Business Plans are like maps for tourists – if you don’t know where you are going how are you going to know when you get there?
Last week we commenced discussing some of the subject headings that could be included in a Business Plan for an established construction company – we now conclude with the following:
Communications is a very important component of the fabric of an organisation. The leadership team and the directors should ensure that a communication timetable has been put in place relating to:
Succession relates to each position within the company – is there an appropriate team training and professional development strategy in place to encourage team members to improve their knowledge so that they can be promoted within the organisation.
Are strategies in place for leadership team members approaching retirement age to be replaced in their jobs?
Many Business Plans devote attention to the development of strategies that will encourage all team members to improve their skills so that the company is able to produce “champions” who can move into more senior positions and contribute to the growth and the development of the company’s operations.
The Business Plan would normally comment on the timetable for Board of Directors’ meetings and the deadline for the distribution of reports to the directors so as to enable the director to have read and reflected on the information contained within the reports prior to the directors meeting. Companies should have decided on the role of the Chairperson and the Company Secretary relative to the preparation of Minutes of Board of Directors’ meeting, Action Plan from the meeting, authorisation to release the Minutes and Action Plan to the directors and leadership team members.
The Board of Directors should resolve that a high standard of corporate governance will be implemented within the company and in particular at Board of Directors’ meetings. Whenever a new director is appointed the Chair should ensure that a discussion is held relative to the corporate governance standards that are implemented within the company.
If the company has adopted the concept of a strategy for significant “scaling up” to be achieved over the next few years the directors should ensure that the leadership team has implemented strategies that are conducive to a successful “scaling up process”:
The directors need to enquire as to the implementation of the quality assurance system and to indicate to the CEO that the directors are to receive periodic briefings (quarterly) as to the effectiveness of the company’s quality assurance system.
The Chief Financial Officer should prepare a report for each Board of Directors’ meeting relative to the company’s liquidity and to submit the company’s report card relating to payments due to be made to:
As well as reporting on balances as compared to budget for:
The Business Plan should include the predictive accounting reports that have been prepared. The predictive accounting reports would relate to:
Whenever financial accounts are prepared for submission to the Board of Directors a comparison should be prepared showing the variations from the original plan to what has been achieved.
“Preparing Business Plans for your Business” - Friday 24th September 2021 at 2.00pm. To register (click here).
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