Strategic Review of Plans/Goals at Year_End: At the end of the year, a thorough review of the plan and its process should be discussed with the team in order to make the next planning cycle more effective and efficient. Take a look at all of the successful initiatives and the ones that fell short in order to identify where the "broken pipes" occurred in the process. Remember not to double_dip on the capital projects EBIDTA contribution for the upcoming year _ your budgetary baselines should move in concert with these investments. All projects that straddle the budgetary year, should be rolled over into the new plan. Business planning is the road map that identifies where you are headed in advance. As importantly, it also identifies road blocks _ in advance. Your business plan should provide a common vision supported by tactical initiatives that, ultimately, creates greater value for your company. It may seem daunting, but by knowing your vision and its corresponding financial targets, you will have a better chance at executing how to get there and avoiding traps in advance.
A business plan is simply a plan of what your goals are for the business, and how you plan to go about accomplishing them. Some people refer to it as a vision for your business. I like to refer to it as a blue print or a road map to accomplishing your goals. Your plan should be spelled out in clear and defining terms and be kept simple. It should be a written document and used as a tool in managing the business.