- A written business plan is an essential management tool for a business success.
- It is written after an evaluation and learning from the inadequacy or mistakes of the past performance has been completed.
- Internal and industry benchmarking has been considered before any performance standards established.
- The change in terms of strategies, models and metrics must be clearly stated and the impact of the change must be simulated.
- It shows a comprehensive, coordinated and integrated management to achieve the end results.
- It consist of formulated strategies, with designed models and improved performance metrics expressed in financial terms for the operations and resources of an enterprise at some future period.
- It evaluates competitions in the market and adopt appropriate winning strategies
- The implementation should include empowerment with authority and resources clearly stated in the budget.
- Ideally, the plans should be performance structured with goal, market and improvement drive.
- The plans must be suitable for delegation and cascading. The KPI for each job must be identified.
- At the end, the plans must show that the business is feasible, viable and sustainable.
