A business must define the mission or the purpose for its creation whether they be a retail outlet or service provider. Another basic element of a business is the vision that reflects its targets and specifies its intended focus. The objectives need be defined as these refer to goals and targets for the activities to be undertaken for a definite period.
Policies and procedures should be set for use as guide to lay down rules, regulations and objectives as basis in decision-making. These policies and procedures should be really flexible, easily interpreted and understood by all the persons involved in the operation.
The strategic goals include the business' coordinated plans of action, the resources to be used and timelines within which to realize its vision, mission and objectives. These strategies guide top-level management to allocate and utilize company resources to get the maximum results.
The management and employees involved should work hand in hand to implement business policies and strategies. Thus, all policies and strategies must be discussed and understood by all personnel and staff involved.
Management should ensure that all plans are congruent and that policies and strategies are aimed towards the accomplishment of the mission. Each department should come up with a plan of action to lay the foundation for the overall business plan. The individual's work plan has to identify the individual targets, activities to achieve these targets the timelines within which to reach the said targets and the resources to put to use in order to achieve the targets that were set.
Monitoring and feedback mechanism must be installed for the business as this will guide policy makers in future decisions for the entire business. Execution of individual plans in conformance with the policies and the objectives should be the main priority of personnel and staff. For this, performance evaluation and motivation policies must also be defined and implemented accordingly.
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