous month and year to date
§ Management accounts
§ Sales figures
§ KPI performance
o Identify variances from plan, identify causes and specify remedial actions
o Record actions against an owner and deadline
o Review progress against previous agreed actions
- The quarterly plan review should
o Revise the forecast outturn for the year based on performance to date
§ In bigger businesses this may result in a revised budget against which to measure in future management meetings
o Identify any significant remedial actions required to align with the new forecast, such as redundancies or new premises
o Be scheduled, minuted and followed-up as per the monthly meetings
- The annual strategic review should prepare the new business plan
Get more great business tips on our website.
No comments:
Post a Comment