What is a Plan in Business?
1 min read

What is a Plan in Business?

Plans don’t always work, but you always need one.
What is a Plan in Business?
Photo by Hal Gatewood / Unsplash

Plans are the detailed “blueprint” that must be followed during the execution step. Typically, there is one set of plans for each strategy.

Plans turn the directives of strategies into detailed, step-by-step actions. All plans must indicate:

  1. What needs to be done
  2. Who will do it
  3. When will it be done
  4. How much it will cost

Since the level of detail and the format/approach varies from business unit to business unit, there is no one, “right” way to develop plans.

Plans are directly tied to specific strategies, but they are also great for:

  1. Reconfirming objectives
  2. Validating the thoroughness of the situation analysis
  3. Developing contingency strategies, should a preferred strategy fail