Effective Business Planning and Execution

Effective Business Planning and Execution

Effective Business Planning and Execution

Effective Business Planning and Execution

Language: english

Note: 5.0/5 (84 notes) 1,753 students

Instructor(s): Sorin Dumitrascu

Last update: 2022-04-12

What you’ll learn

  • Preparing a Business Plan
  • Performing Key Analyses
  • Preparing for Implementation
  • Understanding the Fundamentals
  • Crafting a Business Strategy that Executes
  • Linking Strategy to People and Operations
  • Monitoring and Evaluating Initiatives

 

Requirements

  • There are no special requirements or prerequisites to take this course. All you need is focus and the desire to learn what’s necessary in order succeed!

 

Effective Business Planning and ExecutionEffective Business Planning and Execution

 

Description

Welcome to the Effective Business Planning and Execution Program which includes the following topics: Preparing a Business Plan, Performing Key Analyses, Preparing for Implementation, Understanding the Fundamentals of Business Execution, Crafting a Business Strategy that Execute, Linking Strategy to People and Operations and Monitoring and Evaluating.


1. Business Planning

You will learn here how to prepare a Business Plan, perform Key Analyses for Business Planning and how to Prepare the Implementation of a Business Plan.

Preparing a Business Plan

There are many important reasons to create a business plan. If your business is just starting out, business plans can help you attract investors. For new and established businesses alike, business plans map out how they’ll negotiate opportunities and challenges.

At a departmental level, business plans are developed to address medium-term planning needs and to secure approval and resources from senior management for new ideas and initiatives.

This course will help you develop your own business plan. It starts with an introduction to business plans that illustrates the benefits of business planning and describes the main elements of a plan.

It continues on to discuss the six preparatory steps you should take before developing a business plan and provide examples of each of these steps. And finally, it details how you can create your own plan by following a number of key guidelines.

Performing Key Analyses

Organizations have always had to plan for the future. Currently, however, the ability to develop and implement strategic plans is more important than ever. Managers need to look at the big picture to better understand what will and won’t work for their companies. They must determine where potential obstacles might exist, and how a proposed initiative – no matter how big or small – would support a company’s vision and objectives.

Say you want to plan your department’s future activities to support your organization’s strategic objectives. What would a good business plan look like? It should include a thorough review of the internal and external environment to determine how your idea fits in the business and market contexts.

An internal analysis examines your organization’s strengths and weaknesses. An external analysis tries to anticipate opportunities and threats in the political, economic, societal, and technological environment – for instance, a PEST analysis. You need to conduct internal and external analyses regularly. This will help promote creativity, uncover opportunities and challenges, and ensure a more effective review process.

This course looks at how to use internal and external analyses of your company to guide you in developing business plans. An internal analysis involves assessing your company’s market strategy and resources, evaluating organization and management strategy, and evaluating your organization’s financial position. You’ll then learn about the factors to consider when analyzing your external environment. This includes a PEST analysis and scenario planning. You’ll then learn how to conduct a SWOT analysis of your organization’s strengths, weaknesses, opportunities, and threats.

Preparing for Implementation

As a manager, you’ll probably need to create business plans from time to time. For example, you may want to set out the strategies your department will follow for the next 12 months.

Or you might need to develop a plan for a new product, service, or process. Although creating a successful business plan is a significant achievement, implementing it effectively is not without its challenges.

Implementing a business plan requires the development of action plans. It also involves assigning responsibility for carrying out the necessary actions to individual employees and departments.

You should review and evaluate the results achieved on an ongoing basis. If things go wrong and you don’t get the expected results, it’s important to be able to modify your plans and take corrective action to get back on track.

In this course, you’ll learn how to coordinate and manage all implementation-related activities in an effective way. You’ll discover how to develop action plans to help you implement your strategies and ideas.

And you’ll find out how to ensure your implementation efforts can be supported in your organization. You’ll also determine how to create a reporting system to help you monitor progress, how to control and modify your action plans, and how to assess the resulting outcomes.

After taking this course, you should be in a better position to implement your business plans effectively. This can help you achieve your own goals as a manager – as well as support your organization’s strategic objectives.


2. Business Execution

This course includes the following sections: Understanding the Fundamentals, Crafting a Business Strategy that Execute, Linking Strategy to People and Operations and Monitoring and Evaluating.

