business plan for implementation

• Contact sales

Start free trial

What Is an Implementation Plan? (Template & Example Included)

What Is Project Implementation?

Project implementation, or project execution, is the process of completing tasks to deliver a project successfully. These tasks are initially described in the project plan, a comprehensive document that covers all areas of project management. However, a secondary action plan, known as an implementation plan, should be created to help team members and project managers better execute and track the project .

What Is an Implementation Plan?

An implementation plan is a document that describes the necessary steps for the execution of a project. Implementation plans break down the project implementation process by defining the timeline, the teams and the resources that’ll be needed.

Get your free

Implementation Plan Template

Use this free Implementation Plan Template for Excel to manage your projects better.

Implementation Plan vs. Project Plan

A project plan is a comprehensive project management document that should describe everything about your project including the project schedule, project budget, scope management plan, risk management plan, stakeholder management plan and other important components. An implementation plan, on the other hand, is a simplified version of your project plan that includes only the information that’s needed by the team members who will actually participate in the project execution phase, such as their roles, responsibilities, daily tasks and deadlines.

Project management software like ProjectManager greatly simplifies the implementation planning process. Schedule and execute your implementation plan with our robust online Gantt charts. Assign work, link dependencies and track progress in real time with one chart. Plus, if your team wants to work with something other than a Gantt chart, our software offers four other project views for managing work: task lists, kanban boards, calendars and sheets. Try it for free today.

Key Steps In Project Implementation

Here are some of the key steps that you must oversee as a project manager during the project execution phase . Your project implementation plan should have the necessary components to help you achieve these steps.

1. Communicate Goals and Objectives

Once you’ve outlined the project goals and objectives, the next step is to ensure that the team understands them. For the project to succeed, there must be buy-in from the project team. A meeting is a good way to communicate this, though having project documents that they can refer to is also viable.

2. Define Team Roles and Responsibilities

The project manager will define the roles and responsibilities and communicate them to the project team . They should understand what they’re expected to do and who they can reach out to with questions about their work, all of which leads to a smooth-running project.

3. Establish the Success Criteria for Deliverables

The project deliverables need to meet quality standards, and to do this there must be a success criteria for handing off these deliverables. You want to have something in place to determine if the deliverable is what it’s supposed to be. The measurement is called a success criteria and it applies to any deliverable, whether it’s tangible or intangible.

4. Schedule Work on a Project Timeline

All projects require a schedule , which at its most basic is a start date and an end date for your project. In between those two points, you’ll have phases and tasks, which also have start and finish dates. To manage these deadlines, use a project timeline to visually map everything in one place.

Free Implementation Plan Template

Use this implementation plan template for Excel to define your strategy, scope, resource plan, timeline and more. It’s the ideal way to begin your implementation process. Download your template today.

5. Monitor Cost, Time and Performance

To make sure that you’re keeping to your schedule and budget, you need to keep a close eye on the project during the execution phase. Some of the things you should monitor are your costs, time and performance. Costs refer to your budget , time refers to your schedule and performance impacts both as well as quality. By keeping track of these metrics, you can make adjustments to stay on schedule and on budget.

6. Report to Project Stakeholders

While the project manager is monitoring the project, the stakeholders, who have a vested interest in the project, are also going to want to stay informed. To manage their expectations and show them that the project is hitting all its milestones, you’ll want to have project reports , such as project status reports. These can then be presented to the stakeholders regularly to keep them updated.

What Are the Key Components of an Implementation Plan?

There’s no standard one-size-fits-all solution when it comes to creating your implementation plan. However, we’ve created an implementation plan outline for your projects. Here are its components.

• Project goals & objectives: The project goal is the ultimate goal of your project, while the objectives are the key milestones or achievements that must be completed to reach it.
• Success criteria: The project manager must reach an agreement with stakeholders to define the project success criteria.
• Project deliverables: Project deliverables are tangible or intangible outputs from project tasks.
• Scope statement: The scope statement briefly describes your project scope, which can be simply defined as the project work to be performed.
• Resource plan: Create a simple resource plan that outlines the human resources, equipment and materials needed for your project.
• Risk analysis: Use a risk assessment tool like a SWOT analysis or risk register. There are different tools with different levels of detail for your risk analysis.
• Implementation timeline: Any implementation plan needs a clear project timeline to be executed properly. You should use an advanced tool such as a Gantt chart to create one.
• Implementation plan milestones: You need to identify key milestones of your implementation plan so that you can easily keep track of its progress.
• Team roles & responsibilities: The implementation plan won’t execute itself. You’ll need to assign roles and responsibilities to your team members.
• Implementation plan metrics: You’ll need KPIs, OKRs or any other performance metrics you can use to control the progress of your implementation plan.

How to Write an Implementation Plan

Follow these steps to create an implementation plan for your project or business. You can also consider using project management software like ProjectManager to help you with the implementation process.

1. Review Your Project Plan

Start by identifying what you’ll need for the execution of your implementation plan:

• What teams need to be involved to achieve the strategic goals?
• How long will it take to make the strategic goals happen?
• What resources should be allocated ?

By interviewing stakeholders, key partners, customers and team members, you can determine the most crucial assignments needed and prioritize them accordingly. It’s also at this stage that you should list out all the goals you’re looking to achieve to cross-embed the strategic plan with the implementation plan. Everything must tie back to that strategic plan in order for your implementation plan to work.

2. Map Out Assumptions and Risks

This acts as an extension to the research and discovery phase, but it’s also important to point out assumptions and risks in your implementation plan. This can include anything that might affect the execution of the implementation plan, such as paid time off or holidays you didn’t factor into your timeline , budget constraints, losing personnel, market instability or even tools that require repair before your implementation can commence.

3. Identify Task Owners

Each activity in your implementation plan must include a primary task owner or champion to be the owner of it. For tasks to be properly assigned, this champion will need to do the delegating. This means that they ensure that all systems are working as per usual, keep track of their teams’ productivity and more. Project planning software is practically essential for this aspect.

4. Define Project Tasks

Next, you need to finalize all the little activities to round out your plan. Start by asking yourself the following questions:

• What are the steps or milestones that make up the plan?
• What are the activities needed to complete each step?
• Who needs to be involved in the plan?
• What are the stakeholder requirements?
• What resources should be allocated?
• Are there any milestones we need to list?
• What are the risks involved based on the assumptions we notated?
• Are there any dependencies for any of the tasks?

Once all activities are outlined, all resources are listed and all stakeholders have approved (but no actions have been taken just yet), you can consider your implementation plan complete and ready for execution.

Implementation Plan Example

Implementation plans are used by companies across industries on a daily basis. Here’s a simple project implementation plan example we’ve created using ProjectManager to help you better understand how implementation plans work. Let’s imagine a software development team is creating a new app.

• Project goal: Create a new app
• Project objectives: All the project deliverables that must be achieved to reach that ultimate goal.
• Success criteria: The development team needs to communicate with the project stakeholders and agree upon success criteria.
• Scope statement: Here’s where the development team will document all the work needed to develop the app. That work is broken down into tasks, which are known as user stories in product and software development. Here, the team must also note all the exceptions, which means everything that won’t be done.
• Resource plan: In this case, the resources are all the professionals involved in the software development process, as well as any equipment needed by the team.
• Risk analysis: Using a risk register, the product manager can list all the potential risks that might affect the app development process.
• Timeline, milestones and metrics: Here’s an image of an implementation plan timeline we created using ProjectManager’s Gantt chart view. The diamond symbols represent the implementation plan milestones.
• Team roles & responsibilities: Similarly, we used a Gantt chart to assign implementation plan tasks to team members according to their roles and responsibilities.

Benefits of an Implementation Plan for the Project Implementation Process

The implementation plan plays a large role in the success of your overall strategic plan. But more than that, communicating both your strategic plan and the implementation of it therein to your team members helps them feel as if they have a sense of ownership within the company’s long-term direction.

Increased Cooperation

An implementation plan that’s well communicated also helps to increase cooperation across all teams through all the steps of the implementation process. It’s easy to work in a silo—you know exactly what your daily process is and how to execute it. But reaching across the aisle and making sure your team is aligned on the project goals that you’re also trying to meet? That’s another story entirely. With an implementation plan in place, it helps to bridge the divide just a little easier.

Additionally, with an implementation plan that’s thoroughly researched and well-defined, you can ensure buy-in from stakeholders and key partners involved in the project. And no matter which milestone you’re at, you can continue to get that buy-in time and time again with proper documentation.

At the end of the day, the biggest benefit of an implementation plan is that it makes it that much easier for the company to meet its long-term goals. When everyone across all teams knows exactly what you want to accomplish and how to do it, it’s easy to make it happen.

Implementation Plan FAQ

There’s more to know about implementation plans. It’s a big subject and we’ve tried to be thorough as possible, but if you have any further questions, hopefully we’ve answered them below.

What Is the Difference Between an Action Plan and an Implementation Plan?

The main difference between an action plan and an implementation plan is that an action plan focuses exclusively on describing work packages and tasks, while the implementation plan is more holistic and addresses other variables that affect the implementation process such as risks, resources and team roles & responsibilities.

What Is an Implementation Plan in Business?

A business implementation plan is the set of steps that a company follows to execute its strategic plan and achieve all the business goals that are described there.

What Is an Implementation Plan in Project Management?

Implementation plans have many uses in project management. They’re a planning tool that allows project managers to control smaller projects within their project plan. For example, they might need an implementation plan to execute risk mitigation actions, change requests or produce specific deliverables.

How to Make an Implementation Plan With ProjectManager

Creating and managing an implementation plan is a huge responsibility and one that requires diligence, patience and great organizational skills.

When it comes to a project implementation plan, there are many ways to make one that’s best suited for your team. With ProjectManager , you get access to both agile and waterfall planning so you can plan in sprints for large or small projects, track issues and collaborate easily. Try kanban boards for managing backlogs or for making workflows in departments.

Switching up the activities after a milestone meeting with stakeholders? You can easily update your implementation plan with our software features. Add new tasks, set due dates, and track how far along your team is on their current activities.

Implementation plans are the backbone of an organization’s strategic overall plan. With ProjectManager, give your organization the project management software they need to gain insight into all resources needed, view activities on their lists and collaborate with ease. Sign up for our free 30-day trial today.

Deliver your projects on time and on budget

Start planning your projects.

• Product overview
• All features
• Latest feature release
• App integrations
• project icon Project management
• Project views
• Custom fields
• Status updates
• goal icon Goals and reporting
• Reporting dashboards
• asana-intelligence icon Asana AI
• workflow icon Workflows and automation
• portfolio icon Resource management
• Capacity planning
• Time tracking
• my-task icon Admin and security
• Admin console
• Permissions
• list icon Personal
• premium icon Starter
• briefcase icon Advanced
• Goal management
• Organizational planning
• Project intake
• Resource planning
• Product launches
• View all uses arrow-right icon

• Work management resources Discover best practices, watch webinars, get insights
• Customer stories See how the world's best organizations drive work innovation with Asana
• Help Center Get lots of tips, tricks, and advice to get the most from Asana
• Asana Academy Sign up for interactive courses and webinars to learn Asana
• Developers Learn more about building apps on the Asana platform
• Community programs Connect with and learn from Asana customers around the world
• Events Find out about upcoming events near you
• Partners Learn more about our partner programs
• Asana for nonprofits Get more information on our nonprofit discount program, and apply.
• Project plans
• Team goals & objectives
• Team continuity
• Meeting agenda
• View all templates arrow-right icon
• Project planning |
• Implementation plan

Implementation plan template

Taking your business goals from “not started” to “accomplished” can feel overwhelming. Luckily, an implementation plan template can break down your goal into manageable, achievable steps. Learn how to create one.

Sign up to create your own template.

INTEGRATED FEATURES

Recommended apps.

Let’s say you want to renovate your bathroom. How would you go about it? You probably wouldn’t jump right in without a plan in place—that’s a recipe for flooded floors and an expensive repair. Instead, you’d likely think through all the actions you need to take to turn your old bathroom into an updated one before getting started.

Business goals are a lot like that. To achieve them, you need a detailed understanding of the steps that will take you from start to finish. Depending on your goal, planning out all the steps can feel like a big task. That’s where implementation plan templates come in.

What is an implementation plan?

You should create your project implementation plan during the planning phase , before kicking off your initiative (aka the project or plan of action designed to achieve your specific goal). To learn more about how to build out an implementation plan, read our article on creating an implementation plan .

What is an implementation plan template?

An implementation plan template is a reusable resource you can use as a starting point to identify what steps you need to take to accomplish your goals. Digital implementation plan templates help you view and track every step you need to take to achieve your goal—and because they’re reusable, you can use them to map out a process for accomplishing similar goals down the line. And that means less work about work —always a win in our book.

How to use an implementation plan template

Once you’ve created your baseline implementation plan template, using it is easy. You can simply duplicate the template at the start of every initiative and then fill out the information needed to achieve that specific goal.

To get you started, let’s take a look at what to include in your basic implementation plan template.

What to include in an implementation plan template

Your baseline implementation plan template will serve as a roadmap for all your similar goals going forward. That reusability is key—so think about how to build out your baseline template in a way that will easily duplicate across initiatives. Typically, this means including repeatable steps or phases in your baseline template that can scale across initiatives. 

The easiest way to do this is by separating the template into phases (such as research, planning, and execution). Once you’ve identified the project phases, you can add in more detail that you’ll use to track progress across your specific goals. 

Here’s some basic information you can include in your implementation plan template:

The owner for each task or action item

The action’s start date and deadline

The duration of the action

Action status

Action priority

Action progress 

Then, once you’ve kicked off a specific initiative, you can duplicate the template and add in goal-specific information. Plus, you can add dependencies to any tasks that depend on each other for completion and set milestones to mark specific points along the goal’s timeline (such as when you complete a goal phase). With an implementation plan template, you’ll achieve your goals in no time. 

Integrated features

Custom fields . Custom fields are the best way to tag, sort, and filter work. Create unique custom fields for any information you need to track—from priority and status to email or phone number. Use custom fields to sort and schedule your to-dos so you know what to work on first. Plus, share custom fields across tasks and projects to ensure consistency across your organization. 

Timeline View . Timeline View is a Gantt-style project view that displays all of your tasks in a horizontal bar chart. Not only can you see each task’s start and end date, but you can also see dependencies between tasks. With Timeline View, you can easily track how the pieces of your plan fit together. Plus, when you can see all of your work in one place, it’s easy to identify and address dependency conflicts before they start, so you can hit all of your goals on schedule. 

Milestones . Milestones represent important project checkpoints. By setting milestones throughout your project, you can let your team members and project stakeholders know how you’re pacing towards your goal. Use milestones as a chance to celebrate the little wins on the path towards the big project goal. 

Dependencies . Mark a task as waiting on another task with task dependencies. Know when your work is blocking someone else’s work, so you can prioritize accordingly. Teams with collaborative workflows can easily see what tasks they’re waiting on from others, and know when to get started on their portion of work. When the first task is completed, the assignee will be notified that they can get started on their dependent task. Or, if the task your work is dependent on is rescheduled, Asana will notify you—letting you know if you need to adjust your dependent due date as well. 

Dropbox . Attach files directly to tasks in Asana with the Dropbox file chooser, which is built into the Asana task pane.

Google Workplace . Attach files directly to tasks in Asana with the Google Workplace file chooser, which is built into the Asana task pane. Easily attach any My Drive file with just a few clicks.

Zoom . Asana and Zoom are partnering up to help teams have more purposeful and focused meetings. The Zoom + Asana integration makes it easy to prepare for meetings, hold actionable conversations, and access information once the call is over. Meetings begin in Asana, where shared meeting agendas provide visibility and context about what will be discussed. During the meeting, team members can quickly create tasks within Zoom, so details and action items don’t get lost. And once the meeting is over, the Zoom + Asana integration pulls meeting transcripts and recordings into Asana, so all collaborators and stakeholders can review the meeting as needed.

Miro . Connect Miro and Asana to streamline workflows and see the full picture of every project, all in one place. Embed Miro boards into Asana project briefs, allowing team members to interact, view, comment, or edit directly from within Asana. Or, attach an existing or new Miro board to any Asana task, automatically inviting task collaborators to view, comment, or edit the board. 

