The #1 Reason Business Plans Fail

Creating a business plan sounds simple enough. All you need are the right people around the table, the development of a few goals for a 1-3 years timeframe, and a layout of your plan for accomplishing said goals. Right?

Wrong. 

Yes, you need to create goals and yes it certainly helps to have the “right people” in the room, but organizations too often forget the most important piece — tying their goals and initiatives to employee goals.

Through working with organizations to create and maintain their business plans, GovDollars has found that The #1 Reason Business Plans Fail is because employers forget to tie their goals and initiatives to specific employees.

Once you’ve determined how and when you want to accomplish a goal, you also need to determine who in your organization will lead the goal and eventually accomplish the intended outcome. 

The who can come in the form of one individual or a pre-established group or team. Either way, you need to be able to hold someone accountable for delivering the intended outcomes. If you don’t, your best made plans will fall aside, be forgotten, or be replaced by higher priority but ultimately less important tasks. 

So how do you hold someone accountable to a business plan goal or initiative?

First, you get really clear on what you want to accomplish and when you want to accomplish it. You don’t need to get too detailed with the what, because some of that will change depending on the employees’ skills and creativity applied to the project. But you do want to give your employees some guidance on your vision. Once you’ve done that, assign a when. This often comes in the form of  a statement like: We want XXX done by XXX

Once you’ve provided the initial vision or guidance, assigning this task to a specific person and/or group is key. Be flexible here, and allow this individual to use whatever resources they need to get the job done. 

To be even more clear, “assigning the task” should come in the form of tying the goal or initiative to the employee’s goals, which are evaluated through an annual performance review. 

Connecting the business plan’s initiatives with an individual employee’s goals or group of employees’ goals is absolutely critical.

This is how you move your organization forward. 

Need help with your organization’s business plan endeavours? Contact GovDollars today!

Published by livinginc

I'm a 30-year old woman, living in North Carolina with my husband and three wonderful pets -- Gus, Teva, and Scout. I'm fascinated by various aspects of life that we walk through or are affected by on a daily basis; namely, relationships, professional life, exercise and nutrition, and personal finance. My blog is all about exploring these areas and how to do them better. Please join me in my journey!

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