Understanding the Fundamentals

There is a substantial difference between strategy planning and execution. Creating strategy is a lot easier than executing it. You’ll learn about the cornerstones of effective business strategy execution – correct leadership behavior, having people in the right roles, and creating a culture of execution.

You’ll begin by reviewing the reasons why executing business strategy is difficult. First, you’ll become familiar with the drivers to strategy execution. Then you’ll review some common barriers to strategy execution.

You’ll also learn to recognize leadership behavior that’s conducive to delivering results. And you’ll determine if an organization – leaders, middle management, and the workforce – is displaying characteristics that support strategy execution and has people in the right roles.

Then you’ll learn what a culture of execution entails and the four steps to create a culture that promotes business execution. With this knowledge, you’ll be able to determine if your company meets the conditions that facilitate strategy execution.

Crafting a Business Strategy that Execute

The process used to execute strategy links strategy formulation and planning with operational execution.

First, you define and develop the strategy. Next, you align people and operations with the strategy. And finally, you monitor and revise the strategy. This course focuses on the first stage – defining and developing executable strategic plans.

This course will give you the tools you need to define and develop strategy that executes. You’ll learn how to define the strategy by clarifying the mission, vision, and values.

You’ll explore how to review the current situation and create strategy direction statements. Then you’ll find out how to select strategic initiatives based on themes and assign accountability to those initiatives.

Finally, you’ll learn how to translate initiatives into strategic targets and allocate resources to initiatives.

Linking Strategy to People and Operations

Without a focused plan, a business strategy will remain a vision. But by clearly defining what you want to achieve and developing strategically executable initiatives, you can bridge the gap between vision and execution.

In this course, you’ll learn the principles for communicating your organization’s strategy to help get your employees’ buy-in. You’ll also find out how to align people and work processes throughout your organization by translating high-level strategies into individual tasks.

Finally, you’ll discover how to analyze and develop the critical competencies that your employees need to execute your organization’s strategy. Following the guidelines in this course can help your organization communicate its strategy and get the support of its employees.

And by linking strategy to people and operations in your organization, you can improve your business execution to ensure your plan succeeds.

Monitoring and Evaluating

Monitoring and evaluating are not the same thing. Monitoring measures progress, checking whether the implementation is on track and aligns with your objectives. Evaluating your execution is about measuring success.

It allows you to adjust your plans and improve performance. Even the best- designed and best-implemented strategies can sometimes become obsolete as business circumstances change. It is essential, therefore, that strategy is systematically monitored and evaluated – and revised if required.

This course takes you through the steps involved in monitoring execution of your strategy. It then outlines the process for evaluating the results of your execution. Finally, you will learn how to effectively revise strategy once you have determined that change is needed.


That’s it! Now go ahead and hit that “Take this course!” button and see you on the inside!

 

Effective Business Planning and Execution

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Who this course is for

  • Business leaders, professionals, and managers who want to gain or refine their skills for planning and developing strategic business plans
  • Anyone who wants to initiate the conditions, implement the strategies, and provide support for business execution in their organization

 