Benefits of a digital implementation plan template 

Static implementation plan templates—like those created in Excel—are a helpful way to see your timeline and tasks at a high level, but they lack the functionality needed to really hit your goals. In contrast, digital implementation plan templates created in a project management tool let you track and manage everything—from communication to goal progress and any potential roadblocks—all in one place. 

Here are a few other benefits of using a digital implementation plan template: 

Increase goal success by breaking down your high-level goal into actionable, achievable steps at the start of the initiative. 

Track goal progress in different views, including Kanban boards and Gantt charts .

Easily monitor and manage every phase of your project.

See which team members are responsible for what and buy when. 

Quickly view any upcoming or overdue milestones, so you can adjust timelines and work accordingly. 

Monitor the progress and status of each action item or deliverable .

Easily collaborate and communicate with your project team as well as internal and external stakeholders. 

Why should you use an implementation plan template? .css-i4fobf{-webkit-transition:-webkit-transform 200ms ease-in-out;transition:transform 200ms ease-in-out;-webkit-transform:rotateZ(0);-moz-transform:rotateZ(0);-ms-transform:rotateZ(0);transform:rotateZ(0);}

An implementation plan template can help you achieve your business goals by outlining every step you need to take to accomplish a given initiative. When created in a project management tool , a digital template also serves as a reusable baseline for similar initiatives, saving you time and helping you create a streamlined process for achieving goals. 

What should you include in your implementation plan template?

Since your template will serve as a guide for future goals, the baseline template should include any information you’ll want to duplicate and include for similar undertakings. This will likely include information such as goal phases; the status, duration, and priority of action items; and the progress and stage for each action item.

When should you create an implementation plan for your goal?

You should create an implementation plan at the beginning of your goal process, when you’re still defining your business goals, conducting your risk assessment , and assigning responsibilities. To learn more about how to create an implementation plan for a specific goal, check out our article on building an implementation plan from scratch.

What’s the difference between an implementation plan and a strategic plan?

Strategic plans and implementation plans go hand-in-hand. A strategic plan outlines at a high level what strategies you’re going to take to achieve a business goal. An implementation plan, on the other hand, is a step-by-step action plan that includes the exact actions you’ll take to accomplish the goal. Think of it this way: A strategic plan includes what you’re going to do and why (typically outlined by your company’s vision and mission statements). An implementation plan outlines how you’re going to accomplish those goals, as well as when you’re planning to move forward with the necessary steps and who will help you achieve them. 

Related templates

Short-term goals template

Learn how reusable short-term goals templates can take your goals from vision to reality.

Communication plan

Keep everyone on the same page and clearly communicate important information to stakeholders by creating a communication plan template in Asana.

Work log template

See where you're losing time and kickstart your productivity by creating a work log template in Asana.

Risk register template

Create a risk register template to proactively identify and solve potential roadblocks before they become a bigger problem.

A sales plan template can help provide your team with the organized framework they need to establish their sales goals. Learn how you can do that with Asana.

Risk management plan template

Starting a project without considering risks is, well, a big risk to take. Prevent major issues from occurring in your project with a risk management plan template.

Weekly to-do list template

Clarity doesn’t have to be complicated. With a weekly to-do list template, you can create a new task list in seconds every Monday.

Prioritization matrix

Take the guesswork out of task prioritization by creating a prioritization matrix template. Prioritize your work by business impact and needed effort.

Change management plan template

Is your organization starting to make some big changes? Create a change management plan template to make the process easier.

Project premortem

A premortem is a brainstorming tactic your team uses to anticipate different ways a project can fail. Learn how to use a premortem template to minimize project risk.

Bill of materials

Learn how a bill of materials template helps keep you organized by housing all the information needed for the successful completion of your project.

Learn how creating a RAID log template in Asana can help you proactively identify and mitigate project risks.

Waterfall project management

Standardize your project process with a waterfall project management template. Break your project into sequential phases that map to your end goal.

Status report

Keep track of project status and provide key stakeholders with at-a-glance progress updates with a project status report template.

Project timeline template

Learn how to keep a project on track—and ensure success—by creating a project timeline template.

RFP Process

Use our template to prepare an RFP, then organize and evaluate the responses—all in the same place—so you can pick the best vendor for the job.

Business process management template

Learn how a business process management template can help improve your business processes.

Project estimation

Create a project estimation template to accurately scope project resources and align on project expectations.

Project schedule

Complex work, simplified. Organize project tasks, deliverables, and milestones into one cohesive schedule. Learn how to create a customized project schedule template in Asana.

IT project plan

Organize your IT work in one place. Manage deployments, order equipment, and connect teams—without compromising security.

Daily planner template

Keeping your day organized is more than just writing down a list of daily to-dos. Learn how to create a daily planner template in Asana.

Event promotion plan

Use Asana’s event marketing plan template to increase event awareness, build excitement, and drive audience attendance.

Marketing project plan

Our template guides you through project management best practices for marketing teams so you can get from strategy to tactics to results.

HR project plan

No matter the project, human resources teams can use our template to set priorities, track progress, and streamline recurring work.

Design project plan

What’s the secret to more productive design and creative projects? A smooth creative process.

Project documentation

Looking for documents is a giant time waster for most people—which is where a project documentation process comes in. Learn how to create a project documentation template so that you always know where documents live—for every project, company-wide.

Eisenhower Matrix template

Overwhelmed by your to-do list? Learn how to create an Eisenhower Matrix template in Asana so you can prioritize and sort your tasks based on their urgency and importance.

Project scope management plan

A project’s scope is just as important as its budget or timeline. Prioritize this crucial part of project management by creating a project scope management plan template.

RACI matrix

Team decision-making can be hard—a RACI matrix template makes it easier. Define each project task role to instantly boost clarity for all your stakeholders.

Project initiation document

A project initiation document template is a helpful way to standardize the information you share with your team before a project begins.

Project charter template

Want to nail your next project pitch? Create a project charter template and outline everything you need to get your next initiative approved.

Public relations plan

Create focused, targeted, and organized PR campaigns—no matter who’s planning them—with a public relations plan template.

Operations project plan template

Operations teams strive to optimize and gain efficiency across the business, and can do the same for their own projects with our template.

Web production template

Let our template help you coordinate a web production schedule—even if producers and web developers work out of different tools.

Action items template

No matter your best intentions, you need more than motivation to knock out your to-dos. An action item template—where you decide the who, what, and when of every task—can help you organize your workflows and get more done.

Critical path method template

Project delays holding you back? Create a critical path method template to visualize everything that needs to be done in order to reach your end goal.

Milestone chart template

Milestone charts highlight significant moments in your workflow. Learn why this matters and how to create one for yourself.

Create an implementation plan template with Asana

See how an implementation plan template can help you achieve your business goals.

How to Create an Implementation Plan: a Step-by-Step Guide

Learn how to create an implementation plan with our step-by-step guide. Get practical insights and tips to guarantee your plan’s successful implementation.

Start using Motion today

• Replace all the tools you use to be productive and organized, with one simple app
• Get a personalized schedule each day, without manual planning
• Make your team 30% more efficient by eliminating manual planning

As much as we’d love for it to be true, ideas and visions alone are not enough to bring about transformative change. Whether it’s a groundbreaking business strategy or an ambitious personal goal, success hinges on the ability to execute plans effectively.

Implementation plans translate vision into action, turning your aspirations into tangible achievements.

This article covers everything you need to know about implementation plans, from what they should include to how to create one.

What is an implementation plan?

An implementation plan is a strategic roadmap that outlines the steps, resources, and  timeline  required to bring an idea or vision to fruition. It provides a detailed framework for translating goals and objectives into practical actions.

An effective implementation plan goes beyond simply assigning tasks to team members to include various components that collectively help the team execute the plan.

It typically includes specific activities, milestones, and deadlines to keep everyone on track. It also identifies the resources each task needs, including the required people, tools, and materials.

At the end of the day, an implementation plan allows for better coordination and communication among team members, making sure that everyone is working toward the same goal.

Key components of an implementation plan

An implementation plan is made up of several components that are crucial for a project’s success.

Let’s take a closer look at each of them.

‎Goals and objectives

Think about the desired outcomes and objectives for the implementation plan. What do you hope to achieve through the project? Your goals should be specific, measurable, attainable, relevant, and time-bound (SMART).

Clearly defined work goals  help ensure a shared understanding and direction for everyone involved in the project. Without them, your project will be more likely to fail.

Scope and deliverables

Define the implementation plan’s boundaries and scope. What specific deliverables or milestones need to be accomplished? This helps set clear expectations and establish a timeline.

Timeline and milestones

What are the project’s time restraints? Create a detailed timeline that outlines the implementation process’s major phases, activities, and milestones. This  time management strategy  allows for better planning and progress tracking.

Roles and responsibilities

Identify the individuals or teams responsible for carrying out different tasks and activities. Clarify each person’s roles, responsibilities, and reporting structures to ensure accountability and coordination.

Resources and budget

At least  85% of every project  is over budget to some degree due to unforeseen events. To reduce the likelihood of running out of funds, determine the resources your team needs to successfully execute the  plan of action  and allocate a budget. Ensure  your team has the right technological tools  at their disposal.

Risk assessment and mitigation strategies

Identify potential risks and challenges that may arise during implementation. Develop strategies and contingency plans to mitigate those risks and minimize their impact on the project.

Communication plan

Establish a plan for effective communication throughout the implementation process. Define the target audience, key messages, communication channels, and frequency of updates to keep stakeholders informed and engaged.

According to a report on business communication,  72% of business leaders  believe that effective communication increases their team’s productivity.

Training and support

Determine the training needs of the individuals involved in the implementation, and develop a plan to provide the necessary training and support. This ensures everyone has the knowledge and skills to carry out their assigned tasks.

According to the World Economic Forum,  six in ten workers  will require training before 2027, but only half have access to adequate training opportunities today.

Evaluation and monitoring

Define the metrics and evaluation criteria to assess the progress and success of the implementation plan. Regularly monitor and measure the outcomes against the established objectives.

Documentation and reporting

Establish a system for documenting all relevant information, including project plans, progress reports, and any changes made during the implementation. This ensures transparency and provides a record for future reference.

Benefits of creating an implementation plan

Creating an implementation plan can be a difficult process. But when done well, it can bring many benefits for your team and a project’s success. We’ll discuss a few of them below.

‎Ensuring alignment and clarity of goals

A crucial aspect of any implementation plan is clearly defined outcomes and objectives, which give all stakeholders a shared understanding of what needs to be achieved. This alignment minimizes confusion and keeps everyone focused on the same target.

Facilitating effective resource management

An implementation plan gives teams a comprehensive overview of the required resources, including finances, personnel, and materials. This allows for better planning and allocation, ensuring that the right resources are available at the right times.

Project managers can easily identify potential resource gaps or bottlenecks early and take proactive measures to avoid them.

Minimizing risks and addressing potential obstacles

Implementation plans serve as a helpful tool to predict and handle problems while putting a plan into action.

They provide a structured way to identify and evaluate potential risks and challenges so that steps can be taken in advance to reduce their impact. Managers can monitor progress and make the necessary adjustments to ensure the project stays on track.

Enhancing communication and coordination among team members

A well-thought-out implementation plan becomes a structured framework for sharing information and providing progress updates. Roles, responsibilities, and dependencies are clarified, promoting seamless teamwork. This fosters effective communication, improves collaboration, and helps ensure that everyone is on the same page.

‎For example, a team member may not know the plan’s next stage, or a project manager may want to follow up on a task’s progress. Instead of sending emails back and forth, they can both refer to the implementation plan as a source of truth.

Providing a framework for monitoring and evaluation

Implementation plans establish clear metrics and evaluation criteria, serving as benchmarks to assess the success of the plan. This systematic approach helps monitor key milestones and outcomes, empowering teams to make data-driven, informed decisions.

For example, say a non-profit organization develops an implementation plan for a community outreach program. The plan includes specific metrics to monitor the program’s success, such as the number of individuals reached, the impact of educational workshops, and participant feedback.

Regularly tracking these metrics and evaluating the program’s effectiveness means the organization can make informed decisions, identify areas for improvement, and demonstrate the program’s value to stakeholders and funders.

7 steps to create an implementation plan

Creating an implementation plan requires seven important steps. Let’s break down each one and use the example of a team developing a mobile app to illustrate the process.

Step 1: Define the objective and desired outcomes

The first step is to clearly define the objective of the mobile app or product launch. For example, the objective could be to develop a user-friendly app that simplifies online shopping, and the desired outcome could be a high user adoption rate and positive customer feedback.

Step 2: Identify the key stakeholders and their roles

Identify the key stakeholders involved in the development and launch process, such as the  product team , designers, developers, marketing team, and customer support. Clarify their roles and responsibilities to ensure effective collaboration and smooth project execution.

Step 3: Break down the objective into actionable tasks and steps

Break down the objective into smaller tasks and steps that need to be accomplished. These tasks could include conducting market research, designing a user interface, developing an app, creating marketing materials, and setting up customer support channels.

Step 4: Allocate resources and create a timeline

Allocate the necessary resources, including the budget, personnel, and technology, to support the project’s development and launch.  Create a detailed timeline  with specific deadlines for each task to help ensure that the development process stays on track.

Step 5: Conduct a risk assessment and develop mitigation strategies

Identify potential risks that may arise during the development and launch phase. These risks could include technical issues, competition, or market changes. Develop strategies to mitigate these risks, such as conducting thorough testing, staying updated on market trends, and establishing backup plans.

Step 6: Monitor progress and make the necessary adjustments

Regularly monitor the progress of the development and launch activities. Keep track of milestones, such as completing design iterations or reaching development checkpoints. If any issues or challenges arise, make necessary adjustments to the plan, such as reallocating resources or adjusting the timeline.

Step 7: Evaluate the outcomes and lessons learned

Once the mobile app or product is launched, evaluate its performance against the defined objectives in your implementation plan. Analyze user feedback, adoption rates, and sales data to measure success. Identify lessons learned from the development and launch process to improve future product releases.

Simplify your implementation plan process with Motion

With proper planning and a clear implementation plan, even the most ambitious ideas can become tangible realities. And the right tools make this process all the more efficient. That’s where  Motion’s Project Manager  comes in.

Say goodbye to tedious manual tasks and hello to streamlined efficiency with Motion. The app automates time-consuming aspects of your implementation plan, freeing up your team’s energy for what really matters: executing your vision. With Motion, you can easily align your team, track progress, and achieve successful project outcomes.

Simplify your implementation plan and supercharge your team’s productivity with Motion.  Sign up for a free 7-day trial today .

Related articles

6 Best AI Calendar Assistants for Easy Organization

Understanding the Sprint Backlog and How to Use It

13 Time Management Techniques to Boost Your Productivity

Put motion to the test., tech and media companies are talking about motion.

What is an Implementation Plan? [& How to Do Yours Right]

Updated: November 12, 2021

Published: May 10, 2021

Project management doesn't exactly lend itself to freestyling. You can't really wing it and bank on your intuition to successfully guide you as you go. You have to put in a lot of thought, carefully plan, determine relevant metrics, and observe progress on an ongoing basis if you want your project to come to fruition.

And you can't just trust your memory to address all those actions and elements. You need something known as an implementation plan — a document that covers most aspects of your project's blueprint and preferred trajectory. 

Here, we'll explore the concept a bit further, review how you can make one of your own, cover the key components yours should include, and look at an example of one done right.

What is an implementation plan?

An implementation plan is a step-by-step list of tasks — all with specific owners and deadlines — designed to outline and guide a strategic plan for carrying out a project. It keeps a project's timeline, stakeholder responsibilities, team dynamics, and resource allocation clear through the implementation process.

Your implementation plan serves as a backbone for your project and a consistent reference point to ensure that you and your team are on track to deliver what you need to on time. It should be well-structured, carefully sequenced, and readily visible to everyone involved.

Everyone from management to lower-level stakeholders needs a comprehensive picture of what's going on, their specific responsibilities, and what to expect from the rest of their team.

The nature and structure of implementation plans vary from organization to organization and project to project. So there's no standard format for what one should look like. Still, there are some key points to consider and components to cover when creating yours.

How to Create an Implementation Plan

1. pin down your objectives..

The how, what, where , and when of an implementation plan can't be effectively guided without a firm understanding of the why . What's the endgame? What are you hoping to achieve? What do you stand to gain? Who will benefit if it's carried out correctly? How will you know if you succeeded? What metrics will you use to gauge your success?

You need to have a firm grasp on all of those questions before jumping into the rest of this process. Your objective frames the rest of your implementation, dictates how you set goals, and informs how you adapt to new challenges as they emerge.

2. Tap a specific owner for the implementation process.

Your implementation plan is likely going to involve multiple stakeholders, but in most cases, a project can't be carried out efficiently if it's done exclusively by committee. You need to have one primary owner at the helm of the process, keeping everything in check and on track.

This person will be responsible for tasks like assigning responsibilities, keeping tabs on the plan's progress, monitoring lower-level stakeholders, ensuring the execution remains productive, and any other broader actions that keep the broader project moving.

3. Conduct a risk assessment.

You need to have as comprehensive a picture of what might go wrong with your project as possible before you launch into it. That way, you can anticipate any potential hitches and plan how to address them accordingly.

That's why conducting a risk assessment for your implementation plan is so crucial. You need to thoroughly cover your bases to avoid issues like spending outside your budget or missing deadlines.

If you don't know where to start, take a look at similar projects your company or competition might have carried out. See any issues they ran into, and ensure that you have safeguards in place to deal with those problems, should they arise.

4. Set a budget

If your project warrants creating an implementation plan, it's not going to be free. You'll have some funding, but that probably won't come in the form of a blank check. You need to determine an appropriate price range that accounts for what you think the project will cost and what you're comfortable spending to see it through.

You're best off methodically considering how much the individual tasks that compose the plan will cost and applying the findings of your risk assessment to account for other financial issues that might arise. It might also be worth looking into similar projects and using their budgets as a reference point for yours.

5. Allocate individual responsibilities to team members.

Here's one of the key points where your project owner demonstrates why you tapped them for the job. They need to thoughtfully and effectively delegate tasks to the team you've put together. Every task in the plan needs to have someone personally accountable for it.

Team members need to know which pieces of the project they're responsible for, why those pieces are necessary, and why they — specifically — are responsible for them. You also need to clearly establish the results you expect to see from each task. Keep your standards and intentions clear, and you'll get the most out of each stage of the project.

6. Develop a plan schedule.

Once you have the building blocks of your plan squared away, it's time to put a timeline together. Organize your tasks, and set deadlines for when they need to be accomplished and broader milestones that track the project's overall progress.

That said, you should be willing to account for potential hiccups, like scope creep or communication breakdowns. One way or another, you need to put together a tight, well-defined schedule that lends itself to efficiency and positive morale.

Implementation Plan Components

• Relevant Team Members
• Schedule and Milestones
• Resource Allocation
• Key Metrics for Success
• Acceptance Criteria
• Success Evaluation

1. Relevant Team Members

Identifying who's going to be involved in a project is one of the points to consider when putting an implementation plan together. You need to have a clearly defined picture of all the stakeholders who will be assuming any responsibilities throughout the implementation process. If you don't, you can't clearly allocate tasks, keep tabs on progress, and ensure your implementation is as organized and well-oiled as possible.

2. Key Tasks

At its core, an implementation plan is meant to document a series of actions, so you can't exactly have one if you don't know what those actions are. When you put your plan together, you have to outline what steps you intend to take to get from start to finish.

3. Schedule and Milestones

As I mentioned in the last section, you need a firm schedule in place to hold stakeholders accountable, keep your implementation on track, and ensure that everyone involved in your project is on the same page.

4. Resource Allocation

Virtually any task specified in an implementation plan — like any task in any context — requires resources. You need to ensure that every stakeholder involved has access to whatever they need to fulfill the responsibilities you've assigned to them. You don't want to leave any team member high and dry without the means to get their job done.

5. Key Metrics for Success

You'll have a hard time determining whether your implementation plan is successful without defining how your success should be measured. By monitoring specific, relevant metrics throughout your project, you can have a pulse on whether your current strategy is effective or if you might need to shift gears.

6. Acceptance Criteria

How will you know when your project is done? What will tell you when your implementation plan has actually been implemented? You need to define the criteria that let you answer those questions before creating your plan and setting it in motion.

7. Success Evaluation

As a sort of extension of the point above, you need to know how you're going to evaluate whether your plan actually worked — and the extent to which it did. Have certain metrics and benchmarks prepared to tell you whether your project accomplished what it needed to.

Implementation Plan Example

Your implementation plan is going to be unique to your team and the project you're carrying out — and the format you go with will likely reflect that specificity. Here is an example of what one could look like.

Image Source: Service Engineering Lab

Your implementation is going to be exactly that — your implementation plan. It's going to be specific to your needs and project specifications. You might not include every component listed here, or you might include some more. Yours could look like the example we've listed, or it could wind up looking different.

Still, this article provides a solid starting point for you to consider when putting yours together. If there's anything to take away from this piece it's this — have a plan in place for your implementation, document it, and track it as your project progresses. If you take those strides, you'll put yourself in the best possible position to see your project through to the other side smoothly and efficiently.

Don't forget to share this post!

Related articles.

What is Scope Creep & How to Navigate It

How Your Revenue Team Can Avoid These 5 Missteps in 2023 and Beyond, According to Sendoso's VP of Revenue Operations

What is Revenue Intelligence? [+5 Problems It Solves]

Why Process Strategy is Key for Sales Ops Success

Why RevOps Is the Answer to Your Compensation Planning Headaches

The Ultimate Guide to Operations Productivity: What It Is and How to Measure It

What is a Chief Revenue Officer? & How to Become One, According to Experts

Operational Objectives: The Core Tasks That Support Strategic Visions

What Is Business Process Management? (& the 7 Best Tools for It)

Why Your B2B Company Should Explore a Revenue Operations Strategy

Plan your business's growth strategy with this free template.

Powerful and easy-to-use sales software that drives productivity, enables customer connection, and supports growing sales orgs

• Free Project Management Software
• Agile Project Management Software
• Project Management Software for Nonprofits
• Organization Apps to Boost Productivity
• Resource Management Software
• Monday Review
• ClickUp Review
• Monday Pricing
• ClickUp Pricing
• Wrike Pricing
• Asana Pricing
• Smartsheet Pricing
• Teamwork Pricing
• Airtable Pricing
• Scoro Pricing
• Asana vs Monday
• ClickUp vs Monday
• Wrike vs Asana
• Trello vs Asana
• ClickUp vs Asana
• What is Agile Project Management?
• Key Benefits of Agile Methodology
• Most Important Agile Metrics
• Agile Manifesto: Values and Principles
• Agile Project Management Certifications

What is an Implementation Plan & How Do I Create One

The primary purpose of creating a project plan is to execute the project successfully. Successful execution of a project is impossible without an implementation plan.

An organization may get stuck on how to execute its project or may execute it incorrectly without an implementation plan.

Project managers can easily and effectively manage the project process if they follow the steps highlighted in the project implementation plan and get the desired result.

You can avoid failure in the project execution phase and attain project success with a well-detailed implementation plan.

This article will reveal every important detail you need to know to create an effective implementation plan.

Let’s get started.

What is an Implementation Plan in Project Management?

You can define an implementation plan as a project management tool that outlines a step-by-step process to bring a project from start to completion.

In other words, your implementation plan lays down the process or procedure a project manager and the project team must follow to execute a project successfully.

A project implementation plan is a detailed document containing a list of tasks with individual roles and responsibilities . It determines the project goals, timeline, and resources needed to support successful implementation.

There is a difference between a strategic plan and an implementation plan. The simple difference is that strategic plans describe the project manager's implementation strategy while implementation plans convert a strategy into an actual task.

Key Components of an Implementation Plan

1. project goals and objective.

A project needs to have a goal or objective. An object is a key milestone that the project team must complete to achieve the goal. The organization can choose an objective during strategic planning sessions.

2. Success Criteria

Key stakeholders and project leaders have to reach a mutual conclusion on what would be described as the project’s critical success factor ( CSF ) and how to measure success.

3. Scope Statement

The scope statement is a critical component of an implementation plan. It is a brief description of your project scope. Proper project scope management is critical for effective project planning .

4. Resource Plan

A resource plan is one of the key components of an implementation plan. Create a detailed resource plan containing every resource needed for successfully implementing the project.

These resources can be human resources, equipment, and every material required to carry out the project.

5. Risk Analysis

You can effectively use risk assessment tools to identify all the potential project risks you may encounter.

6. Implementation Timeline

To have a successful implementation plan, you will require a clear project timeline . You get a clear overview of individual tasks in your project and project deliverables with a project timeline.

7. Implementation Plan Milestone

If you want to measure progress when executing your project implementation plan, it is vital to identify key milestones which you will use to track project progress. Schedule milestones in your project execution plan around due dates set for project completion.

8. Team Roles and Responsibility

There is a need to assign responsibilities to team members, with everyone knowing what role or responsibility is assigned.

9. Implementation Plan Metrix

Define metrics such as the Key Performance Indicators ( KPIs ) and other key metrics to control the implementation plan's progress effectively.

How to Write a Project Implementation Plan

You must have accurate knowledge to create a solid implementation plan. Here is a detailed outline of how to write a project implementation plan.

1. Research and Discovery

The first step is identifying what you require to create an effective project implementation plan. You will have to conduct research to answer these questions.

• What kind of teams are needed to achieve the strategic goals?
• What is the time duration required to execute the strategic plan?
• What resources are required, and what quantity should be allocated from the budget?

You must conduct a strategic interview with key stakeholders, key partners, customers, and team members to gather the required information.

This strategic interview aims to determine what components and assignments are essential and what factors are of greater importance so you can prioritize. List all the set project goals you wish to achieve and cross-embed the strategic plan with the implementation plan.

Finally, everything must align with the strategic plan for the project implementation plan to work.

2. Identify Assumptions and Risks

Identifying risks and assumptions in your implementation plan is important. Examples of assumptions and risks in your implementation plan include paid time off or holidays, market instability, damaged tools, budget constraints, and losing personnel.

You must consider all these factors before executing the implementation plan.

3. Assign Responsibility

Assigning responsibilities is vital when carrying out each activity in the implementation plan. For a task to be properly assigned, the manager must delegate specific roles and responsibilities to team members.

After assigning tasks, monitor them to ensure that all assigned tasks are carried out effectively.

4. Determine Activities

Finally, you must recognize all the important activities to complete your plan. Here are some questions that can help you decide on important activities to include in your implementation plan.

• What is the organizational structure?
• Who are the project’s key players?
• What are the crucial steps and key milestones you want to accomplish?
• Do you have task dependencies you need to factor in?
• Which activities are essential for completing the project’s strategic initiative?
• What are the stakeholder requirements?
• What are the allocated resources?
• What are all the potential risks involved in the project?

After implementing these questions, your implantation plan is complete and ready for execution.

You may need project approval from the top executives before you can start implementing your plan.

Implementation Plan Example

Implementation plans are widely used across various organizations and have wholesome benefits.

The primary goal of an implementation plan is to implement company strategy effectively and create a workable step-by-step process of bringing the project to completion.

Here is a detailed example of how an implementation plan works.

Benefits of an Implementation Plan

The implementation plan plays a key role in the success of the overall strategic plan. Without the implementation plan, project managers will not be able to execute the project’s implementation strategy, resulting in project completion.

Throughout the project's implementation phase, the project manager, key stakeholders, and the entire team have a clear direction to execute the project easily.

1. Increased Cooperation

If each team member works in isolation or does not work well with other team members, it will affect the project’s result. With an implementation plan in place, you can foster cooperation within the team.

Working with other members is easier when everyone knows what is expected of them and the steps to be followed in the implementation plan with their tasks.

An implementation plan helps to bridge the gap between team members to ensure everyone works in sync with themselves.

Buy-in in project management means getting stakeholders on board with the project mission and vision and involved in the decision-making process.

Suppose you do a thorough job in your research and acquire all the relevant information for successfully implementing the strategic plan. In that case, you can buy in from key project stakeholders and important partners involved in the entire project.

The up-side to this is that you can always get buy-in with a well-structured and detailed implementation plan.

3. Meeting Goals to Ensure Project Success

Communication and clear understanding are key to accomplishing project goals. Setting a goal and getting every team member to understand how to accomplish this goal is possible through the implementation plan.

Ensure you carry along the strategy director and implementation leader when creating communication channels for the implementation plan.

Best Practices for Implementation Planning

Putting these principles to work within your team while executing the implementation plan will guarantee success in executing the project.

1. Create a Designated Implementation Team

A specific team focused on ensuring the productive implementation of a particular plan is essential. Create a specific team burdened with the responsibility of ensuring that the success of an implementation plan increases the chances of success even though it is not compulsory.

2. Create a Shared Vision Among All Team Members

Your team members must clearly understand the implementation plan's purpose. If the vision is clear to them, a deeper connection to the work will be established, which will serve as a motivating factor.

Always encourage team members to express their views on the strategic and implementation plans.

3. Choose a Dependable Team Leader

The team leader has to properly orient and coach the team members on the best ways to carry out their implementation plan tasks.

This individual should seek guidance from past implementation plan leaders and use the information gatherers to improve the implementation process.

In certain cases, you can have more than one team leader (multiple team leaders), and their responsibilities will differ a little from each other.

Within the team, a champion will be mostly responsible for getting things done, and a viable management sponsor who helps the team scale obstacles will be required.

4. Define Actionable Plans

To make remarkable changes in the implementation process, you must stay on course, identify challenges and discover the reasons for these problems.

You can identify these challenges through

• Brainstorming
• New-members information form
• Notecard method

With these techniques, you can easily identify various project management challenges , gain more insights into the project implementation plan and create solutions to the identified challenges.

You can effectively implement the Notecard method in this manner. You need to ask the team members three important questions.

• What is the single biggest challenge facing the team?
• What will be the most relevant issue in the next five years?
• What is the best strategy to tackle these issues?

After the cards have been submitted, the next step is to identify the most similar answers and isolate them to be deliberated.

5. Create an Action-Oriented Plan

Create an action plan focused on incremental action and not just having continuous discussions. Your plan must encourage you to take significant steps that will accumulate in you getting the desired result.

While creating a project implementation plan, ensure it is reality-based. Creating a non-reality-based plan means trying to achieve something you cannot. In other words, your plan should not be trying to solve a proxy problem.

In creating your plan, it is important to identify what you require to impact the identified challenges and make notable changes.

For example

• What organizational resources are required to get the work done?
• How do you allocate resources to the needed areas?
• What are the additional resources required to complete the project?

You will create a detailed plan to impact the identified issues with this knowledge.

6. Value Communication

Constant communication with the team enables you to see the project better, keeps the project transparent, helps generate new ideas and strategic initiatives, and ensures everyone is on the same page.

Regular and honest communication among team members will foster cooperation and enhance productivity. Ensure that the team’s contributions during discussions are perceived as valuables and let them know they are expected to contribute.

You can use team management software to foster better communication among your teams and manage your teams effectively.

7. Monitor Progress and Incremental Success Consistently

Ensure you perform constant evaluations and analyses to ensure you are still on track regarding the implementation process. You can hold progress report meetings to measure and analyze development.

By constantly monitoring progress, you will be able to identify potential risks, make the necessary adjustment before a crisis hits, and allow you to adapt before processes or expectations become solidified.

Celebrating milestones encourages team members and helps them to feel valued and part of something that works. The team will remain motivated and willing to see the process through by celebrating milestones. You can use project tracker software to track your tasks and projects.

8. Involve the Right at the Appropriate Time

This best practice involves discovering the best time to involve upper management. In the project initiation phase , you must include key decision makers and not just any team member.

You should list out critical tasks that you must execute and select the right personnel to carry out these tasks. The next move is allocating resources and determining what tasks you require to complete the larger task.

Having the right people working with you will guarantee the success of the project implementation plans.

9. Publicize Your Plan

Maintaining transparency with team members and management is important to the success of the implementation plan. During implementation planning, it is not advisable to indulge stakeholders' involvement at all times.

Ensure you make your plan available to higher-ups to keep your team accountable down the line.

Implementation Plan FAQs

The most significant difference between an action plan and an implementation plan is that an implementation plan addresses various factors that affect the implementation process, such as risks, resources, and team roles and responsibilities. On the other hand, an action plan is focused on describing work packages and tasks.

The project manager is responsible for creating the implementation plan for a particular project or series of projects.  With the help of stakeholders and certain team members, the project manager can develop a comprehensive implementation plan. 

The implementation process in project management is a series of events in which plans, strategies, and goals are converted into actions to accomplish strategic project objectives and goals.

Useful Project Management Software for Successful Implementation Planning

You do not have to go through the rigorous stress of creating your implementation plan in a spreadsheet or Word document.

Many simple project management software tools help you create your implementation plan with an implementation schedule best suited for your implementation and execution plan.

Here are the project management software tools that will give you your desired results.

• Monday.com is a highly-customizable project management tool that provides users with various tools for creating and tracking your implementation plan, dependencies and budgets, and delegating responsibilities.
• ClickUp is an affordable project management software that offers the most inclusive free-forever plan with extensive functions not limited to successful project implementation planning and execution.
• Wrike is a powerful project planning tool that helps you create and execute your strategic implementation plan.

Every wise project manager knows that having a well-structured implementation plan increases the likelihood of completing the entire project. Taking the implementation planning process as a vital part of the project is very important because a lot depends on this process. With the right software tool, you can easily create an implementation plan suited to your specific project need.

Was This Article Helpful?

Anastasia belyh.

Anastasia has been a professional blogger and researcher since 2014. She loves to perform in-depth software reviews to help software buyers make informed decisions when choosing project management software, CRM tools, website builders, and everything around growing a startup business.

Anastasia worked in management consulting and tech startups, so she has lots of experience in helping professionals choosing the right business software.

This device is too small

If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.

• Small Business
• The Top Project Management Software for Small Businesses

The 6 Steps for Creating the Perfect Implementation Plan

See Full Bio

Our Small Business Expert

Whether you’re starting a new business, creating a new team, or trying out a new marketing strategy, you can’t dive right in and throw money at the first solution you stumble upon.

Strategic project planning is the cornerstone of a successful venture, just like every other business decision you make. You need an implementation plan to help you navigate the treacherous waters of undertaking a new strategic decision.

Overview: What is an implementation plan?

An implementation plan supports a strategic action plan process for all kinds of business operations and practices, whether you’re executing a new marketing plan or introducing a new software platform to your organization.

The implementation plan dictates the actions and methods you’ll use to turn your strategy into reality.

How to create an implementation plan

Building your strategic implementation plan may seem daunting the first time but don’t worry, I’ve laid out the six implementation plan steps.

Step 1: Brainstorm your desired outcomes

The first step is envisioning and determining what the final outcomes will be. Whether it’s the adoption of a new software tool or a change in your team management strategy. Start with the endgame in mind.

Here are a few questions you need to answer about these outcomes:

• Who stands to benefit from this change or addition?
• How will they benefit?
• What metrics will measure success?

Keep in mind the answers to these questions may shift as your implementation progresses. Just think of your answers as a springboard for the process.

Tips for brainstorming your desired outcomes

To help the process along, I’ve come up with a couple of tips to help you structure your outcomes.

• Set goals: Base the goals of your implementation on the best possible scenarios, including launch dates, secured clients, improved productivity numbers, etc.
• List contingencies: Implementing anything into your business strategy is a long process, prone to change. That’s why it’s important to brainstorm contingent scenarios. The risk assessment you conduct later in this process will help clarify these scenarios and contingencies.

Step 2: Assign implementation responsibility to an owner

While it’s too early to start delegating individual responsibilities, it’s important to establish an overall owner for this implementation process. This owner will take charge of tracking team productivity, assign individual tasks, and steer the implementation when the team veers off course.

Tips for assigning the implementation to an owner

One of the hardest decisions you’ll make during this entire process is choosing someone to lead the planning and execution of your implementation strategy. Here are a few tips to help you make that choice.

• Look for a great communicator: Everything about an implementation strategy or project is dependent on great communication, especially from those responsible for its success. Make sure the owner you choose has a long history of quality and timely communication with their teammates and superiors.
• Look for an innovative thinker: The best leaders operate well under pressure and find innovative ways to solve unique problems. Your implementation will hit a few bumps along the way, so it’s best to have someone competent behind the wheel.

Step 3: Conduct a risk assessment

It’s time to ensure you understand all of the pitfalls before you proceed with your implementation plan. You don’t want to work halfway through the process before you realize you didn’t plan out buffer days to handle scope creep or additional panic funding in the budget.

This is why it’s crucial to conduct a risk assessment before committing to this implementation.

Tips for conducting a risk assessment

Developing your risk assessment is your best defense against issues that might derail your entire implementation strategy. Here are a couple of tips for identifying and mitigating those risks.

• Make your risk assessment a group effort: It’s not possible for your implementation owner to know every issue the team might face. It’s crucial to bring the team together for brainstorming sessions to gather all types of perspectives for risk and solution identification.
• Evaluate case studies similar to your own implementation strategy: Nothing beats learning about the risks facing your project than studying those who’ve executed similar strategies to yours. Find out what worked and what didn’t from the primary sources rather than only relying on hypothetical speculation.

Step 4: Establish a budget

Budgeting. Everybody’s favorite project pastime (except mine). The key to a helpful implementation plan budget is to make all items and expenditures easy to measure and track.

Keep everything organized using spreadsheets or interactive budget tools offered by many project management platforms, such as Mavenlink or monday.com .

The two most pressing questions of this phase are:

• What will it take to make this implementation plan a success?
• How much are you willing to spend to make it a success?

Tips for creating a budget

Creating a budget is intimidating, but with the help of a few tips, you’ll be filling out your line items with ease.

• Take your risks into account: Risks pose a threat to any budget, whether those risks lead to longer execution windows, additional teammates, or the need for supplementary resources. Make sure you build buffers into your budget to make room for these issues.
• Use similar implementation examples as a baseline: Like creating a risk register, it’s always best to use similar scenarios to inform the decisions you make with your current implementation plan.

Step 5: Create and delegate your implementation plan tasks

Your implementation has an owner, and so should every task in the process. These owners are responsible for executing said tasks in your plan and reporting back progress to the overall manager. These owners are also responsible for handling the respective risks associated with these tasks.

Tips for delegating your tasks

Your tasks are specific to the type of implementation plan you put together, so I will leave that to you. Instead, I want to focus on giving you a couple of pointers for delegating your tasks.

• Communicate your reasons to each team member: It’s one thing to hand out roles, and it’s another to explain the reason for each choice. Explaining the rationale behind each choice will provide purpose and motivation for each team member to succeed in their tasks.
• Set clear expectations: While the line “impress me” has its place in movies and TV shows, it isn’t a very effective mindset to use on your employees. Instead of leaving the end product up to your team, make sure you set clear expectations of what you want to see in your project deliverables. Clear expectations produce clear results.

Step 6: Develop your implementation plan schedule

You’ve gathered foundational information and now it’s time to take that and construct your plan. Like any well-crafted narrative, your implementation project schedule will include a beginning, middle, and end.

The beginning includes all of your initiation actions (setup, delegation, etc.), the middle consists of all your execution actions and progress tracking, and the finale includes all of your assessments and last-minute quality control.

You’ll want to make sure the scheduling decisions you make lead to the quickest and most cost-effective implementation without sacrificing quality. Use tools and strategies such as the work breakdown structure and critical path method to plan out the most efficient handling of tasks.

Tips for developing your schedule

This may be your first time putting together an implementation plan. If so, these tips will help you map out your process.

• Break tasks into milestones: Milestones provide your team with motivation and an ability to measure progress through grouped task signoffs.
• Create schedule buffers: Your implementation schedule is where you take the possibility of scope creep into account. Make sure you plan out scheduling buffers to account for inflated process times.

The best project management tools for creating an implementation plan

You don’t have to create your implementation plan all by yourself in spreadsheets and Word documents. You’ll find lots of project management software options out there well-suited to help you plan, manage, execute, and evaluate your implementation strategy.

To make it easy for you, I’ve listed three options that’ll cover all of your needs.

1. Mavenlink

Mavenlink is the perfect “do everything” project management software for enterprise-level users. It’s a simple, powerful tool that’ll provide you with every function you need to plan and carry out strategy implementation and project steps, from task dependencies to budget reports.

Mavenlink is a powerful and “by the book” project management tool that’ll handle anything you throw at it. Image source: Author

Mavenlink is far better suited to enterprise-level users due to its pricing but if you can afford this platform, it is well worth the money. I’d especially recommend this software option to users looking for an experience that’ll show them the ropes of project management software.

Scoro is fantastic for many reasons. It’s easy to navigate (although learning some functions involves a learning curve), it offers nearly every project management feature you could ask for, and the report selection is extensive.

I want to focus on that last benefit because Scoro gives you some of the best reporting options I’ve ever seen.

Scoro offers detailed and actionable dashboards. Image source: Author

While the execution actions of your implementation strategy are important, tracking your progress is the key to ensuring and showing that success. Scoro gives you all kinds of report options that’ll help you measure activity, budgets, and even the “success rates” of tasks.

I’d recommend Scoro to users who are dealing with complicated implementation plans with many moving parts that require consistent attention.

3. monday.com

When it comes to a combination of ease of use and versatility, monday.com is second to none. It is one of the easiest project management tools I’ve ever used and I would recommend this platform for nearly any user of any experience level.

Unlike the other two options, monday.com relies on its customizability to provide you with all kinds of features you’d use to plan out your implementation strategy.

monday.com’s user interface is very simple to learn and pleasant to use. Image source: Author

Using what it calls a “board” system, you are able to track your implementation plan tasks, delegate responsibilities, create dependencies, measure success through reports, and even create budgets.

This is the perfect tool for anyone looking to step away from the traditional project software experience and try something new.

The Ascent has your back beyond the implementation plan

Project management and business strategy are about more than planning. Growing your business requires solid execution and thorough after-the-fact evaluation.

That’s why we at The Ascent want to help you every step of the way with countless guides, from project management basics and best practices to detailed software reviews and alternatives pieces.

We regularly post and update our content to reflect the constant changes you’ll face while completing projects (even when dealing with the current COVID-19 pandemic ), so be sure to stay up to date on everything we have to offer.

We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.

The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.

Copyright © 2018 - 2024 The Ascent. All rights reserved.

Strategic Implementation: More Than Just Implementing Strategy

By Kate Eby | November 27, 2017 (updated December 4, 2021)

• Share on Facebook
• Share on LinkedIn

Link copied

Strategic implementation is a key ingredient of modern business: Once an organization creates a strategy to meet its goals, implementation is the next step for successful execution. Essentially, the implementation phase outlines how a company plans to achieve its goals. Business theories and frameworks help guide strategic formulation, implementation, and execution. This article explains strategic implementation and how it differs from other strategy tactics. You’ll learn about key steps and pitfalls, review some examples, and get expert insights.

What Is Strategic Implementation?

There are numerous definitions of strategic implementation on the web, including the following:

Business Dictionary : The activity performed according to a plan in order to achieve an overall goal. For example, strategic implementation within a business context might involve developing and then executing a new marketing plan to help increase sales of the company's products to consumers.

The Houston Chronicle : The process that puts plans and strategies into action to reach goals. A strategic plan is a written document that lays out the plans of the business to reach goals, but will sit forgotten without strategic implementation. The implementation makes the company’s plans happen.

OnStrategy : The process that turns strategies and plans into actions in order to accomplish strategic objectives and goals.

What these and other definitions have in common is that they discuss turning a theoretical plan (about an organization’s direction) into manageable tasks that team members can perform to achieve the stated goals.

Once an organization creates a strategy, it needs to be implemented, and then executed. Here are the high-level steps in strategic implementation (which we will discuss in detail later):

• Communicate
• Align initiatives with strategy
• Engage staff and outside stakeholders
• Allocate resources
• Make structural adjustments
• Create strategic evaluations

Strategy Implementation vs. Strategic Implementation

Whether or not a difference exists between strategy implementation and strategic implementation depends on who you ask.

Ray Mckenzie, Founder and Managing Director of Red Beach Advisors , says, “Strategy implementation is a larger umbrella, or a holistic view of what’s going to happen, and looks at products and pricing and how we function as business. Strategic implementation is a plan for implementation of a specific objective: For example, if I have a piece of software that I want installed in three months.” One scenario might be if you want to integrate CRM software into your organization, you’ll need to identify the steps to take to execute the integration.

Lloyd Baird is the Jon M. Huntsman Visiting Professor at Utah State University . Of the difference between the two phrases, he says, “It depends on what organization or company you are talking to.”

In this article, we’ll treat strategy implementation and strategic implementation as synonymous.

Getting Strategic

As organizations evolve, they often change from a reactive to proactive operational style. It’s at this point that an organization begins strategic planning, which leads to strategic implementation.

Formulation, Implementation, and Execution

Strategy formulation (also known as planning), implementation, and execution are intertwined, but each are distinct. Formulation is the creation of a framework that guides decisions. Implementation is preparation and putting elements of the strategy into place. Execution is the decisions made and activities performed throughout the company, with the objective of meeting goals outlined in the strategy.

For example, imagine you're the coach of a football team in a critical 4th-and-1 situation. In this case, the terms would function as follows:

• Formulation: You select a play from your playbook, with the objective of getting a first down.
• Implementation: The players position themselves on the field as outlined in the chosen play, and you place the best offensive linemen up front, and the sturdiest running back in the backfield.
• Execution: The ball is snapped, the linemen push their defensive counterparts back, and if all goes well, they open up enough ground so that when the running back gets the handoff, he can move it across the line of scrimmage for a first down.

Smartsheet offers many templates to assist with strategic formulation.

Thinking About Strategic Implementation

In his paper Strategy Implementation as Substance and Selling , author Donald C. Hambrick and Albert A. Cannella, Jr., state  “… implementation must be considered during the formulation process, not later, when it may be too late.” They continue, “The strategist will not be able to nail down every action step when the strategy is first created, nor … should this even be attempted. However, he or she must have the ability to look ahead at the major implementation obstacles and ask, ‘Is this strategy workable?’”

Corporate Strategy and Business Unit Strategy

Executives create the corporate strategy, which determines the company’s lines of business. It also addresses how business units can work together to increase efficiency. Business unit strategy is created by the leader of each unit, and revolves around how the corporate strategy is put into action. In other words, corporate strategy determines what happens, and business unit strategy determines how it happens.

To align corporate and business unit strategies, executives must encourage the development of business unit strategies that both contribute to corporate strategy objectives and respond to their competitive situation, whether geographical or functional.

In a 1984 paper titled Business Unit Strategy, Managerial Characteristics, and Business Unit Effectiveness at Strategy Implementation , authors Anil K. Gupta and V. Govindarajan explain, “The absolute performance of a business entity depends not just on the effectiveness of its internal organization in implementing the chosen strategy, but also on industry characteristics and the choice of strategy itself.”

Top tips to help you save time and money on your next project.

Discover five ways to decrease project delays and increase revenue so you can eliminate the barriers to PMO success and ensure your projects stay on track.

Get the free e-book to see how my efforts compare

Why Is Implementation Important?

Executives formulate the strategy that business units will execute. However, implementation requires the participation of the entire organization, so implementation is as important — if not more so — than the strategy itself. For example, you can buy seeds and plant them in your garden with the goal of serving a home-grown salad every night at dinner, but that doesn’t ensure that you’ll reach your goal. If you plant at the wrong time of year, if the seeds are not viable in your climate, or if the soil is depleted, you’ll still be buying vegetables from the store for a long time to.

Because strategic implementation is the most important, it’s also the most difficult to achieve. A 1989 Booz Allen study found that 73 percent of managers thought that strategic implementation is more difficult than formulation, 72 percent think that it takes more time, and 82 percent say it’s the part of the process over which they have the least control. But there’s been progress. In a 2015 survey of reports titled Strategy implementation: What is the failure rate? , authors Carlos J.F. Cândido and Sérgio P. Santos conclude that the implementation failure rate has fallen from the between 70-90 percent in the mid 1980s to about 44 percent in the early 2010s.

There are many reasons that strategies can fail. A bad plan (e.g. one that has unrealistic goals), or poor execution (e.g. not adapting to changing conditions) can cause failure, but since implementation is the key aspect, there are more possible pitfalls, including the following:

• Stakeholders Don’t Buy-In: Those who are responsible for executing a strategy won’t want to do it if they don’t believe in it. Ray McKenzie says, “Not having completed buy-in from the team is first and foremost. If people don’t buy-in, it won’t get completed.”
• Resources Aren’t Aligned with Strategy: For example, if you want to sell red balloons, but fill your warehouse with blue ones, you won’t meet your goals.
• Incentives Aren’t Aligned with the Strategy: This happens when you reward people for completing tasks that don’t contribute toward the key performance indicators (KPIs) .
• You Don’t Plan to Adjust: Lloyd Baird says, “There’s an old military saying: Your battle plan is great until you contact the enemy, then everything changes. Things are changing so fast in organizations that if you don’t have a method to adapt, evaluate, and change, you’re going to fail. The people that are really good are the ones who are adapting along the way.”
• Continuing To Do Things that Used To Work: Rather than relying on old mechanisms for success, stay current with trends and tools.
• Internal Politics: Turf battles or personal disputes can prevent an organization from properly implementing a strategy.
• Accountability Void: When implementing a strategy, everybody involved must be made aware of their responsibilities, and the consequences of not meeting them.
• No Milestones: As Ray McKenzie explains, “A strategy only works for a period of time — you have to have an outline of those dates.”
• Lack of Empowerment: This happens when people and teams aren’t given the authority, resources, and tools to execute the strategy.
• Communication Breakdown: If the organization is not sharing the strategy, or is sharing it in the wrong ways, the team won’t understand it.

Challenges and Criticisms of Strategic Implementation

Like any business process, strategic implementation has its share of challenges and criticisms. However, if an organization is aware of the limitations of strategic implementation and the obstacles that may arise, they can overcome potential challenges.

Key Leadership Theories for Implementation Strategy

Leadership theories guide how executives think about the world and their organization’s place in it. A couple important, related theories are discussed below.

Tipping Point Theory

• What It Is: The nce a critical mass of people gets behind something, it spreads quickly. Malcolm Gladwell’s 2000 book, The Tipping Point, provides many examples of this theory in action, from the changes in the Bill Bratton-led NYPD in the 1990s that resulted in a dramatic drop in crime, to the way Hush Puppies shoes became popular again once key people in the fashion world started wearing them. The makeup of a critical mass will vary by organization: It could be a majority, or it could be a small group of influential people.
• How It Can Help with Strategic Implementation: While implementing a strategy, executives can identify what constitutes a critical mass in each business unit, and work to get those people invested in the strategy. Once those team members are on board, they’ll bring the rest of the team along.

Blue Ocean Theory

• What It Is: It sprang out of a marketing theory with the same name, which posits that companies should create opportunities in market areas where there isn’t much competition to provide greater growth opportunities. For example, Southwest Airlines became a major player by combining customer-focused service, low prices (partly achieved by flying from secondary airports and partly by using only a single aircraft), and flying to underserved areas. As a leadership theory, Blue Ocean tasks leaders with undertaking the activities that increase team performance, listening to feedback from all parts of their organization, and developing leaders at all levels.
• How It Can Help with Strategic Implementation: Having leaders at many levels focus on activities that increase team performance and listen to every level, the strategies they develop will be easier to implement. This method helps the leaders generate some built-in buy-in. By walking the leadership walk, others are more likely to follow along.

What Do You Mean by Strategic Evaluation?

Strategic evaluation is a type of business performance measurement (BPM) system. In a 2007 paper Towards A Definition of a Business Performance Measurement System , Monica Franco-Santos et al. describes it as, “...a set of metrics used to quantify both the efficiency and effectiveness of actions; or as the reporting process that gives feedback to employees on the outcome of actions.” Strategic evaluation (often written as strategic evaluation and control, when it’s used as part of a strategic management model) is a cyclical process that helps managers and executives determine whether programs, projects, and activities are helping an organization meet their strategy’s goals and objectives. In short, it can help an organization stay on and get back on track.

Strategic evaluation is performed during the execution phase, but you create the process during implementation. There’s always a need to get and analyze feedback to find out what is and isn’t working, identify ways to fix what’s not working, and record the lessons learned for future strategies. There are four high-level steps in the strategic evaluation process:

• Set benchmarks
• Compare results against benchmarks
• Analyze the differences
• Take corrective actions

There are a few different facets of strategic evaluation. Each facet is important and shouldn't be ignored, as using all four ensure that you’ll discover any possible root causes of a problem.

• Premise: Were the strategic goals realistic and achievable?
• Implementation: Was the process of implementing organizational changes based on the strategy performed properly?
• Strategic Surveillance: Are processes and tasks being performed as expected, and if so, are they getting the desired results?
• Special Alerts: While strategic evaluation should take the long view, and not focus too much on short-term fluctuations, it needs to evaluate how changing market conditions and competitors’ actions, as well as unexpected events, affect the strategy. Taking this view will highlight those surprises and changes — then you can implement contingency plans and bring in crisis management teams if required to change the strategy’s execution.

Strategic evaluations are a great way to learn. Ray McKenzie says, “Have a follow-up with the team to see what worked, or if you should do things differently next time around."

How Strategic Implementation Works in Different Organizations

With the rise of mass production in the 19th century, companies began to centralize key functions like sales and finance, which led to economies of scale. Later, as some firms became diversified and began to increase their market, they created business units that focused on product lines or geographical regions. The firms may have lost some of the previously gained economies of scale, but they were able to better react to market conditions.

Centralized organizations could use strategic implementation to make shared services more efficient. Diversified organizations could coordinate processes and goals between various regional offices or product-focused groups.

Later, companies started using the matrix organization to try to take advantage of both the economies of scale created by centralization, and the adaptability of the geographical or product-focused organizations. Matrix organizations are difficult to coordinate. Implementing a strategy can help everyone focus on the same goals.

In the 1990s, the business process reengineering (a version of this is know as Total Quality Management, or TQM ) drove the creation of organizations that were organized around processes. Again, implementing a strategy can help everyone focus on the same goals.

Going forward, virtual, networked, and “Velcro” organizations (a concept where the organization can be pulled apart and put back together in response to changes in the business environment, or as Lloyd Baird says, “a network of relationships”) will have the same issues that strong strategic implementation can help.

What Is Involved in the Implementation Process

After formulating and finalizing a strategy, it’s time to share it with the organization. Next, you may need to make changes to the organization in preparation for the execution phase. The steps to take are as follows:

Communicate: Everyone in the organization, and some outside, must learn about the strategy, how it affects them, and what changes they’ll need to make to support it. As you cascade the strategy throughout the organization, different groups will need to be made aware of the parts that are important to them. Sales and marketing teams will want to hear more about the sales goals, while IT will be more concerned about changes to the network and new required software. A vendor will need to know what changes they’ll need make to the materials they provide.

Engage Stakeholders: After communicating the goals, managers and staff (as well as any contractors or vendor affected) need to understand the importance of the strategic goals, their role in strategy execution, their responsibilities, and the impact of meeting or not meeting the goals or fulfilling their responsibilities. Using stakeholders throughout the organization to be champions of the coming changes will make the job easier.

Align Initiatives with Strategy: You’ll likely need to update processes, swap out tools, and make other changes to ensure company activities are contributing to the KPIs laid out in the strategy.

Allocate Resources: What needs to be bought or moved to prepare for execution? What funding needs to be allocated to strategic, operational, and capital expense budgets?

Make Structural Adjustments: Do you need to hire new people? Will there be a round of layoffs? Will you need to change any reporting structures? Are new vendors or contractors required? This is the hardest part of the implementation to perform.

Create a Strategic Evaluation: Implement repeatable processes that will check progress toward the goals, and provide data to executives and managers to determine what changes need to be made to the strategy or it’s execution to keep the organization on track to meeting the goals.

The Three Cs of Strategic Implementation

In a 2012 Forbes article , Scott Edinger composed a concise checklist of considerations. When preparing to implement, keep these in mind:

• Clarify: Avoid high-level statements that only resonate with the C-suite. Write your strategy in a way that connects with front-line employees and managers.
• Communicate: Spread the message in as many ways as you can. Connect the strategy to each group's’ core purpose.
• Cascade: Translate the strategy into actions through the organization. Managers at every level will be the ones who handle this.

5 Changes That Support Successful Implementation

Another lens to look through is, “What changes need to be made to implement the strategy?” You can divide the answer into five groups:

• People: Train or hire the right (and the right number of) individuals to implement plans. Ray Mckenzie advises, “Build a team of people who are key and can help you move your strategy forward.”
• Resources: Get funding and sufficient time to implement required changes.
• Organization: Restructure the company to support the strategic goals.
• Systems: Acquire the tools needed to perform the required processes.
• Culture: Work to create an environment that prioritizes the actions needed to reach the stated goals.

McKinsey 7S Framework

The McKinsey 7S framework is an organizational tool developed at the McKinsey & Company consulting firm in the 1980s, by Robert H. Waterman and Tom Peters. The framework can be used in many ways, including to determine how well an organization is prepared to change in order to implement a strategy.

Here are the 7Ss:

• Strategy: What needs to to be implemented
• Structure: The chain of command
• Systems: The tools used to perform tasks and complete processes
• Skills: What employees can do
• Style: How the leaders lead
• Staff: The employees
• Shared Values: The core values, expressed through the corporate culture

These can be divided into the hard Ss (Strategy, Structure, Systems), which are tangible, and the soft Ss (Skills, Style, Staff, Shared Values), which are intangible. In order to ensure smooth implementation, align each of these categories.

Examples of Successful and Unsuccessful Implementation Strategies

As previously mentioned, because strategy formulation, implementation, and execution are intertwined, it may difficult to know which phase is the cause of strategic failure. Here are some quick examples of success and failure where implementation is key.

Wal-Mart: The corporation became the retail giant they are by having low prices. They made lower margins by having high volume. In order to do that, they implemented a supply chain strategy that reduced operating costs. As they grew, their strategy was to use their size as a bargaining chip with suppliers to get even lower prices.  

J.C. Penney: Penney’s was a major retailer in the U.S. for many years, but when the landscape changed, they kept doing the same things. When the company finally brought in new leadership in 2011, they implemented a strategy that eliminated coupons that customers used and lowered their regular prices. They also changed their retail mix. When sales began to fall, they maintained their implemented strategy without adjusting. If they had taken advantage of the data from strategic evaluations and had responded appropriately, they might have been able to salvage the parts of their strategy that were working.

Apple: In the late 1990s, Apple was close to going out of business. They had many products that didn’t sell. When Steve Jobs returned, he implemented a strategy that reduced the number of products, and worked to develop new ones. This approach eventually led to the invention of the iPod. The iPod was not the first MP3 player, but it was the first to catch on because of its ease of use and storage capacity. This, in essence, was an application of the Blue Ocean theory: Apple found a market segment that wasn’t very competitive, and created a product that was better than what was available. For a long time, Apple was the dominant player in that market segment.

Google: While Google is successful in most ventures (search, email, maps), they have had some notable stumbles. One is Google Glass, the company’s wearable computer. While the idea was good, the device was very expensive, was not easy to use, there were concerns about privacy, and was an unattractive pair of glasses. Mostly, there was no real compelling reason to use it. Google Glass was a failed application of the Blue Ocean theory, and also another failure to adapt to data from strategic evaluations.

Strategic Implementation without Disruption

Strategic implementation can involve the restructuring of reporting relationships: adding, deleting, or updating processes, or even layoffs. This process can be painful for employees, and can cause problems when it’s time to execute strategy.

Restructuring can be expensive, and the new structure can create issues as troublesome as those you are trying to solve. Employes have to adapt to the new structure and may be dissatisfied. As a result, a lot of tacit institutional knowledge can be lost as people get shuffled around or worse, leave the company. Restructuring may also result in maintaining legacy systems until they can be phased out, which causes unnecessary expense. Additionally, some people won't be able to fully focus on the new strategy while they keep legacy systems running.

It's far less disruptive to choose an organizational design that’s flexible and can be adapted without major conflicts, and then formulate strategies that can be easily implemented.

Robert S. Kaplan and David P. Norton recommend the balanced scorecard framework, which they co-created in the 1990s. They believe that this framework will minimize the need to go through disruptive restructuring when new strategies change due to the following reasons:

• It focuses on the strategic agenda of the organization.
• It recommends monitoring a small number of data points.
• It looks at both financial and non-financial data.

The implementation of this framework is beyond the scope of this article, but you can read an explanation of its benefits via the Harvard Business Review .

Sometimes disruptive restructuring is necessary. If it can’t be avoided, here are some steps to make it more manageable:

• Break the strategy into smaller chunks, so the disruption is spread over a longer time frame.
• Communicate directly to affected employees. Explain why the changes are needed, and retrain them to adapt to the new structure.
• Use a version of the strategic evaluation process that focuses on the affected employees, have them report their on satisfaction levels, and adjust the strategy based on that feedback to lessen the impacts.

Download Checklist Here

Improve Strategic Implementation with Work Management in Smartsheet

Empower your people to go above and beyond with a flexible platform designed to match the needs of your team — and adapt as those needs change. 

The Smartsheet platform makes it easy to plan, capture, manage, and report on work from anywhere, helping your team be more effective and get more done. Report on key metrics and get real-time visibility into work as it happens with roll-up reports, dashboards, and automated workflows built to keep your team connected and informed. 

When teams have clarity into the work getting done, there’s no telling how much more they can accomplish in the same amount of time.  Try Smartsheet for free, today.

Discover why over 90% of Fortune 100 companies trust Smartsheet to get work done.

Get started

• Project management
• CRM and Sales
• Work management
• Product development life cycle
• Comparisons
• Construction management
• monday.com updates

Implementation plan: how to carry out your project from A-Z

Managing a new project is like baking. If you want to control the results, you need to follow a recipe. Even if you’re tackling something completely new, re-using steps and processes from a related product can help you avoid certain setbacks and headaches.

Developing and optimizing an implementation plan can help you keep teams on track, avoid duplicate work, and minimize time-consuming decision-making. It’s one of the best ways to bring big strategic goals to life without overusing resources.

In this article, we’ll cover what an implementation plan is, why it matters, and the optimal way to create your own.

Get started with monday.com

What is an implementation plan in project management?

An implementation plan is essentially a detailed, step-by-step recipe for completing a project, process, or business objective.

It outlines specific steps and who’s responsible for them. It goes beyond deliverables like in a work breakdown structure (WBS) and dives deeper than strategic objectives, scope, and milestones like in a product roadmap. An implementation plan gets down to brass tacks and lays out the process, so even the newest of new hires fully understands it.

For example, if your high-level goal is to improve your marketing campaign, you can break it down into tangible steps such as: creating flyers, updating your website landing pages, and more.

Then you can assign each activity an owner and add important information about its status, timeline, priority, progress, and more.

Companies often develop an implementation plan to reach specific objectives from a strategic planning meeting. In the example above, the strategic objective of the month’s project is to improve marketing campaign performance. The team broke that goal down into separate deliverables:

• Site redesign
• New banner ads

Because the board builds the workflow onto the table, there’s no need to further separate the tasks into design, development, and final approval stages. All team members can see important information at a glance.

Even if you use another view, like a Kanban board , you could easily add columns to represent your workflow, rather than creating extra cards and confusion.

With other planning strategies out there though, do you really need to learn another method? We’ll break down why it may be worthwhile.

Why do you need a solid implementation plan?

In 2020, research found that 31% of projects failed—at least partially—due to poor upfront planning. A solid plan reduces the chances of failure with a better, smoother process for everyone involved. Let’s take a closer look at 4 benefits of implementation planning:

Benefit #1: It facilitates smooth collaboration between teams and leaders

Structure makes it easier for teams to work together. A shared implementation plan and schedule gives every team member and leader insight into who’s doing what at any given time. So if someone has something to contribute at any stage, they can easily step up. A shared plan also boosts communication when everyone can see the full picture and ask questions or receive help along the way.

Benefit#2. Everyone stays on track

With a solid plan, there’s never any doubt about the next steps to take. That helps keep everyone on track throughout the project. Your team doesn’t miss a step wondering what comes next after they finish a task. With a project management implementation plan, everything is laid out clearly from start to finish.

Benefit #3. Implementation plans ensure teams see core benefits

The implementation plan can act as the compass guiding your team towards true north, in this case, the end benefits and strategic objectives. When your marketing team renews a campaign, the objective isn’t to make something new. The goal is to improve the ROI or reach a new demographic.

( Image Source )

When done right, the plan goes beyond outcomes to make sure that your company benefits from the project.

Benefit #4. Follow the shortest path to the desired outcome.

There are a lot of ways to get from point A to D. The plan should help your team avoid scope creep and stick to the shortest path to success. Like a GPS, a plan helps you avoid windy country roads that considerably slow you down. As a company, enjoying the view is rarely a priority.

Before we start diving in to creating one—those were some pretty nice benefits, after all—let’s take stock of what’s needed on our end to make it happen.

What does a project implementation plan consist of?

A thorough plan includes objectives, activities, a schedule, teams and responsibilities, milestones, KPIs, and even some contingency plans. Together, these elements are the building blocks of a solid foundation for project execution.

Of course, the must-haves depend on the scope of the project. Replacing the company printer probably only needs a 3-step action plan. Let’s break down what’s typically included in a project implementation plan:

• Goals or objectives

Your project should have a specific goal or objective. Aimless projects are a great way to empty company coffers for no reason. On the other hand, you don’t need to brainstorm a new goal from scratch every time. You can choose objectives from strategy planning sessions or meetings with customers or stakeholders.

• Core deliverables and activities to make objectives a reality

What do you need to deliver on the project goals? Break down these core deliverables into a step-by-step work plan. These action steps are what most employees think of when they hear the word plan.

• Implementation schedule

It’s not enough to just plan out the specific actions to take. When you do what matters. A schedule is essential for implementing a project effectively. If you’re working on a building site, carpenters won’t have much to do if they arrive before the foundation is finished.

• Teams, roles, and responsibilities

Who will work on the project and what deliverables will they own? A clear division of labor is a necessity, at least at the team level, to avoid duplication and confusion.

• KPIs and milestones

If your objective is to deliver a physical product, you can set logical milestones, like finished design, prototype, user testing, etc. If you’re working to improve a process or marketing campaign, single out key performance indicators (KPIs). Below, you can see an example of KPIs for improving a Google Ads campaign. They include both platform-specific KPIs and actual output KPIs.

• Contingency planning

What will your team do if something goes wrong? If there are any likely or high-impact risks, you need to address these in a contingency plan.

If it seems like there’s a lot that goes into an implementation plan, you’re not wrong. Luckily, we have a way to break it down into smaller bites.

How to create an implementation plan in 5 simple steps

Here’s how to create an implementation plan that will make a difference.

#1. Start with the objectives

Start with the objectives and figure out what your company or team needs to deliver to get there.

The initial high-level project outline doesn’t need to be detailed. If you’re improving an existing product, start including external stakeholders like customers and retailers at this stage of the process to identify what outcomes they’d like to see.

#2. Figure out the necessary people, roles, teams, and resources

Once you’ve got your deliverables down, you need to figure out how you can make that happen.

• Do you need to bring in some talent from other departments?
• How much budget do you need?
• Do you need to use company vehicles or other equipment?
• Who should own what deliverables?

It’s better to make these decisions early on in the project and let domain experts assist with planning and scheduling specific activities.

#3. Map out core activities and start scheduling

Once you’ve got a few senior engineers, developers, or other experts on board, it’s time to start planning in detail. They can help you avoid costly changes as you move out of the design stage of the project.

Break deliverables down into smaller, actionable steps in this stage and schedule each activity in a way that makes sense. The action plan should be as accurate as possible, but not 100% set in stone. You may have to change it to adapt to the market.

#4. Set clear milestones and expectations

Everyone, from your team to your clients, should be crystal clear about what will be considered a successful project.

#5. Add buffers and contingencies

For larger projects, thorough requirement and risk analysis is a must. Those learnings should shape your resource allocation and scheduling. It’s a good idea to add safety buffers into the schedule to ensure smooth execution. You also need to budget in contingencies for common risks, such as if a team member takes time off.

Bonus step: choose a platform that makes implementation planning easier and more effective

Trying to do project management without the right features is possible, but it’s also an unnecessarily slow and painful process. On the monday.com Work OS, you get access to every feature a project manager could ever want, including:

• Gantt chart or other timeline visualization – want to visualize the timeline of your project? Set up a Gantt chart with a few clicks. You can even edit the schedule in the drag-and-drop timeline view. That makes it easy to check and touch up a project schedule.

• Task assignment with responsibilities and notifications – easily assign work items and entire workflows to teams or individuals. They’ll automatically get reminders for changes, milestones, and deadlines.
• Real-time communication – communicate directly on assigned work item cards with mentions, file attachments, and threaded discussions. That way, there’s no risk of essential information getting lost in a wave of new messages.

• Detailed reporting and dashboards – Stay on top of the project execution and meet your milestones with custom dashboards and reports. Use widgets for status overview, resource management , time tracking, calendar milestones, and more. No organization should leave its projects up to chance. Follow the data.

And that’s just naming a few. To bake the perfect recipe, you need all the ingredients and all of the steps. monday.com can help.

Carry out successful projects with a solid plan

It’s difficult to turn any project from an idea into reality without a solid plan. The risk of creating duplicate work, decreasing team focus, and losing track during changing markets and objectives are exceedingly high. An implementation plan outlines the tangible steps and schedule that helps you manage a project successfully without feeling overwhelmed.

Send this article to someone who’d like it.

Project management

Implementation plan: What to include and 5 essential steps

A project plan or project implementation plan is a key strategic document that keeps teams on track throughout a project, indicating how a project is expected to run along with who’s responsible for what. It’s an extremely valuable planning tool — one that can be the difference between project success and project failure.

It’s also a fairly comprehensive document, and if you’ve never built one before, the concept can feel a bit overwhelming.

In this post, we’ll give you a five-step plan for building and implementing a project plan. First, we’ll walk you through what a project implementation plan looks like, why you should create one for every project, and what each plan should include.

• What is a project implementation plan?

A project implementation plan is a document that defines how a project will be executed. Implementation plans outline the project's goals, scope, and purpose, as well as listing the resources (including team members) necessary for a successful project.

Project implementation plans are sometimes called “strategic plans” because they lay out the strategy proposed for a project. But we like the longer name because it conveys more than just strategy: It suggests a process going into action, and it answers the question of how a team will arrive at a goal.

A project implementation plan serves as a critical reference point throughout the project's lifecycle, ensuring everyone is on the same page and everything is on the right track. It's a vital document for guiding decision-making, mitigating risks, and ultimately ensuring the successful completion of the project from start to finish.

The Teamwork.com guide to project management

Get best practices, tips, and methodologies to enhance your project management approach with our free guide.

• Why every project should start with an implementation plan

Why start each project with an implementation plan? Simple: because you want the project to succeed, and you want an objective way to know if it succeeded.

Starting each project with an implementation plan accomplishes quite a bit for most teams and businesses, primarily because it creates a shared sense of vision and understanding and points toward a clearly defined goal.

Most teams realize these four benefits (and plenty more) when they create a thorough and functional project implementation plan:

It creates an actionable roadmap of the scope of work

Projects run the gamut from extremely simple to lengthy and complex. The more complicated and interconnected the project, the greater the chance for confusion.

Whatever the level of complexity, chaos ensues when team members aren’t clear on what to do, when to do it, or why they’re doing it.

A project implementation plan is the antidote to this kind of chaos because it shows all parties what the path forward looks like (the roadmap ) — as well as what is and isn’t on that path (the scope of work).

It makes goals and communication transparent to all stakeholders

When all parties understand the goals of a project, you lessen confusion around those goals. There may still be disagreement on how to best achieve a goal, but there’s no confusion about what the team is aiming to accomplish.

Also, a central, accessible document containing all relevant aspects of a project creates a single source of truth for teams, managers, executives, vendors, customers, and more. When anyone and everyone associated with a project is working from the same playbook, teams and businesses enjoy clearer, more focused, and more transparent communication .

It holds your team members accountable

Around 70% of businesses report having at least one failed project in the last year. We’ve all been part of a project where no one seemed accountable for problems or even total project failure. Of course, no one likes taking the blame and finding a scapegoat isn’t always terribly productive. Still, if you have a team member or business unit that’s consistently failing to deliver, you want to know.

A strong project implementation plan makes clear who’s responsible for what within a project. It gives project managers and team leads a stronger understanding of task accountability, helping to hold team members accountable for their work.

And most of the time, better accountability comes with better results!

It helps your entire team stay on the same page

You’ll never completely eliminate scope creep (something that occurred within more than a third of projects in 2021), nor should you. Parameters for various deliverables or even the entire project can and do change over the course of a project, and sometimes a change in scope is clearly the right decision.

But not all scope creep is good. Especially with longer or more complex projects, it’s common for team members to lose focus on the top-level goals — not to mention the specific steps needed to reach those goals.

This loss of focus is preventable, though, as is the scope creep that grows from it. A project implementation plan keeps the big-picture goals and the steps required to meet them in focus. When a change in scope is warranted, it should be documented within or alongside the implementation plan.

• Essential components of a great implementation plan

Most well-designed implementation plans contain these essential items, though it’s important to note that implementation plans vary widely, just like the projects they’re attached to.

These elements comprise a solid foundation for your next implementation plan. Start with these, but feel free to add additional elements that make sense for your industry or project type.

1) Scope statement

The scope statement outlines the scope of the project — essentially, what work will be performed in the project (and what work would be considered out of scope).

2) Project milestones, goals, and key objectives

Project goals are the high-level outcomes the project aims to achieve. Key objectives are the steps or intermediate outcomes that will occur throughout the project in support of the project goals. Project milestones are the points of measurement along the way, usually significant or tangible in some way.

Examples of milestones across a few industry contexts include wireframe completed, beta launch, copy drafted, or the completion of a phase, segment, or function that’s part of the whole.

3) Detailed resource plan

A project’s resource plan indicates which human resources are involved along with their time or workload commitment. You should also include materials and equipment (typically, only what’s beyond the standard stuff every employee already has) needed for successful project completion.

4) Estimated implementation timeline

A key element of any implementation plan is a concrete timeframe for the project (and its implementation). These dates are rarely perfect at the outset of a project, but they provide a goal to work toward and give stakeholders some context for what they’re signing off on.

Most project teams use project management software for creating project timelines , often in the form of a Gantt chart.

5) Implementation plan milestones

Your implementation plan may benefit from its own set of internal milestones, separate from the broader project milestones. These internal milestones are more useful on highly complex projects with multiple levels of approval and numerous departments supplying information.

Implementation plan milestones could look like these: initial stakeholder information gathered, plan drafted, plan discussed and feedback incorporated, final sign-off by all stakeholders.

6) Implementation plan KPIs & metrics

Your key performance indicators (KPIs) or other metrics reveal how well the team is accomplishing the implementation plan. Establish measurable indicators, state what they are within the plan itself, and then track them over the course of the project.

Here, a quality project management tool is essential if you want to succeed with measurements that span the length of a project.

• 5 easy steps to create your project implementation plan

Now you know what needs to go into your project implementation plan — but how do you actually create one and get the implementation process started?

We know this process can seem daunting at first, and it does take some upfront work. But the process doesn’t have to be as complicated as it seems. Follow these five easy steps to create an implementation plan that helps keep your project and your team on track. Then, as future projects arise, use these questions as a template of sorts to create a quality implementation and management plan for each one.

Teamwork.com’s project management template is an easy way to start building your plan today.

• 1) Define your goals and milestones

Before you can create a plan for how to get where you want to go, you need to spend some time deciding where you want to go .

So, before you start building out any other part of a project implementation or action plan, start by devoting time to the what and the where:

What are you trying to accomplish? (Project-level goals)

What needs to happen to reach those goals? (Project objectives)

What are the intermediate steps or milestones that demonstrate progress along the path toward the project’s goals? (Project milestones)

Once you establish goals, objectives, and milestones — and achieve buy-in from key stakeholders and project team members on those goals and milestones — you’re ready to proceed to step two.

• 2) Conduct research by interviewing, surveying, or observing

Research is one key element of a successful implementation plan. In many project contexts, this research looks like interviewing or surveying various stakeholders, subject matter experts, department leaders, and so on — gathering the information necessary to build your implementation strategy.

Sometimes observation is a key strategy as well: Watching what another team (or vendor or external organization) does or has done on a similar project can provide valuable insights.

• 3) Brainstorm and map out potential risks

Every project has inherent potential risks. Some of these can be foreseen, while others seem to come out of nowhere. Take the pandemic as one example of the latter category. Yes, businesses should have business continuity and disaster management policies in place, but few — if any — businesses had a concrete plan of action lined up for a global pandemic.

So, there are risks you can’t plan for and could never predict. But there are plenty of risks that, with a little bit of brainstorming and planning, should be easy to discover. These are the ones you need to target as you perform a risk assessment.

Map out the known risks, along with potential impacts and mitigation strategies for each one. Some risks are entirely avoidable so long as you take appropriate risk management actions. Others may not be completely preventable, but having a plan in place will greatly reduce their impact.

• 4) Assign and delegate essential tasks

Every good implementation plan will include a work plan or action plan that lists out the tasks within the project to a certain level of granularity. These tasks eventually get plugged into a calendar or schedule of some sort, often within project planning software suites like Teamwork.com .

No matter what method or platform you’re using, at this stage, you need to map out or schedule these tasks. As a part of this step, make sure you assign and delegate tasks to specific resources (or, at minimum, specific departments or work groups).

This step is key to successful project execution, as it assigns responsibility and accountability for every task included in the plan, bringing clarity to who’s doing what and when.

• 5) Finalize your plan and allocate resources

Next up is allocating resources. You already assigned tasks to people (or departments) in the previous step, so what do we mean here that’s any different?

Put simply, there’s a difference between putting on paper that “Sam will handle task 35” (assigning tasks) and actually making sure that Sam has the capacity to handle task 35 (allocating resources).

In step 4, all you really did was determine who’s doing what. Now, during resource allocation, you make sure that your assignment plan is achievable. Resource allocation means assigning tasks to resources that are actually available. In other words, you need to make sure task 35 doesn’t land on Sam’s desk the same day as 10 other tasks.

Last, once everything else about your plan has been crafted, vetted, and approved, it’s time to finalize the plan. Usually, this involves sending out the completed plan for a final round of approvals.

Once approved, the project implementation plan becomes a single source of truth for the team and other stakeholders. So make sure to store the plan in a central, accessible location. ( Teamwork.com is a great place for this , if you ask us!)

• Create an effective project plan with Teamwork.com

Creating a project implementation plan requires careful planning and attention to innumerable details, but the results are worth the investment. Increase your project success rate, productivity, morale, and more by keeping teams focused on the right shared outcomes.

We’ve hinted at this a few times already, but project implementation planning (along with all the other documents and documentation you need to prepare to get a project off the ground) is infinitely easier when you use the right tools.

Teamwork.com is a powerful all-in-one platform for client work — including complete operations control and project management — that gives you a central location to store project data, robust yet flexible templates, and visibility into current and past project data. Teamwork.com can cut down on the detail work and keep your information organized in a digestible, more user-friendly way, ultimately empowering you and your teams to achieve better work for your clients, be more profitable, and stay on track.

See more of what Teamwork.com can do for your business now — get started now for free, view our comprehensive pricing plans , or book a demo today.

The only all-in-one platform for client work

Trusted by 20,000 businesses and 6,000 agencies, Teamwork.com lets you easily manage, track, and customize multiple complex projects. Get started with a free 30-day trial.

Try Teamwork.com for free

TABLE OF CONTENTS

Teamwork.com: The all-in-one platform for client work

Learn how Teamwork.com helps you drive business efficiency, grow profits, and scale confidently.

Ben is a Senior Content Marketing Specialist at Teamwork.com. Having held content roles at agencies and SaaS companies for the past 8 years, Ben loves writing about the latest tech trends and work hacks in the agency space.

The engineer’s guide to project management software

How architects use project management software (+ 5 top tools)

What does a finance project manager do?

Product project management: How to ensure your agency delivers for early-stage founders

Standardizing your product management workflow for superior project outcomes

How product leads leverage the sprint cycle to meet client deadlines

Stay updated by subscribing to the Teamwork.com newsletter. We’ll keep you in the loop with news and updates regularly.

Subscribe now

By ticking the box shown above, you acknowledge Teamwork.com may use your email in accordance with its Privacy Policy.

• Business Essentials
• Leadership & Management
• Credential of Leadership, Impact, and Management in Business (CLIMB)
• Entrepreneurship & Innovation
• Digital Transformation
• Finance & Accounting
• Business in Society
• For Organizations
• Support Portal
• Media Coverage
• Founding Donors
• Leadership Team

• Harvard Business School →
• HBS Online →
• Business Insights →

Business Insights

Harvard Business School Online's Business Insights Blog provides the career insights you need to achieve your goals and gain confidence in your business skills.

• Career Development
• Communication
• Decision-Making
• Earning Your MBA
• Negotiation
• News & Events
• Productivity
• Staff Spotlight
• Student Profiles
• Work-Life Balance
• AI Essentials for Business
• Alternative Investments
• Business Analytics
• Business Strategy
• Business and Climate Change
• Creating Brand Value
• Design Thinking and Innovation
• Digital Marketing Strategy
• Disruptive Strategy
• Economics for Managers
• Entrepreneurship Essentials
• Financial Accounting
• Global Business
• Launching Tech Ventures
• Leadership Principles
• Leadership, Ethics, and Corporate Accountability
• Leading Change and Organizational Renewal
• Leading with Finance
• Management Essentials
• Negotiation Mastery
• Organizational Leadership
• Power and Influence for Positive Impact
• Strategy Execution
• Sustainable Business Strategy
• Sustainable Investing
• Winning with Digital Platforms

6 Tips for Transitioning from Strategy Formulation to Implementation

• 17 Nov 2022

Strategy formulation is key to a successful business, but it's only effective when implemented correctly. Some professionals are experienced in developing comprehensive business plans, while others are well-versed in execution —more commonly known as "thinkers" versus "doers."

A balanced combination of both is an invaluable asset to any business. If you're struggling to bring your business strategy across the finish line, here are tips for transitioning from strategy formulation to implementation and a deeper understanding of why it's essential to your company's long-term success.

Access your free e-book today.

Formulating a Successful Strategy

Developing an effective strategy requires in-depth knowledge, critical thinking, and careful planning. While several frameworks can help set the foundation, Harvard Business School Online's Business Strategy course uses the value stick.

The value stick is a visual representation of value-based strategy and can help you formulate a business model that factors in pricing, product positioning, and vendor management. Value-based strategy relies on customers' perceived value of the products or services being sold and determines the organization's prices, costs, and supplier strategy.

Some key terms for formulating a value-based strategy include:

• Willingness to pay (WTP): The price customers are willing to pay for a product or service. The margin between a customer's WTP and the actual price is deemed "customer delight," or customers' perceived received value.
• Price: The price the product is sold for. The margin between the price and cost is the firm margin, or the money the business makes.
• Cost: The cost of manufacturing the product.
• Willingness to sell (WTS): The lowest price a supplier is willing to accept for its services. The margin between WTS and cost is called "supplier surplus" or "supplier delight"—the value suppliers believe they're receiving.

This is just one framework for formulating a successful strategy. You can use similar tools, but the best option will always depend on your company's strategic planning needs . To ensure you're on the right path to an effective business strategy, here are six tips for formulating and implementing successfully.

6 Tips For Transitioning from Formulation to Implementation

After formulating a well-developed business strategy, it's time to execute, which is easier said than done. Strategy execution often poses several challenges that can be hard to overcome.

According to the HBS Online course Business Strategy , there are three characteristics of strategy implementation that make the process difficult for many companies:

• Boring: Strategy tends to be exciting; implementation, by comparison, can be rather mundane
• Time-consuming: The best strategies typically require years to implement effectively
• Detail-oriented: Good strategy implementation requires an attention to detail many managers don't have

To prevent these obstacles and ensure a smooth transition from formulation to successful implementation, here's an overview of what you can do to set your business strategy up for success .

1. Set Clear Goals

A simple and effective way to transition from formulation to execution is to set clear strategic goals . Strategic goals are measurable, actionable objectives that align with an organization's purpose and long-term vision. These goals ensure that individuals implementing the strategy have clear guidelines on how to define successful execution.

“When we set goals, we like to imagine a bright future with our business succeeding,” says HBS Professor Robert Simons in Strategy Execution . “But to identify your critical performance variables, you need to engage in an uncomfortable exercise and consider what can cause your strategy to fail.”

Planning in advance and identifying possible weaknesses in your strategy can help you achieve these business goals and objectives without additional roadblocks.

2. Create a Value Map

A value map is a visual tool that helps organizations determine the needs, pain points, or desires its products or services can solve or fulfill for potential customers. It's a tool that illustrates a business's potential value drivers, the factors that influence customers' willingness to pay for a product or service. Identifying and mapping value drivers can be used to formulate an organization's value proposition and key differentiators.

According to HBS Online's Business Strategy course, there are five steps to creating an effective value map:

• Identify value drivers: Determine 10 purchasing criteria customers use when choosing between your product and competing products.
• Rank value drivers: Rank those 10 criteria from most to least important.
• Rate your company's performance: For each value driver, rate how your company is performing from a score of one (poor) to five (excellent).
• Rate your competitors' performance: Repeat this process for two or three of your main competitors.
• Review your value map: Ask yourself if your findings accurately reflect the market's competitive situation, your company's strengths and weaknesses, and if there are actionable next steps to mend any competitive gaps.

By creating a value map, you can review your business's performance and discover new opportunities to improve your position in the market. A value map can also rank how well your company is attracting and maintaining talent compared to competitors.

3. Strengthen Important Value Drivers

Once you've identified your key value drivers, the next step of execution is to strengthen them. Yet, it's important to focus on strengthening the most important ones rather than all of them.

"If you strive to be exceptional everywhere and spread resources evenly across all your value drivers, you end up being mediocre throughout," says Harvard Business School Professor Felix Oberholzer-Gee, who teaches Business Strategy .

Once you've identified the most important value drivers, strengthening them requires generating creative ideas . Since enhancing value drivers can be a relatively vague task, creativity provides ideas and direction. Don't be afraid to think outside the box, take risks, or even fail. Through experimentation and testing, new ideas can strengthen your value drivers and propel your business forward.

4. Create a Plan For Evolving Your Value Proposition

A value proposition is a short statement explaining the value your company provides and how your product or services differ from competitors. As the business landscape and market shift, so must your value proposition.

Competitors often become imitators or substitutes, which can cannibalize your revenue. To stay on top, your strategy—including your value drivers and value proposition—will have to evolve continually.

5. Delegate Work Effectively

Successful strategy implementation can be an overwhelming, multi-step process. It's important for managers to delegate effectively . By assigning tasks to other team members, leadership can spend more time focusing on bigger picture elements and:

• Engage other team members
• Share core business values
• Encourage strategy buy-in
• Win together and boost team morale

6. Continue to Review Performance

While these tools can be helpful for any strategy implementation, they don’t guarantee success without constant review and oversight. A successful strategic plan that drives value for a business and its customers requires continuous performance reviews and improvements.

One factor of strategy implementation to review is your employees. According to Strategy Execution , it can be beneficial in some cases to use ranking systems when reviewing employee performance to ensure your strategic initiatives receive the support needed to succeed long term.

“Ranking systems have really good features that managers can use to stimulate performance,” says HBS Professor Susanna Gallani in Strategy Execution . For example, employees who are highly motivated by personal achievement often thrive as a result of ranking systems.

It’s also important to continuously review your strategy, even after implementation. To ensure you get the most out of this review process, consider setting up a standardized operating procedure (SOP) for a designated task owner to run regularly to analyze and determine if an update is necessary. This can help you avoid common pitfalls of business strategy failures.

Why Business Strategy Formulation and Execution Are Important

Business strategy is an essential component of long-term growth and success. It offers value to customers, encouragement to key stakeholders, purpose for your company initiatives, and direction to your team. Yet, formulation only gets you so far.

Don't lose momentum during the implementation phase—ensure all your hard work pays off. With the right framework, you can create value for your customers and implement a frictionless strategy to achieve outstanding financial results.

Are you interested in learning about strategy implementation? Explore Business Strategy and Strategy Execution , two of our online strategy courses , to develop your strategic planning and implementation skills. To determine which strategy course is right for you, download our free flowchart .

This post was updated on November 3, 2023. It was originally published on November 17, 2022.

About the Author

• Search Search Please fill out this field.
• Building Your Business
• Becoming an Owner
• Business Plans

How To Implement Your Business Plan Objectives

Breaking down your business goals into actionable steps is key for success

What Is a Business Plan Objective?

Be specific and define clear objectives, break down objectives into tasks.

• Assign Responsibilities/Allocate Resources

Be Mindful of Risks and Create Contingencies

damircudic / Getty Images

A business plan is an important tool to help business owners map their path to success. In addition, business plans may be used when applying for loans or seeking outside investment. But a business plan isn’t worth it if you leave it gathering dust. To make a business plan effective, you have to implement your business plan objectives.

Whether you’re a new business owner or a veteran returning for a refresher, here’s a closer look at common strategies to implement on your business plan objectives.

Key Takeaways

• A business plan objective is a specific goal for your business.
• Making achievable and specific tasks is helpful for successful implementations.
• Track your results and stay prepared to update your business plan if necessary.

A business plan objective is a specific goal you hope to reach with your business. This may be a number of customers, revenue, or profit goal, among others. There are no right or wrong business objectives, in theory, but it’s important to take the time to pick the best goals for your unique business if you’re going through the work to create business plan objectives.

The SMART framework is a popular way to frame goals, and it can be helpful for creating objectives, too. To qualify, an objective must meet these criteria:

• Specific : A general goal like “add more customers” could leave you floundering. Pick a specific number of customers. Every objective should have a clear finish line.
• Measurable : Identify objectives you can measure. For example, you can’t necessarily measure something like “customer loyalty,” but you can measure repeat customers, sales and revenue per customer, and other data points related to loyalty.
• Attainable : You might dream of turning your startup into a $1-million-per-year business. However, that may not be attainable in your first few years. What’s attainable varies widely by the business but in general, you’ll want to find the middle ground between unrealistic and underachieving.
• Relevant : Perhaps part of your business growth strategy involves social media. While it may be fun to see your accounts grow, that may not necessarily be relevant to your revenue and profits. Keep goals focused on what’s most important to achieve, which may not include vanity numbers that are more about ego than results.
• Time-bound : Each objective should have a deadline. If you give yourself unlimited time to get something done, you may never get around to it. With a set due date, you’re giving yourself a little pressure and motivation to hit that goal as planned.

SMART goals are just one method of choosing business plan objectives. You can work to create any objectives you’d like that make the most sense for what you’re trying to achieve.

Even if you don’t follow the SMART goals framework, it’s still wise to be specific and clear when choosing your goals and objectives. Vague and loosely defined goals often set business owners up for failure. Specific and clear business objectives give you and your team, if you have one, a common mission to work toward.

Breaking each objective into smaller tasks can prevent teams from getting overwhelmed and even help you get a clearer picture of what you need to do to prevail. Smaller goals also help you see faster and more frequent successes, which is a good way to stay motivated. An added benefit is an opportunity to foresee any needed resources or roadblocks, such as a need for an outside consultant or a government-issued permit.

Assign Responsibilities and Allocate Resources

Entrepreneurs with “superhero syndrome” think they can do everything themselves and often get burned out in pursuing business goals. Rather than do it all yourself, even if you have the capability, it’s often wise to delegate to others . Employees, freelancers, contractors, and business partners are part of the team. When you can count on others and best utilize their time and skills, you take a wise step to reach your objectives.

Create Milestones and Monitor Progress

Just as it’s a good idea to set smaller goals along the way, it’s also wise to create key milestone moments and monitor progress. You may learn along the way that a certain process can be improved. When a process works well, try to capture and double down on that success. When you stumble or discover inefficiencies, you could have an opportunity.

Monitoring progress helps you know what’s working and what isn’t, so you can adjust goals or methods if necessary.

Not all things go according to plan. If you miss the mark, you could join one of the millions of failed business owners. Stay mindful of risks and if it may be time to pull the plug rather than sink in more money.

Also, you may find successes outside of what you expected. Even the biggest companies pivot to a related product or service when their first idea fizzles. Remember that there’s a lot you can’t control in the business world, so not all business failures should be considered personal failures. Instead, look at them as learning opportunities to draw on in the future.

The Bottom Line

A business plan without clear objectives is at risk of being ineffective. Identify what your objectives are, break them down into small steps, delegate responsibilities, and be comfortable with pivoting when needed and dealing with risk. Taking the proper steps to create realistic objectives isn’t a guarantee that you’ll meet your goals, but it provides the framework to set you up for success.

Frequently Asked Questions (FAQs)

What goes in the objectives section of a business plan.

There is no set template you must follow for a business plan. Business plans can range from a one-page summary to a lengthy, detailed document. If a business plan includes an objectives section, it should include clear and specific goals that help define success for the business.

What is the difference between a goal and an objective in a business plan?

The terms “goal'' and “objective” can be used interchangeably in a business plan. Some businesses may consider objectives as smaller tasks that help reach goals. Regardless of the terminology, goals and objectives are both good for your business’s long-term success.

Want to read more content like this? Sign up for The Balance’s newsletter for daily insights, analysis, and financial tips, all delivered straight to your inbox every morning!

Substance Abuse and Mental Health Services Administration. “ Setting Goals and Developing Specific, Measurable, Achievable, Relevant, and Time-Bound Objectives ,” Pages 1-2.

Chris Drucker. “ Virtual Freedom Companion Workbook ,” Page 3.

Chamber of Commerce. “ 10 Hugely Successful Companies That Reinvented Their Business .”

Small Business Administration. “ Write Your Business Plan .”

How To Write A Business Plan (2024 Guide)

Updated: Apr 17, 2024, 11:59am

Table of Contents

Brainstorm an executive summary, create a company description, brainstorm your business goals, describe your services or products, conduct market research, create financial plans, bottom line, frequently asked questions.

Every business starts with a vision, which is distilled and communicated through a business plan. In addition to your high-level hopes and dreams, a strong business plan outlines short-term and long-term goals, budget and whatever else you might need to get started. In this guide, we’ll walk you through how to write a business plan that you can stick to and help guide your operations as you get started.

Featured Partners

ZenBusiness

$0 + State Fees

Varies By State & Package

On ZenBusiness' Website

Northwest Registered Agent

$39 + State Fees

On Northwest Registered Agent's Website

Tailor Brands

$0 + state fee + up to $50 Amazon gift card

Varies by State & Package

On Tailor Brands' Website

$0 + State Fee

On Formations' Website

Drafting the Summary

An executive summary is an extremely important first step in your business. You have to be able to put the basic facts of your business in an elevator pitch-style sentence to grab investors’ attention and keep their interest. This should communicate your business’s name, what the products or services you’re selling are and what marketplace you’re entering.

Ask for Help

When drafting the executive summary, you should have a few different options. Enlist a few thought partners to review your executive summary possibilities to determine which one is best.

After you have the executive summary in place, you can work on the company description, which contains more specific information. In the description, you’ll need to include your business’s registered name , your business address and any key employees involved in the business. 

The business description should also include the structure of your business, such as sole proprietorship , limited liability company (LLC) , partnership or corporation. This is the time to specify how much of an ownership stake everyone has in the company. Finally, include a section that outlines the history of the company and how it has evolved over time.

Wherever you are on the business journey, you return to your goals and assess where you are in meeting your in-progress targets and setting new goals to work toward.

Numbers-based Goals

Goals can cover a variety of sections of your business. Financial and profit goals are a given for when you’re establishing your business, but there are other goals to take into account as well with regard to brand awareness and growth. For example, you might want to hit a certain number of followers across social channels or raise your engagement rates.

Another goal could be to attract new investors or find grants if you’re a nonprofit business. If you’re looking to grow, you’ll want to set revenue targets to make that happen as well.

Intangible Goals

Goals unrelated to traceable numbers are important as well. These can include seeing your business’s advertisement reach the general public or receiving a terrific client review. These goals are important for the direction you take your business and the direction you want it to go in the future.

The business plan should have a section that explains the services or products that you’re offering. This is the part where you can also describe how they fit in the current market or are providing something necessary or entirely new. If you have any patents or trademarks, this is where you can include those too.

If you have any visual aids, they should be included here as well. This would also be a good place to include pricing strategy and explain your materials.

This is the part of the business plan where you can explain your expertise and different approach in greater depth. Show how what you’re offering is vital to the market and fills an important gap.

You can also situate your business in your industry and compare it to other ones and how you have a competitive advantage in the marketplace.

Other than financial goals, you want to have a budget and set your planned weekly, monthly and annual spending. There are several different costs to consider, such as operational costs.

Business Operations Costs

Rent for your business is the first big cost to factor into your budget. If your business is remote, the cost that replaces rent will be the software that maintains your virtual operations.

Marketing and sales costs should be next on your list. Devoting money to making sure people know about your business is as important as making sure it functions.

Other Costs

Although you can’t anticipate disasters, there are likely to be unanticipated costs that come up at some point in your business’s existence. It’s important to factor these possible costs into your financial plans so you’re not caught totally unaware.

Business plans are important for businesses of all sizes so that you can define where your business is and where you want it to go. Growing your business requires a vision, and giving yourself a roadmap in the form of a business plan will set you up for success.

How do I write a simple business plan?

When you’re working on a business plan, make sure you have as much information as possible so that you can simplify it to the most relevant information. A simple business plan still needs all of the parts included in this article, but you can be very clear and direct.

What are some common mistakes in a business plan?

The most common mistakes in a business plan are common writing issues like grammar errors or misspellings. It’s important to be clear in your sentence structure and proofread your business plan before sending it to any investors or partners.

What basic items should be included in a business plan?

When writing out a business plan, you want to make sure that you cover everything related to your concept for the business,  an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.

• Best VPN Services
• Best Project Management Software
• Best Web Hosting Services
• Best Antivirus Software
• Best LLC Services
• Best POS Systems
• Best Business VOIP Services
• Best Credit Card Processing Companies
• Best CRM Software for Small Business
• Best Fleet Management Software
• Best Business Credit Cards
• Best Business Loans
• Best Business Software
• Best Business Apps
• Best Free Software For Business
• How to Start a Business
• How To Make A Small Business Website
• How To Trademark A Name
• What Is An LLC?
• How To Set Up An LLC In 7 Steps
• What is Project Management?
• How To Write An Effective Business Proposal

What Is SNMP? Simple Network Management Protocol Explained

What Is A Single-Member LLC? Definition, Pros And Cons

What Is Penetration Testing? Definition & Best Practices

What Is Network Access Control (NAC)?

What Is Network Segmentation?

How To Start A Business In Louisiana (2024 Guide)

Julia is a writer in New York and started covering tech and business during the pandemic. She also covers books and the publishing industry.

ConsumerSearch.com

• Home & Garden
• Fitness & Sports
• Family & Pets
• Health & Beauty

A Step-by-Step Implementation Plan for Enterprise Resource Software

Enterprise resource software, also known as ERP software, is a critical tool for businesses looking to streamline their operations, improve efficiency, and enhance overall productivity. However, implementing ERP software can be a complex process that requires careful planning and execution. In this article, we will outline a step-by-step implementation plan to help businesses successfully implement enterprise resource software.

Assessing Business Needs and Objectives

Before diving into the implementation process, it is crucial to assess your business needs and objectives. This step involves conducting a thorough analysis of your current systems and processes to identify areas that could benefit from an ERP solution. Consider factors like inventory management, financial reporting, supply chain management, and customer relationship management.

Once you have identified the specific areas that need improvement, establish clear objectives for the implementation project. Are you aiming to reduce operational costs? Improve data accuracy? Enhance decision-making capabilities? Defining these objectives will help guide your implementation plan.

Selecting the Right ERP System

Choosing the right ERP system is paramount to the success of your implementation project. With numerous options available in the market today, it’s essential to carefully evaluate each system’s features and functionalities based on your business requirements.

Start by creating a comprehensive list of functionality requirements based on your identified business needs. Then compare different ERP vendors’ offerings against these requirements. Look for systems that offer scalability, flexibility for customization, ease of use, robust reporting capabilities, integration with existing systems if necessary, and ongoing support from the vendor.

Additionally, consider factors such as cost-effectiveness and return on investment (ROI). While it may be tempting to opt for a cheaper solution upfront, it’s important to evaluate the long-term benefits an ERP system can bring to your business.

Planning and Preparation

Once you have selected an ERP system that aligns with your business needs and objectives, it’s time to dive into the planning and preparation phase. This phase involves creating a detailed project plan that outlines key milestones, timelines, and responsibilities.

Start by assembling a project team consisting of key stakeholders from different departments within your organization. Assign roles and responsibilities to team members based on their expertise and knowledge of the business processes. Establish regular communication channels to ensure everyone is aligned throughout the implementation process.

Next, develop a comprehensive data migration plan. This plan should outline how existing data will be transferred to the new system, ensuring accuracy and integrity. It’s crucial to clean and validate your data before migration to avoid any issues down the line.

Lastly, conduct thorough training sessions for end-users who will be using the ERP system on a day-to-day basis. Training should cover all relevant modules and functionalities specific to each user’s role within the organization. Training sessions can be conducted in-person or virtually, depending on your business requirements.

Implementation and Post-Implementation Support

With the planning and preparation phase complete, it’s time to move forward with implementing the ERP system. Begin by configuring the system based on your specific business requirements identified during the assessment phase. This may involve customizing workflows, setting up user permissions, defining reporting structures, and integrating with existing systems.

Once configuration is complete, conduct thorough testing of all modules and functionalities within the ERP system. This step ensures that everything is functioning as expected before going live.

Before officially launching the ERP system across your organization, consider conducting a pilot phase with a small group of users who can provide feedback and identify any potential issues or areas for improvement.

After going live with your ERP system, it’s important to provide ongoing support to end-users as they navigate through new processes and workflows. This support can come in various forms such as help desk services or additional training sessions if needed.

Implementing enterprise resource software requires careful planning, evaluation of business needs, selecting the right ERP system, thorough preparation, and ongoing support. By following a step-by-step implementation plan, businesses can successfully leverage ERP software to streamline their operations and drive growth. Remember to continuously evaluate and optimize your ERP system to ensure it aligns with your evolving business needs.

This text was generated using a large language model, and select text has been reviewed and moderated for purposes such as readability.

MORE FROM CONSUMERSEARCH.COM

• Newsletters
• Best Industries
• Business Plans
• Home-Based Business
• The UPS Store
• Customer Service
• Black in Business
• Your Next Move
• Female Founders
• Best Workplaces
• Company Culture
• Public Speaking
• HR/Benefits
• Productivity
• All the Hats
• Digital Transformation
• Artificial Intelligence
• Bringing Innovation to Market
• Cloud Computing
• Social Media
• Data Detectives
• Exit Interview
• Bootstrapping
• Crowdfunding
• Venture Capital
• Business Models
• Personal Finance
• Founder-Friendly Investors
• Upcoming Events
• Inc. 5000 Vision Conference
• Become a Sponsor
• Cox Business
• Verizon Business
• Branded Content
• Apply Inc. 5000 US

Inc. Premium

The Importance of Setting Ambitious Goals for Business Growth

Pushing yourself and your team beyond comfort is essential for growth and evolution..

As a strategic coach with over a decade of experience working with numerous companies, leaders, and CEOs on business growth challenges, I've seen firsthand the transformative power of setting ambitious goals. While avoiding unrealistic expectations is crucial, aiming slightly beyond comfort zones fosters personal and professional growth and evolution. Here are essential steps to effectively set and achieve ambitious goals :

1. Get clear on your purpose.

Understanding the why behind your goals is fundamental. Your purpose should be a driving force that keeps you and your team motivated and focused. The energy and commitment toward achieving ambitious goals naturally increase when everyone is aligned with a common mission. This clarity fuels motivation and ensures your goals are impactful and meaningful.

2. Identify specific areas of change.

Before setting your goals, take a step back and assess the areas within your organization that require change or improvement. These could include increasing market share, enhancing customer satisfaction, or improving operational efficiency. Identifying these areas will help you focus your efforts and resources on what truly matters, laying the groundwork for practical goal setting.

3. Articulate 3-5 specific objectives.

Once you've identified the critical areas for change, translate them into specific objectives. These should be clear, concise, and actionable. For example, if you aim to improve customer satisfaction, an objective might be to "enhance customer service response times." Clear objectives provide a roadmap and direction, making tracking progress and maintaining focus easier.

4. Create 3 to 5 key results under each objective.

To ensure your objectives are not just theoretical, break them down into measurable key results. Each objective should have three to five key results that indicate progress. For example, to enhance customer service response times, key results could include "reduce average response time to customer inquiries by 50 percent" or "achieve a 90 percent customer satisfaction rate with support interactions." These key results offer concrete milestones that demonstrate tangible progress.

5. Set your targets to be 'doable but not easy.'

Ambitious goals should be challenging yet achievable. Setting targets that are too easy can lead to complacency, while impossible goals can demoralize your team. Striking the right balance is crucial. Aim for targets that push your team to stretch their abilities and think creatively while still within the realm of possibility. This balance ensures sustained motivation and effort.

6. Aim for 80 to 90 percent completion.

When setting your goals, aim for a completion rate of 80 to 90 percent. This approach builds in a slight stretch, encouraging continuous improvement and innovation. Significant growth and learning occur in the push to achieve that final 10 to 20 percent. This mindset also helps build resilience and adaptability, which are essential for long-term success.

7. Create an implementation plan.

A well-structured implementation plan is crucial to turning goals into reality. Map out a week-by-week schedule detailing the specific tasks and commitments required to achieve each key result. This plan should include deadlines, responsible parties, and checkpoints to review progress. A detailed implementation plan ensures accountability and keeps the team on track, facilitating steady progress toward your goals.

By following these steps, you can set ambitious goals that drive significant growth and development. Remember, real progress happens in the discomfort and stretching beyond your comfort zone. You and your team can achieve remarkable outcomes with clarity, focus, and a well-structured plan.

A refreshed look at leadership from the desk of CEO and chief content officer Stephanie Mehta

Privacy Policy

AI ASSISTANTS

Upmetrics AI Your go-to AI-powered business assistant

AI Writing Assist Write, translate, and refine your text with AI

AI Financial Assist Automated forecasts and AI recommendations

TOP FEATURES

AI Business Plan Generator Create business plans faster with AI

Financial Forecasting Make accurate financial forecasts faster

INTEGRATIONS

QuickBooks Sync and compare with your QuickBooks data

Strategic Planning Develop actionable strategic plans on-the-go

AI Pitch Deck Generator Use AI to generate your investor deck

Xero Sync and compare with your Xero data

See how easy it is to plan your business with Upmetrics: Take a Tour  →

AI-powered business planning software

Very useful business plan software connected to AI. Saved a lot of time, money and energy. Their team is highly skilled and always here to help.

- Julien López

BY USE CASE

Secure Funding, Loans, Grants Create plans that get you funded

Starting & Launching a Business Plan your business for launch and success

Validate Your Business Idea Discover the potential of your business idea

E2 Visa Business Plan Create a business plan to support your E2 - Visa

Business Consultant & Advisors Plan with your team members and clients

Incubators & Accelerators Empowering startups for growth

Business Schools & Educators Simplify business plan education for students

Students & Learners Your e-tutor for business planning

• Sample Plans

WHY UPMETRICS?

Reviews See why customers love Upmetrics

Customer Success Stories Read our customer success stories

Blogs Latest business planning tips and strategies

Strategic Planning Templates Ready-to-use strategic plan templates

Business Plan Course A step-by-step business planning course

Help Center Help & guides to plan your business

Ebooks & Guides A free resource hub on business planning

Business Tools Free business tools to help you grow

Business Plan For Buying an Existing Business

Business Plan Template

• Vinay Kevadia
• September 10, 2024

With millions of small businesses ready to be sold in the next decade or two, there are countless opportunities for eager buyers.

However, successful acquisitions aren’t guaranteed— 70-90% of business acquisitions fail. (The horror!)

Don’t want to be part of this statistic? You need a solid business plan to ensure you make a wise investment. This plan helps you understand the business’s value, foresee potential risks, and set clear growth goals.

In this guide, we’ll cover creating a business plan for buying an existing business . Let’s dive in and make sure your next business purchase is a success!

Why do you need a plan for purchasing a business?

A business plan is crucial when buying an existing company because it provides a clear roadmap for growing the business. It helps you understand the value of the business and makes it easier to secure financing by showing you have a solid plan in place.

For example, Elon Musk’s purchase of X (formerly Twitter) for $44 billion was a major move, but poor planning led to the company losing 72% of its value, causing big losses for Musk and his investors. A well-thought-out business plan could have helped avoid some of these problems by identifying challenges and setting realistic growth goals.

A good business plan also highlights potential risks, sets clear goals, and ensures a smooth transition, making it more likely for the acquisition to be successful.

By planning, you not only secure financing but also reduce the chance of facing unexpected financial issues, just like what happened with X’s sudden drop in value.

How to plan for buying an existing business

Planning to write an acquisition business plan is like taking a step back and evaluating every detail first. Here are 8 key steps to consider when planning to buy an existing business:

1. Consider starting with the existing business plan

Starting with the existing business plan of the company you want to purchase can provide you with a solid foundation for further planning.

This existing plan gives you a peek into the current strategies, goals, and operational processes of your potential new business. It ultimately helps you understand the target market, competitors, and other opportunities.

Additionally, it highlights existing growth opportunities and potential risks that the current management has identified, helping you to build on their insights.

For example, in 2011, HP acquired Autonomy Corporation for around $11 billion. However, not long after, HP claimed that Autonomy had inflated its financial numbers, leading to major legal disputes and a loss of $8.7 billion.

2. Assess existing liabilities and legal issues

When planning to acquire a business, one of the first things to do is to evaluate the target company’s existing liabilities and potential legal issues. It includes reviewing outstanding debts, pending lawsuits, tax obligations, and compliance with regulations.

As a Business attorney, Richard Harroch says, “You don’t want to inherit someone else’s legal problems.” Understanding these liabilities allows you to negotiate better company value, and contract terms, or decide if the acquisition is still a good deal.

Addressing these issues upfront can prevent costly legal battles or financial losses down the line.

3. Review existing contracts and agreements

When acquiring a business, reviewing all existing contracts and agreements is necessary. Reviewing them will help avoid potential conflicts and ensure a smooth transition. This review can also identify opportunities to renegotiate more favorable terms.

When reviewing an existing firm’s business plan for contracts and agreements, check the length of each contract.

Long contracts might lock you into unfavorable terms, while short ones can lead to frequent renegotiations. Look for details like renewal options, termination clauses, and penalty fees to understand potential risks and opportunities.

4. The initial balances

Conducting an initial financial check lets you understand the financial health of the business you want to buy. It involves reviewing financial statements like balance sheets, income statements, and cash flow statements to spot any issues like decreasing revenues or high debts.

This also helps you know if the business is profitable or sustainable in the long term and makes an informed decision about the purchase price.

Knowing the financial situation clearly allows you to negotiate better terms and ensures a successful acquisition.

5. Customer retention and transition

Keeping customers loyal during a business transition is a challenging task.  Here, it’s important to communicate with customers about the acquisition and reassure them that products or services will remain the same or get better.

Offering special promotions or loyalty programs can help keep key customers. Make sure customer service stays high-quality and any changes are clearly explained.

By focusing on customer retention, you can reduce troubles and build trust during the transition.

For example, when Amazon bought Whole Foods in 2017, they let customers know their shopping experience would get better. By lowering prices and communicating well, Amazon kept existing customers happy and attracted new ones.

6. Contingency and exit strategy planning

Having a Plan B is necessary if things don’t go as expected. For example, you might need a plan for what to do if the business doesn’t perform as desired or if there are any merging difficulties.

It’s wise to think about an exit strategy that outlines how you could leave the business if needed. In this situation, whether to sell the company to someone else or by merging it with some other business.

These strategies help you prepare for unexpected situations, minimizing potential losses while protecting your assets and investment.

7. Prepare a structured transition plan

A structured transition plan is key for a smooth change in ownership. This plan should include timelines, key milestones, and responsibilities for all the parties involved.

According to various studies, 70-90% of acquisitions fail to achieve their desired outcomes due to poor transition plans.

A good transition plan can reduce disturbances, keep employees motivated, and ensure customers stay happy during the change in ownership.

8. Update your existing plan to make it better

After buying a business, try updating the company’s existing business plan. Review the original plan for areas to improve, such as expanding into new markets, launching new products, investing in new equipment, or enhancing operations.

Regular updates ensure the plan stays aligned with market conditions and business goals, supporting growth and adaptability.

Areas to focus on when updating an existing company’s business plan include:

• Market expansion
• Product innovation
• Operational improvements
• Risk management
• Financial forecasts
• Competitive analysis
• