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Managing the availability of supply to meet volatile demand has never been easy. Even before the unprecedented challenges created by the COVID-19 pandemic and the war in Ukraine, synchronizing supply and demand was a perennial struggle for most businesses. In a survey of 54 senior executives, only about one in four believed that the processes of their companies balanced cross-functional trade-offs effectively or facilitated decision making to help the P&L of the full business.
That’s not because of a lack of effort. Most companies have made strides to strengthen their planning capabilities in recent years. Many have replaced their processes for sales and operations planning (S&OP) with the more sophisticated approach of integrated business planning (IBP), which shows great promise, a conclusion based on an in-depth view of the processes used by many leading companies around the world (see sidebar “Understanding IBP”). Assessments of more than 170 companies, collected over five years, provide insights into the value created by IBP implementations that work well—and the reasons many IBP implementations don’t.
Integrated business planning is a powerful process that could become central to how a company runs its business. It is one generation beyond sales and operations planning. Three essential differentiators add up to a unique business-steering capability:
An effective IBP process consists of five essential building blocks: a business-backed design; high-quality process management, including inputs and outputs; accountability and performance management; the effective use of data, analytics, and technology; and specialized organizational roles and capabilities (Exhibit 1). Our research finds that mature IBP processes can significantly improve coordination and reduce the number of surprises. Compared with companies that lack a well-functioning IBP process, the average mature IBP practitioner realizes one or two additional percentage points in EBIT. Service levels are five to 20 percentage points higher. Freight costs and capital intensity are 10 to 15 percent lower—and customer delivery penalties and missed sales are 40 to 50 percent lower. IBP technology and process discipline can also make planners 10 to 20 percent more productive.
When IBP processes are set up correctly, they help companies to make and execute plans and to monitor, simulate, and adapt their strategic assumptions and choices to succeed in their markets. However, leaders must treat IBP not just as a planning-process upgrade but also as a company-wide business initiative (see sidebar “IBP in action” for a best-in-class example).
One global manufacturer set up its integrated business planning (IBP) system as the sole way it ran its entire business, creating a standardized, integrated process for strategic, tactical, and operational planning. Although the company had previously had a sales and operations planning (S&OP) process, it had been owned and led solely by the supply chain function. Beyond S&OP, the sales function forecast demand in aggregate dollar value at the category level and over short time horizons. Finance did its own projections of the quarterly P&L, and data from day-by-day execution fed back into S&OP only at the start of a new monthly cycle.
The CEO endorsed a new way of running regional P&Ls and rolling up plans to the global level. The company designed its IBP process so that all regional general managers owned the regional IBP by sponsoring the integrated decision cycles (following a global design) and by ensuring functional ownership of the decision meetings. At the global level, the COO served as tiebreaker whenever decisions—such as procurement strategies for global commodities, investments in new facilities for global product launches, or the reconfiguration of a product’s supply chain—cut across regional interests.
To enable IBP to deliver its impact, the company conducted a structured process assessment to evaluate the maturity of all inputs into IBP. It then set out to redesign, in detail, its processes for planning demand and supply, inventory strategies, parametrization, and target setting, so that IBP would work with best-practice inputs. To encourage collaboration, leaders also started to redefine the performance management system so that it included clear accountability for not only the metrics that each function controlled but also shared metrics. Finally, digital dashboards were developed to track and monitor the realization of benefits for individual functions, regional leaders, and the global IBP team.
A critical component of the IBP rollout was creating a company-wide awareness of its benefits and the leaders’ expectations for the quality of managers’ contributions and decision-making discipline. To educate and show commitment from the CEO down, this information was rolled out in a campaign of town halls and media communications to all employees. The company also set up a formal capability-building program for the leaders and participants in the IBP decision cycle.
Rolled out in every region, the new training helps people learn how to run an effective IBP cycle, to recognize the signs of good process management, and to internalize decision authority, thresholds, and escalation paths. Within a few months, the new process, led by a confident and motivated leadership team, enabled closer company-wide collaboration during tumultuous market conditions. That offset price inflation for materials (which adversely affected peers) and maintained the company’s EBITDA performance.
Our research shows that these high-maturity IBP examples are in the minority. In practice, few companies use the IBP process to support effective decision making (Exhibit 2). For two-thirds of the organizations in our data set, IBP meetings are periodic business reviews rather than an integral part of the continuous cycle of decisions and adjustments needed to keep organizations aligned with their strategic and tactical goals. Some companies delegate IBP to junior staff. The frequency of meetings averages one a month. That can make these processes especially ineffective—lacking either the senior-level participation for making consequential strategic decisions or the frequency for timely operational reactions.
Finally, most companies struggle to turn their plans into effective actions: critical metrics and responsibilities are not aligned across functions, so it’s hard to steer the business in a collaborative way. Who is responsible for the accuracy of forecasts? What steps will be taken to improve it? How about adherence to the plan? Are functions incentivized to hold excess inventory? Less than 10 percent of all companies have a performance management system that encourages the right behavior across the organization.
