5 Ways to Put Your Business Plan to Action, Efficiently!
The first thing you need is a proper business plan before jumping in to execute it for fast results. It is quite common for startups to expect deliverables from personnel without giving them directions.
It is best to begin with creating a growth agenda by primarily conducting a board meeting. This is to chart out a bird’s eye strategic view of what the founders and investors collectively want to get done.
And for the organisation having an LLP registration in India will need to have the consent of all partner members involved. Based on the discussions, the growth agenda is penned down and the same is communicated to the rest of the teams.
It needs to be flexible enough to get inputs from its members who can also alter it if needed. This ensures that all the departments executing the agenda are on the same page. And once you chart out the agenda, key personnel should be updated regarding the same. Sorting all these will then lead you to the next step of efficiently putting the plan to action.
Here’s how to do it!
Creating New Verticals
Once your startup looks forward to scaling up, you need to open up multiple touchpoints for acquisition. For a business to reach out to customers from different facets of life it needs to stretch itself to various other verticals. To exemplify, going online to drive growth. Also, it is wise to anticipate the operational hiccups you might face.
Another thing to consider here is how you plan to ramp up the game.
For example, consider how Reliance Jio came up with Jio Fiber as an extended service to an already existing Jio internet services. With this new vertical, the company aims to provide wifi services at home including gaming, TV calling and other entertainment.
Nurturing in-house Intrapreneurs for faster decision making
Passing on the work ownership is something that needs to be done apart from simply delegating the authority. Ultimately, it helps to create certain belongingness amongst the peers who will give their best for results. That’s where roping in a trusted team blended with the right leader comes to play. Having such a robust function mechanism will breed leaders within the team while freeing up the top-tier management personnel to devote their time to key business functions. Such an approach will create strong leaders and help to win their trust.
It makes them think and act as if it is their company which they run it with ultimate efficiency. The key is to create a certain set of values for a startup which reflects the business image. And then pass it down to these Intrapreneurs who will think and act faster and thereby bringing in dynamism within the organisation.
Align your business requirements with everything that technology can automate in today’s time. Globally, Startups are capitalizing on automating some of the repetitive processes to optimise team output. For this, going beyond conventional data management is crucial. The planning should itself include the ways and tools that need to be implemented for process automation. It involves equipping departments with related software systems and programs for integrating and streamlining existing practices.
Another way for team automation involves using project management tools that help to negate manual errors. Here, the team can save a lot of time and their efforts can be well reflected in the manner of output.
For those holding key positions in a startup, maintaining a schedule goes a long way. Each task should be time-bound to ensure you don’t end up spending a long time on minuscule matters. Also, it helps to focus on a single task for a certain particular time that aims to bring about a productive output.
Breaking Vision into Milestones
A startup needs agility where dedication and hard work go hand in hand with planning. It is important to break big, planned vision into achievable tasks driving towards a predefined result. These are the small milestones set for the teams by the team leaders (point 1) who are responsible to extract the best out of available resources. Executing the plan will involve managing multiple resources like finances, people, operational, etc. working towards milestone achievement. Start by implementing a step by step approach across the various teams to ensure the work takes place in tandem.
This is how each team will approach the milestones:
– List and carry out all the necessary tasks for achieving smaller goals. Ask the teams involved to put it one by one on their to-do list based on its relative dependence. This will ensure them following a planned approach rather than a confused one. – Ticking out task boxes and checking on its completion to ensure efficiency.
– Everything that the team plans should be followed with a question– ‘what should be done to make this happen?’ Best is to have a note of all the activities associated with the process to enable progress tracking.
Leaders are responsible for growth and need to know the redundant tasks that each team does. For any task that runs more than thrice, it needs to be written. One way to do so is to create a playbook and push it down to the team who would ensure executing the tasks as per the playbook instructions. What it does is that you are cutting down one level of approach where team or individuals would come to you asking for the next plan of action.
With playbook, they have all the answers to the questions. This will eliminate the need for people to come up to you and ask for what to do next. The answer is already there with them in the playbook. You can make notes and write it down in the book as well which will go in the audiobook.
Such an approach systematises recurring procedures in early stages. It is something that grows out of habit once the team starts expanding. Such audiobooks also come handy when you plan to leverage technology for performing repeated tasks (point 3). Adopting this technique helped Uber to grow rapidly.
In the end, it all boils down to how minimal efforts can create maximum impact. All the teams need to be in sync with the common goal. Putting the plan to action to require some serious considerations in terms of feasibility. Expecting output requires adequate availability of resources as well.
About The Author
Shrijay is an entrepreneur with excellent business acumen. With a decade-long experience of working with some of the most disruptive eCommerce startups across the globe, Shrijay believes in team building, customer service, and execution to be the most critical processes for building a sustainable business. He currently leads a LegalTech company: LegalWiz.in which helps Startups and SMEs in India to easily comply with the law.
LegalWiz.in offers services for new company registration, trademark registration, legal document drafting, GST return filing, and more. LegalWiz.in makes it simple, affordable and transparent for small businesses to avail business professional services.