Course content

  • Effective Business Planning and Execution
    • Program Overview
    • Program Guidelines
    • FAQs
  • Preparing a Business Plan
    • Section Overview
    • Business Plans
    • Business plan benefits
    • Elements of business plans
    • Organizing Your Thoughts
    • Preparing to Develop Your Business Plan
    • Defining your mission
    • Doing research
    • Establishing goals
    • Identifying strategies
    • Assessing resources and risks
    • Creating Your Business Plan
    • The parts of a business plan
    • Preparing to Develop Your Business Plan
    • Creating a Business Plan
    • Business plan review
    • Business plan guidelines
    • Business Plan Guidelines
    • Preparing a Business Plan
    • Preparing a Business Plan
  • Performing Key Analyses
    • Section Overview
    • Using an Internal Analysis to Guide Business Planning
    • Benefits of business plans
    • Conducting an internal analysis
    • Market strategy
    • Resources
    • Organization and management strategy
    • Financial position
    • Conducting an Internal Analysis
    • An Internal Analysis
    • Analyzing the External Environment
    • External analysis – PEST
    • External analysis – scenario planning
    • Examining the External Environment
    • Market analysis – customer groups
    • Market analysis – competitors
    • Market analysis – industry
    • Market Analysis
    • Identifying Opportunities and Challenges
    • What is a SWOT?
    • Conducting a SWOT analysis
    • Using a SWOT for your business plan
    • Blazerfire’s SWOT
    • Performing Key Analyses
    • Performing Key Analyses
  • Preparing for Implementation
    • Section Overview
    • Coordinating the Implementation of a Business Plan
    • Implementing a business plan
    • Facing challenges
    • Benefits of effective implementation
    • Coordinating the process
    • Coordinating Implementation Activities
    • Action Planning to Support Business Plan Implementation
    • Action plans
    • Content of action plans
    • Action planning steps 1 to 3
    • Action planning steps 4 to 7
    • Supporting implementation
    • Implementing a Business Plan
    • Measuring and Controlling Business Plan Implementation
    • Creating a reporting system
    • Developing control procedures
    • Modifying plans
    • Plan-modification process
    • Preparing for Implementation
    • Preparing for Implementation
  • Business Execution: Understanding the Fundamentals
    • Section Overview
    • Why is Execution so Difficult?
    • Drivers to strategy execution
    • Difficulties in strategy execution
    • Strategy Execution Assessment
    • Leadership, Workforce, and Execution
    • Leadership behavior
    • Steve’s Leadership Characteristics
    • The leadership role
    • National Bank Strategy Execution
    • Middle management responsibilities
    • Workforce execution support
    • Roles and Responsibilities
    • Organizational Culture and Execution
    • Culture of execution
    • Provide vision and impetus
    • Nationwide Department Store Culture of Execution
    • Education and socializing
    • Communicate and reward
    • Creating a Culture of Execution
    • The Workforce and Strategy Execution
    • Corporate Culture and Strategy Execution
    • Strategy Execution Difficulties
    • Business Execution – Understanding the Fundamentals
    • Business Execution – Understanding the Fundamentals
  • Business Execution: Crafting a Strategy that Executes
    • Section Overview
    • Defining Executable Strategy
    • Define the strategy
    • Clarify the mission, vision, and values
    • Review the current situation
    • Create strategy direction statements
    • Defining Strategy
    • Selecting Strategically Executable Initiatives
    • The critical aspects of strategy
    • Selecting strategic initiatives
    • Assigning accountability
    • Develop the Strategy
    • Creating Executable Metrics and Assigning Resources
    • From initiatives to strategic targets
    • Allocate resources to initiatives
    • Defining an Executable Business Strategy
    • Selecting Initiatives that are Strategically Executable
    • Creating Strategic Targets and Allocating Resources
    • Business Execution: Crafting a Strategy that Executes
    • Business Execution: Crafting a Strategy that Executes
  • Business Execution: From Strategy to People and Operations
    • Section Overview
    • Communicating Strategy for Execution
    • The importance of communicating strategy
    • Mission, values, vision, and strategy
    • Principles for communicating strategy
    • Principles for Communicating Strategy
    • Aligning People and Work Processes
    • Purpose of balanced scorecards
    • Ensuring corporate BSC is understood
    • Choosing objectives that can be executed
    • Covering all high-level objectives
    • Cascading High-level Scorecards
    • Personal and strategic objectives
    • Developing Employee Competencies
    • Recognizing competencies
    • Five steps to assess employee competency
    • Listing and assessing competencies
    • Analyzing gaps in competencies
    • Creating and monitoring plans
    • Assessing Employee Competencies
    • Communicating Business Strategy
    • Cascading Balanced Scorecards
    • Assessing and Developing Employee Competencies
    • Business Execution – Linking Strategy to People and Operations
    • Business Execution – Linking Strategy to People and Operations
  • Business Execution: Monitoring and Evaluating Initiatives
    • Section Overview
    • Monitoring Execution of Strategy
    • Balanced scorecards and action plans
    • Strategic dashboards
    • Strategic review meetings
    • Reviewing employee engagement
    • Methods for Monitoring Strategy Execution
    • Evaluating Results of Execution
    • Analyzing variance
    • Management reports and actions
    • Assess and discuss priorities
    • Plan corrective actions
    • Record and apply lessons
    • Guide to Evaluating Strategy Execution
    • Revising Strategy for Good Execution
    • Why strategy ceases to work
    • The time to change
    • Steps to altering strategy
    • Monitoring Execution Strategy
    • Evaluating Strategy
    • Revising Strategy
    • Business Execution – Monitoring and Evaluating Initiatives
    • Business Execution – Monitoring and Evaluating Initiatives

 


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