By contrast, at the most effective organizations, IBP meetings are all about decisions and their impact on the P&L—an impact enabled by focused metrics and incentives for collaboration. Relevant inputs (data, insights, and decision scenarios) are diligently prepared and syndicated before meetings to help decision makers make the right choices quickly and effectively. These companies support IBP by managing their short-term planning decisions prescriptively, specifying thresholds to distinguish changes immediately integrated into existing plans from day-to-day noise. Within such boundaries, real-time daily decisions are made in accordance with the objectives of the entire business, not siloed frontline functions. This responsive execution is tightly linked with the IBP process, so that the fact base is always up-to-date for the next planning iteration.
In our experience, integrated business planning can help a business succeed in a sustainable way if three conditions are met. First, the process must be designed for the P&L owner, not individual functions in the business. Second, processes are built for purpose, not from generic best-practice templates. Finally, the people involved in the process have the authority, skills, and confidence to make relevant, consequential decisions.
IBP gives leaders a systematic opportunity to unlock P&L performance by coordinating strategies and tactics across traditional business functions. This doesn’t mean that IBP won’t function as a business review process, but it is more effective when focused on decisions in the interest of the whole business. An IBP process designed to help P&L owners make effective decisions as they run the company creates requirements different from those of a process owned by individual functions, such as supply chain or manufacturing.
One fundamental requirement is senior-level participation from all stakeholder functions and business areas, so that decisions can be made in every meeting. The design of the IBP cycle, including preparatory work preceding decision-making meetings, should help leaders make general decisions or resolve minor issues outside of formal milestone meetings. It should also focus the attention of P&L leaders on the most important and pressing issues. These goals can be achieved with disciplined approaches to evaluating the impact of decisions and with financial thresholds that determine what is brought to the attention of the P&L leader.
The aggregated output of the IBP process would be a full, risk-evaluated business plan covering a midterm planning horizon. This plan then becomes the only accepted and executed plan across the organization. The objective isn’t a single hard number. It is an accepted, unified view of which new products will come online and when, and how they will affect the performance of the overall portfolio. The plan will also take into account the variabilities and uncertainties of the business: demand expectations, how the company will respond to supply constraints, and so on. Layered risks and opportunities and aligned actions across stakeholders indicate how to execute the plan.
Trade-offs arising from risks and opportunities in realizing revenues, margins, or cost objectives are determined by the P&L owner at the level where those trade-offs arise—local for local, global for global. To make this possible, data visible in real time and support for decision making in meetings are essential. This approach works best in companies with strong data governance processes and tools, which increase confidence in the objectivity of the IBP process and support for implementing the resulting decisions. In addition, senior leaders can demonstrate their commitment to the value and the standards of IBP by participating in the process, sponsoring capability-building efforts for the teams that contribute inputs to the IBP, and owning decisions and outcomes.
To make IBP a value-adding capability, the business will probably need to redesign its planning processes from a clean sheet.
First, clean sheeting IBP means that it should be considered and designed from the decision maker’s perspective. What information does a P&L owner need to make a decision on a given topic? What possible scenarios should that leader consider, and what would be their monetary and nonmonetary impact? The IBP process can standardize this information—for example, by summarizing it in templates so that the responsible parties know, up front, which data, analytics, and impact information to provide.
Second, essential inputs into IBP determine its quality. These inputs include consistency in the way planners use data, methods, and systems to make accurate forecasts, manage constraints, simulate scenarios, and close the loop from planning to the production shopfloor by optimizing schedules, monitoring adherence, and using incentives to manufacture according to plan.
Determining the frequency of the IBP cycle, and its timely integration with tactical execution processes, would also be part of this redesign. Big items—such as capacity investments and divestments, new-product introductions, and line extensions—should be reviewed regularly. Monthly reviews are typical, but a quarterly cadence may also be appropriate in situations with less frequent changes. Weekly iterations then optimize the plan in response to confirmed orders, short-term capacity constraints, or other unpredictable events. The bidirectional link between planning and execution must be strong, and investments in technology may be required to better connect them, so that they use the same data repository and have continuous-feedback loops.
Finally, every IBP process step needs autonomous decision making for the problems in its scope, as well as a clear path to escalate, if necessary. The design of the process must therefore include decision-type authority, decision thresholds, and escalation paths. Capability-building interventions should support teams to ensure disciplined and effective decision making—and that means enforcing participation discipline, as well. The failure of a few key stakeholders to prioritize participation can undermine the whole process.
Decision-making autonomy is also relevant for short-term planning and execution. Success in tactical execution depends on how early a problem is identified and how quickly and effectively it is resolved. A good execution framework includes, for example, a classification of possible events, along with resolution guidelines based on root cause methodology. It should also specify the thresholds, in scope and scale of impact, for operational decision making and the escalation path if those thresholds are met.
In addition to guidelines for decision making, the cross-functional team in charge of executing the plan needs autonomy to decide on a course of action for events outside the original plan, as well as the authority to see those actions implemented. Clear integration points between tactical execution and the IBP process protect the latter’s focus on midterm decision making and help tactical teams execute in response to immediate market needs.
With all the elements described above, IBP has a solid foundation to create value for a business. But IBP is no silver bullet. To achieve a top-performing supply chain combining timely and complete customer service with optimal cost and capital expenditures, companies also need mature planning and fulfillment processes using advanced systems and tools. That would include robust planning discipline and a collaboration culture covering all time horizons with appropriate processes while integrating commercial, planning, manufacturing, logistics, and sourcing organizations at all relevant levels.
As more companies implement advanced planning systems and nerve centers , the typical monthly IBP frequency might no longer be appropriate. Some companies may need to spend more time on short-term execution by increasing the frequency of planning and replanning. Others may be able to retain a quarterly IBP process, along with a robust autonomous-planning or exception engine. Already, advanced planning systems not only direct the valuable time of experts to the most critical demand and supply imbalances but also aggregate and disaggregate large volumes of data on the back end. These targeted reactions are part of a critical learning mechanism for the supply chain.
Over time, with root cause analyses and cross-functional collaboration on systemic fixes, the supply chain’s nerve center can get smarter at executing plans, separating noise from real issues, and proactively managing deviations. All this can eventually shorten IBP cycles, without the risk of overreacting to noise, and give P&L owners real-time transparency into how their decisions might affect performance.
P&L owners thinking about upgrading their S&OP or IBP processes can’t rely on textbook checklists. Instead, they can assume leadership of IBP and help their organizations turn strategies and plans into effective actions. To do so, they must sponsor IBP as a cross-functional driver of business decisions, fed by thoughtfully designed processes and aligned decision rights, as well as a performance management and capability-building system that encourages the right behavior and learning mechanisms across the organization. As integrated planning matures, supported by appropriate technology and maturing supply chain–management practices, it could shorten decision times and accelerate its impact on the business.
Elena Dumitrescu is a senior knowledge expert in McKinsey’s Toronto office, Matt Jochim is a partner in the London office, and Ali Sankur is a senior expert and associate partner in the Chicago office, where Ketan Shah is a partner.
Related articles.
Why your business-planning process is more important than the plan itself.
Shane Jackson, President of Jackson Healthcare , a $1.5 billion healthcare staffing and technology company built on a values-led culture
There is an old adage that no battle plan survives contact with the enemy. Or, as Mike Tyson is famously known to have said, “Everybody has a game plan until they get punched in the face.”
I don’t know about you, but I feel like all my plans for the past two years were punched. It’s that time of year again where so many businesses are kicking off the New Year with fresh plans and budgets. I have written a lot of business plans over the years and created many, many financial forecasts. There was one thing that was consistent about all of them: They were all wrong.
Here’s the thing: Plans are based on assumptions. I make plans for dinner based on the assumption that my family will eat with me. Then I learn my teenage kids have made other plans to hang out with their friends. I made an incorrect assumption. Now, what do I do with all these groceries?
Business leaders have never faced as many unknowns as they have during the pandemic. Just when we think we are starting to get some certainty back, we add inflation, supply chain issues and Covid-19 variants. As a result, planning is harder than ever.
You might be tempted, as I have been lately, to just throw planning out the window completely. Why take the time to do a financial forecast when changes in the pandemic could make it irrelevant in 30 days?
But I would argue the answer is not to stop planning; it is to do more planning.
Put aside for a moment that plans and budgets can be necessary for pesky things like resource allocation. The real value of planning lies in the questions you must consider when creating the plan. Who is your customer? What are their needs? How can you best solve their problems? What should you be paying attention to in the market? What can you learn from your latest successes and failures?
The business plans I’ve written in the past weren’t wrong because I’m not good at my job or because I had bad ideas or reached bad conclusions. They were wrong because the information I had when creating the plan was limited and sometimes incorrect. I had hypotheses about how the market would react but not proof. I made an assumption that the way a small group of customers behaved was representative of the way the rest of the market would behave. I thought I could hire people with certain skills at a specific time but had not yet done so.
As leaders, we are sometimes lulled by the notion that we can run our businesses as though we can forecast the year ahead with complete accuracy. We create business plans assuming we know everything about the market, exactly what the solutions are to the market problem we want to solve, and exactly how our people and processes will act in delivering those solutions. Then we take this plan and put it on a shelf to collect dust until perhaps we pull it out to reference in next year’s plan. Or, worse, we actually operate the company using it.
Perhaps you’ve had a conversation that goes something like this: “Hey, we’ve got this great new product that will really boost sales. Can we hire this person to help us get it to market faster?” And you find the answer is, “No, sorry; we created a budget 14 months ago and that position isn’t in there. Wait another three months for your meeting with the CFO, and maybe you can get it approved.”
I believe the most important part of writing a business plan is the process, not the plan itself. Planning shouldn’t happen once a year; it should happen all year long. The questions one attempts to answer in strategic planning should be asked and answered as often as you have new information.
A big part of leaders' job is to build a rhythm of learning in their organizations. Make sure you are instilling disciplines that force you to regularly work on the business — versus working in the business — in a way that helps you identify and challenge the assumptions behind your decisions. What has changed in the market or in your ability to deliver? You built this plan thinking one thing, but then discovered that something else actually happened. Now, how do you react?
The ripple effect of the pandemic has created an environment that forced all of us to become more agile. Let’s codify that agility into our businesses and all become better planners, all year long.
Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Published on Aug 07, 2024, updated on Aug 08, 2024
Starting a new business is an exciting journey, but without a well-crafted business plan, your startup may struggle to find its footing. A solid business plan for start up company serves as a roadmap, guiding your decisions and helping to secure funding. In this article, we will explore the key elements of a successful business plan, discuss the importance of using the right business plan software, and how tools like Boardmix can simplify the process.
A business plan for start up company is essential for a startup company for several reasons:
Strategic Direction : It provides a clear vision and strategic direction, helping you stay focused on your goals.
Funding and Investment : Investors and lenders often require a detailed business plan before they will provide capital. It demonstrates your commitment and the viability of your business.
Operational Guide : A well-drafted business plan serves as a guide for your daily operations, helping you allocate resources effectively and make informed decisions.
Risk Management : Identifying potential risks and challenges in advance allows you to develop strategies to mitigate them.
For a startup, a business plan for start up company is not just a document; it's a tool that shapes your business's future, making it crucial to spend time crafting a thorough plan.
Creating a comprehensive business plan for a start up company involves including the following key sections:
Executive Summary : This is a snapshot of your business, highlighting your mission statement, product or service, and basic information about your company’s leadership, employees, and location.
Company Description : Provide detailed information about your company, including the problems your business solves, your target market, and the competitive landscape.
Market Analysis : Research your industry, market size, and expected growth. Identify your target audience and analyze competitors.
Organization and Management : Outline your business’s organizational structure, including details about the ownership, management team, and board of directors.
Product Line or Services : Describe the products or services you offer, their life cycle, and your plans for research and development.
Marketing and Sales Strategy : Discuss your strategies for attracting and retaining customers, as well as your sales process.
Funding Request : If you are seeking funding, include your funding requirements, potential future funding requirements, and how you plan to use the funds.
Financial Projections : Provide financial forecasts for the next three to five years, including income statements, cash flow statements, and balance sheets.
Appendix : This section includes additional information like resumes, permits, lease agreements, and any other relevant documents.
Incorporating these elements into your business plan for startup company ensures that all critical aspects are covered, making it a comprehensive tool for guiding your business.
Choosing the right business plan software is essential for simplifying the process of creating a comprehensive and professional business plan for start up company. Here's how to evaluate your options:
Boardmix stands out as an all-in-one solution, offering a versatile platform not only for business planning but also for team collaboration. Its intuitive interface and customizable templates make it ideal for startups looking to build a plan from scratch or adapt an existing one.
Known for its user-friendly interface and robust features, LivePlan offers step-by-step instructions and hundreds of business plan templates. It also provides financial forecasting tools, which are crucial for startups looking to project future growth.
Bizplan offers a drag-and-drop builder, making it easy to create a plan without prior experience. It integrates with financial tools and allows real-time collaboration, making it ideal for team-based startups.
Enloop automates the writing process with a focus on financial projections. It generates a performance score for your plan, helping you improve weak areas before finalizing it.
PlanGuru specializes in financial forecasting, budgeting, and performance review. It is particularly useful for startups that need to delve deep into financial analytics.
When choosing business plan software, consider the following features:
User-Friendly Interface : The software should be easy to navigate, with a clean and intuitive design.
Customizable Templates : Look for a variety of start up business plan templates that can be customized to fit your specific needs.
Financial Forecasting Tools : These tools are crucial for creating accurate financial projections, which are often required by investors and lenders.
Collaboration Capabilities : The ability to collaborate in real-time with team members can streamline the planning process and ensure that everyone is on the same page.
Integration with Other Tools : Seamless integration with tools like accounting software, CRMs, and project management systems can enhance efficiency.
Customer Support and Resources : Reliable customer support and a wealth of resources like tutorials and guides can help you get the most out of your business plan software.
By evaluating these factors, you can choose the right business plan software that will streamline the process and help you create a robust plan for your startup.
Boardmix is a versatile tool that can revolutionize the way you approach business planning. Here's a step-by-step guide on how to use Boardmix to build your business plan for start up company:
Start with a Template : Boardmix offers a variety of customizable start up business plan templates. Choose a template that fits your business type and industry, and use it as a starting point.
Customize the Template : Tailor the template to your needs by adding or removing sections. Boardmix’s drag-and-drop interface makes it easy to rearrange elements and add custom content.
Collaborate with Your Team : Invite team members to collaborate in real-time. Boardmix allows you to assign tasks, leave comments, and track changes, ensuring that everyone is aligned and contributing to the plan.
Incorporate Financial Projections : Use Boardmix’s integration with financial tools to input your financial data. Boardmix supports the insertion of documents in a variety of formats, including pdf, word, excel, etc.
Refine Your Plan with Visual Tools : Enhance your business plan for start up company with visuals like flowcharts, graphs, and diagrams. Boardmix’s whiteboard features allow you to brainstorm ideas and visually organize your plan.
Finalize and Export : Once your plan is complete, use Boardmix to export it in various formats, including PDF and png. You can also use the Boardmix AI feature to convert the plan into presentation form for easier presentation. This flexibility ensures that you can present your business plan in the most effective way possible.
One of the key advantages of using Boardmix is its extensive library of start up business plan templates. These templates are designed to meet the needs of various industries and business types, providing a solid foundation for your plan. By starting with a template, you can save time and ensure that all essential components are included in your plan.
By following the above steps, Boardmix can help you create a professional, comprehensive business plan that is tailored to your startup's needs.
Creating a business plan for start up company can be challenging, and it's easy to make mistakes that could hinder your success. Here are some common pitfalls to avoid:
Lack of Research : Insufficient market research can lead to unrealistic assumptions about your target audience and competition. Make sure to back up your plan with solid data.
Overly Optimistic Projections : While it's important to be positive, overly optimistic financial projections can raise red flags with investors. Aim for realistic and attainable goals.
Ignoring Potential Risks : Failing to identify and plan for potential risks can leave your business vulnerable. Address potential challenges and outline strategies to mitigate them.
Inconsistent or Vague Information : Ensure that your business plan for start up company is consistent, clear, and free of contradictions. Vague information can confuse readers and weaken your plan.
Neglecting the Executive Summary : The executive summary is often the first section investors read, so it should be compelling and concise. Don't neglect this crucial part of your business plan.
Crafting a winning business plan for your startup company is a critical step in your entrepreneurial journey. By understanding what to include in your plan, choosing the right business plan software, and leveraging tools like Boardmix , you can create a comprehensive and professional plan that will set your startup on the path to success. Remember to avoid common mistakes, stay realistic in your projections, and continuously refine your plan as your business evolves. With the right approach and tools, your business plan for start up company can become a powerful tool for achieving your startup's goals.
Planning is the primary function of management that involves formulating a future course of action for accomplishing a specific purpose. Planning enables managers to decide what task to do, how to do the task, when to do the task and by whom the task has to be done.
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To be more precise planning lays a foundation for establishing a mission statement, defining organisational goals and determining resources needed to achieve organisational goals. On the other hand, in a narrow sense, planning is the tactic to complete a specific task.
By going through the definitions of planning we will be able to understand its concept therefore some definitions are as follows:
Planning is the continuous process of making present entrepreneurial decisions systematically and with best possible knowledge their futurity, organising systematically the ef- forts needed to carry out these decisions and measuring the results of these decisions against the expectation through organised systematic feedback. Peter Drucker
Planning is deciding in advance what to do, how to do and who is to do it. Planning bridges the gap between where we are, where we want to go. It makes possible things to occur, which would not otherwise occur. Koontz and O’Donnell
The importance of planning in management is explained in the following points:
Remains as a continuous process, gives direction, tackles uncertainty, minimises duplication and wasteful activities, supports and promotes innovative ideas, facilitates decision making, sets standards for controlling function, facilitates coordination.
Planning is a goal-oriented process that helps in determining what each individual in an organisation has to achieve at the end and executing work accordingly. In addition, the planning function enhances the efficiency of other managerial functions.
Planning in any organisation is a never-ending function. This is because every organisation operates in a dynamic business environment which is subject to frequent changes. As new changes become known, revisions and amendments are made to plans.
Planning channelises the efforts of people in an organisation in the best possible manner to attain the desired results. For example, during the planning process, plans are laid for each department of the organisation, which helps people at all levels to know exactly what work they have to perform so that organisational goals can be achieved without any hindrances.
Planning is helpful in making predictions with the available amount of information. This helps organisations/businesses tackle an uncertain future. Planning assists in finding a better way to achieve goals by anticipating a future risk or chances of occurrence of future risks.
As mentioned earlier, planning helps individuals at all levels to know what they exactly need to do. This helps in preventing the duplication of work, authority, responsibility, etc. As a result, wastage of resources and efforts is minimised.
Nowadays, organisations operate in an environment of cut-throat competition. Customers always demand something new or unique. If an organisation fails to fulfil customers’ demands, customers can easily switch to competitors.
Planning enables managers to think out of the box, generate new ideas and provide something unique to customers with less cost and more efficiency, thereby satisfying customers.
Planning as a guide plays an important role in making efficient and accurate decisions. For instance, the production department of an organisation needs to choose between two vendors who supply raw materials at the same cost and of the same quality level.
However, the two vendors differ in delivery time. In this case, the decision of choosing the vendor will be made as per the planned number of days.
Planning and controlling are inter-related functions of management. Planning sets goals for the organisation and controlling ensures their accomplishment within the decided time period. In addition, controlling direct the course of planning by highlighting the areas where planning is required.
The planning function helps management in aligning department-wise activities of the organisation. The plans made by one department are understood and supported by another department.
Overall planning that is done by top management facilitates departments to coordinate and plan accordingly to achieve organisational goals.
The characteristics of the planning function are explained as follows:
Intellectual process, futuristic approach, flexible process, primary function of management, assists decision making, goal-oriented approach.
Planning is done for a specific period of time and plans are reformed at the end of that specific period as per the new requirements and changing conditions. Planning goes on, till the existence of an organisation, as issues and problems keep cropping up, and plans are needed to tackle the problems effectively.
Planning requires creative thinking to visualise the future situation and frame plans accordingly. It is the outcome of managers’ thinking process based on their experience and knowledge.
Planning is conducted to achieve future organisational goals while efficiently utilising organisational re- sources. This is done by predicting future situations and making forecasts.
Planning involves a flexible approach. Since the future is uncertain and unpredictable, changes in the business environment take place in the form of competition, government policies, customer demand, etc. Thus, there is always room for flexibility in planning to incorporate future changes.
Planning is done prior to all other functions of management, i.e., organising, staffing, directing, controlling, coordinating, reporting and budgeting. It is the first, foremost and base managerial function of any organisation. The effectiveness of a management’s plan determines the competence of the management’s activity for the planned time period.
Planning comprises decision making because it is an activity of making choices from the available alternatives for performing tasks. Hence, planning comprehends decision making as its indispensable part.
Planning emphasises defining the aims, objectives and goals of the organisation. It also involves the identification of alternative courses of action to decide on a suitable action plan, which should be undertaken for the attainment of goals.
Planning is regarded as pervasive because it is present in all the segments of an organisation. It is required at all levels of management. The scope of planning differs at different levels of management and departments.
The process of planning involves a number of steps in chronological order which are given below:
Examining business environment, assessing available alternatives and selecting the most appropriate alternative, formulating secondary plans, ensuring cooperation and participation, following up.
The planning process begins with the first step of establishing organisational objectives. It involves identifying organisational goals to be achieved by examining internal and external business conditions. For this, the answers to be given for the following questions:
The next step in the planning process is to examine internal and external factors that influence the business environment.
The internal factors include strengths and weaknesses (for example, the efficiency of available resources) of the organisation, while external factors involve threats and opportunities (for example, overall economic and industrial environment and competitive position of the organisation).
The next step in the planning process is to evaluate all available alternatives and then select the best alternative. Generally, an alternative is evaluated against risks associated, costs involved, upcoming benefits, etc.
The successful accomplishment of organisational objectives is confirmed by formulating secondary or alternative plans. These plans are derived for various activities, units, departments, etc., and indicate a sequence in which various tasks are to be performed and the time schedule for per- forming those tasks.
In this step, employees at middle and lower levels of management are encouraged to participate in the successful accomplishment of organisational goals. Suggestions were given by operating personnel to help the management rectify shortcomings in plans and set things right at the start of the planning process and at the time of its implementation.
The last step in the planning process is to provide the scope of follow-up for determining the value of plans made and implemented. This step involves a continuous review of plans for ensuring their relevance and effectiveness.
Reviewing plans on a continuous basis helps the organisation develop sound plans for the future and avoid mistakes that took place while implementing the previous plans.
In spite of several advantages, the planning function also has certain limitations. We have here listed the key limitations of planning :
Gap between targets and results, resistance towards change, reason of frustration, problem of over-target.
Planning turns out to be a time-consuming activity as it requires data collection, data analysis, forecasting, etc., for selecting the best future course of action.
Planning requires expertise and the collection of authentic data, which incurs a lot of costs for the organisation. For instance, companies like IBM need to do a lot of planning prior to starting any new venture. For this, such companies also spend a lot on research and pay highly to experts to get their advice.
Planning is done by top-level management and implemented by middle and lower-level management. This creates a gap between the plan set and actual results achieved as different employees may have different perceptions of accomplishing plans.
Planning often requires changes due to the dynamic business environment. However, as a natural human tendency, employees are always reluctant to accept changes and may not provide their full cooperation.
Planning involves paperwork as plans cannot be finalised in one go. The plans are reworked again and again and after getting a final plan, subordinates give the copies of the plan to the top-level management in the form of a report or a proposal to get the plans finalised for implementation.
Sometimes, planned targets are not achieved by managers and employees irrespective of their best efforts. Such failures frustrate them and cause a low level of motivation in them.
Planning sometimes makes the top-level management fix targets that are unachievable and causes problems of over-expectation from employees.
Plans bind individuals, resources, departments and organisations to achieve specific goals in the future. Plans help design organisational goals effectively which fits into the hierarchy from top to lower level of management. In an organisation, there are different types of plans made.
Some important types of plans are explained as follows:
Tactical plans, operational plans, contingency plans.
Strategic plans are a framework for an organisation. These plans contain the mission of an organisation and outline goals to be achieved. Strategic plans aim to turn the vision of an organisation into reality. Thus, strategic plans are long-term and forward-looking in nature and accommodate future growth and expansion of an organisation. These plans are generally developed by top management and are implemented by middle and lower management.
For instance, Varun works as a top-level manager for Dino’s PizzaSizz. As a top-level manager, he has to make use of strategic planning to ensure that the long-term goals of the organisation are attained. Varun in consultation with other top-level managers developed strategic plans for achieving growth, increasing productivity and profitability and boosting return on investments, as all these are parts of the desired future of the pizzeria.
Varun and other top-level managers developed organisational objectives through strategic plans so that middle- and lower-level managers can create compatible plans aligned with those objectives. Varun also involved other level personnels because strategic plans require multilevel involvement.
Tactical plans are developed by middle-level management for a span of generally less than three years. These plans contain instructions for lower-level management on what should be done, how should be done and by whom should be done. In addition, tactical plans define tactics which managers adopt for achieving objectives mentioned in the strategic plan. Tactical plans also provide information on resources to be employed and work distribution among the sublevels within each department.
For instance, when Mira, the middle-level manager at Dino’s PizzaSizz, learns about Varun’s strategic plan for improving productivity, Mira im- mediately began to think about possible tactical plans. Tactical planning for Mira included things like testing a new process in making pizzas in a shorter amount of time or perhaps looking into purchasing a better oven that can speed up cooking pizza or even exploring ways to better map out the delivery routes and drivers.
As a tactical planner, Mira required to form a set of calculated actions that takes a shorter amount of time and is narrower in scope than the strategic plan but still help to bring the organisation closer to its long-term goal.
An operational plan is developed by the supervisors, team leaders and facilitators for supporting tactical plans. It governs the day-to-day operations of an organisation/business. Operational plans can be of two types, namely single use plans (for example, budget) and ongoing plans.
For instance, Ravi, the frontline manager at Dino’s PizzaSizz, has the responsibility of operational planning. Scheduling employees each week, creating a monthly budget, developing a promotional advertisement for the quarter to increase the sales of a certain product or outlining an employee’s performance goals for the year and doing an assessment, ordering and stocking inventory are the operation plans Ravi need to make and get executed.
A continuing or ongoing plan is the one which is made once and its value is retained over a period of years. The plan undergoes periodic revisions and updates. Following are examples of on-going plans:
A successful organisation depends upon the fact that how intelligently, flexibly and constantly its management chases, adapts and masters the changing conditions. A strong management entails to ‘keep all options open’ approach at all times. This is where contingency planning comes into the organisation.
In contingency planning, an alternate plan is identified, analysed and implemented so that in case the original plan proves insufficient, the backup is ready to be used. The factors which are beyond managers’ control are kept in mind and the alternative future scenarios are prepared carefully.
When unanticipated problems and events occur, managers may need to change their plans. It is best to anticipate the changes during the planning process as things don’t always go as expected. Management should develop alternatives to the existing plan and keep them ready for use when unexpected circumstances occur.
Planning is the primary function of management that involves formulating a future course of action for accomplishing a specific purpose.
The Features of the planning function are as follows: 1. Planning is a Continuous Process 2. Planning is Intellectual Process 3. Planning is a Futuristic Approach 4. Planning is a Flexible process 5. Planning is the Primary Function of Management 6. Planning Assists in Decision Making 7. Planning is Goal-oriented Approach 8. Planning is Pervasive
The process of planning involves a number of steps in chronological order which are given below: 1. Setting Organisational Objectives 2. Examining the Business Environment 3. Assessing Available Alternatives and Selecting the Most Appropriate Alternative 4. Formulating secondary plans 5. Ensuring cooperation and participation 6. Following up
The importance of planning in management is explained in the following points: 1. Planning Forms Goals in Management 2. Planning Gives Directions in Management towards Achieving Organisational Goals 3. Planning Tackles Uncertainties of future 4. Planning assists in finding a better way to achieve goals 5. Planning Minimises Duplication and Wasteful Activities 6. Planning Supports and Promotes Innovative Ideas in Management 7. Planning Facilitates Decision Making 8. Planning Sets Standards for Controlling Function 9. Planning helps management to Build Coordination
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Technology adoption for an enterprise can be like navigating a lengthy, unpredictable roller coaster involving significant financial and resource investments.
Whether your organization is investing in its first ERP, CRM, or HR software or transitioning from an outdated legacy system that no longer fits your needs, grasping the timeline for software implementation is crucial for effective planning.
A structured software implementation plan can catalyze growth and cost savings for your company, enhancing process efficiency, whereas a disorganized approach may result in financial losses and operational interruptions.
More importantly, a successful software implementation plan can help you reduce resistance to change as it encourages you to collaborate with employees on its adoption.
This article will go through what software implementation is and underline its significance. Additionally, it will introduce some tools that can aid in devising a software implementation plan and provide a step-by-step guide to software change implementation .
A software implementation plan is essential for identifying and integrating the ideal software solution to meet your business requirements.
The digital adoption process requires a major investment in time and resources, including financial and personnel costs. Lacking a pre-established plan could significantly increase the risk of failure in adopting new software.
By having a well-crafted plan, your company can prevent rushed decisions, guarantee the involvement of the right team members, ensure proper system configuration, and foster an environment where employees can fully realize the advantages of the new software.
This approach also includes providing comprehensive training to ensure successful implementation.
A software implementation plan is crucial as it effectively realizes your strategic objectives without excessive expenditure of materials and human resources. It facilitates the proper setup of the system, ensuring the involvement of individuals with the requisite expertise throughout the process.
This plan ensures that your team adheres to the projected timelines and budget, streamlining operations. Additionally, it aids in clearly distributing roles and responsibilities within the team, preventing the overlap of tasks and reducing the time spent on decision-making.
Furthermore, a software implementation process is instrumental in helping your company achieve its long-term goals by adopting new software for valid reasons rather than merely following industry trends. It also emphasizes the importance of clearly communicating the software’s benefits, thereby reducing, if not eliminating, any resistance to its adoption.
Developing a software implementation plan necessitates a particular approach.
To assist you, here are a series of software implementation tips designed to guide you in formulating an effective plan:
The initial step in a successful software implementation strategy involves deep diving into the organization’s challenges and areas that require improvement. Engaging with staff and other stakeholders to gather insights is crucial.
If the analysis reveals critical issues such as low organizational efficiency or revenue loss, these should become the focus areas for the software solution. This technology alignment with business objectives is foundational to the implementation’s success.
Having identified the core challenges, the next step is to propose specific solutions. This could involve detailing how a new procurement system or project management tool could enhance employee productivity and efficiency, directly tackling the pain points uncovered.
The solution should not only be a fit for the present needs but also scalable to accommodate future growth.
Justifying the investment in new software also requires a comprehensive cost-benefit analysis. This analysis should encompass tangible and intangible aspects, measuring the direct financial costs against the broader benefits, including improved efficiency, to validate the implementation plan.
Lastly, developing a precise timeline is essential for managing expectations around the software evaluation, implementation, and realizing returns on investment. Including development and testing phases in your implementation plan ensures a smooth transition.
Choosing a software vendor is pivotal, demanding meticulous evaluation of various aspects. It involves assessing the software’s functionalities and determining whether the solution is cloud-based, on-premises, hybrid, or both.
The decision also hinges on the vendor’s proven reliability and track record, which can be evaluated through their experience and customer feedback.
Furthermore, the scalability of the software and its compatibility with current systems are crucial considerations.
Lastly, the quality and availability of customer support and employee training play a significant role, especially in understanding if these services are covered within the implementation expenses.
Assigning team owners for different aspects of the software implementation ensures that responsibilities are clearly defined.
This software implementation team should understand how the software will be utilized across various departments and anticipate potential challenges. This approach facilitates smooth implementation and supports change management. This is done by involving representatives from across the organization.
Avoiding scope creep, one of the many software implementation challenges , is crucial to keep your employees on track with the digital change.
A focused needs document can guide the evaluation process, preventing the project from expanding beyond its original scope, which could lead to increased costs and delays.
A software implementation plan template assists in defining the project’s scope, objectives, and deliverables while also helping to establish a timeline and effectively allocate resources.
It aids in identifying potential risks and formulating strategies to mitigate them. Additionally, it ensures clear communication and alignment among stakeholders, streamlines the implementation process to minimize disruptions, and offers a framework for assessing the project’s success.
Moreover, the template facilitates cross-functional collaboration and coordination among team members, increasing transparency and accountability throughout the project.
A parallel process of developing comprehensive onboarding and training programs is vital to prepare the team for the new software.
Training should be rolled out systematically, ensuring each team understands how to use the software efficiently within their specific workflows. This preparation is vital to minimizing downtime and maximizing the software’s benefits from day one.
Establish an employee feedback loop to identify and address any issues early. Use surveys to gather user experiences and maintain an open line of communication for support and issue resolution, ensuring a trusted email service for secure feedback collection.
A well-executed software implementation plan boosts productivity, cuts costs, enhances customer experiences, and boosts profitability.
Yet, challenges can impede its success. These are:
Introducing new software without giving your team the essential skills to use effectively is a recipe for disaster. Proper training ensures the software is fully utilized, minimizing errors and inefficiencies.
Utilizing diverse training methods, such as hands-on workshops and e-learning modules, accommodates various learning styles and facilitates a smoother transition to the new system.
Lack of user motivation can be detrimental to any software implementation project. This is especially true if fear of job consequences arises due to conflicts between business and IT teams, delaying decision-making.
To mitigate this, ensure alignment between business and IT teams led by visionary leadership. They can clarify the project’s importance and benefits.
They should also emphasize the project’s purpose beyond vendor costs, highlighting the broader organizational impact. Address conflicts promptly to prevent decision delays, recognizing the value of time in project development. Communicate project purpose, vision, and progress extensively to stakeholders beyond the project team.
You anticipate specific outcomes from software, but sometimes it falls short. Before implementation, expectations may include streamlining operations, reducing costs, easy deployment, seamless integration, and enhancing customer experience.
However, if these expectations don’t align with the software’s capabilities, costly mistakes can occur.
Effective communication with the vendor is essential to prevent these issues. Before rollout, inquire about the software’s unique features, capabilities, and limitations and how it can help achieve specific goals.
Define the implementation timeline, critical milestones, and must-have deliverables to ensure stakeholder expectations are met.
Change in the workplace can evoke apprehension, leading employees to resist new software implementations. This can be out of fear of redundancy, discomfort with the latest technologies, or a preference for familiar routines.
Communicating the benefits of the new software is vital to cultivating acceptance and enthusiasm. You should also engage employees in decision-making and emphasize the positive impacts on their daily tasks.
Regular feedback sessions ensure employees feel valued and engaged in the process.
Launching into a transformation project without a clear vision and defined requirements can lead to software implementation challenges.
To avoid pitfalls, it’s crucial to establish clear success metrics and develop future business processes. You should also engage stakeholders, review and align the project scope, and prioritize features upfront.
Not having a dedicated project team can hinder success. Ensure a comprehensive understanding of the new solution. Next, plan meticulously for testing and integration and prioritize key user training for effective system utilization.
Failure of the new software to integrate with other systems or maintain data integrity can significantly impact your data architecture and business outcomes.
If the new software or platform requires data migration from an old system, ensuring data integrity is vital to prevent the loss of valuable intelligence vital for decision-making.
The migration should occur seamlessly without disrupting existing processes or business continuity. Both applications should operate concurrently until migration and implementation are complete.
Additionally, the new software should seamlessly integrate with your existing tech stack and provide interoperability with other software. This is so that you can avoid usability issues post-deployment.
A meticulously crafted software implementation plan reduces risk by enabling businesses to pinpoint potential hurdles at the outset. By delineating a clear roadmap, companies can conserve time and resources, avoiding expensive errors.
Such a plan also fosters unity among team members, as a mutual comprehension of the project’s objectives and procedures aids collaboration and keeps all stakeholders informed and engaged throughout the implementation phase.
An adeptly devised software implementation plan is pivotal for seamlessly introducing new software. Continuous communication, training, and support are vital elements of an effective software implementation strategy.
Adhering to the steps in this guide, applying project management best practices, and leveraging appropriate tools can help create a plan that facilitates an effortless transition to new software, minimizes operational disruptions, and amplifies your organization’s benefits.
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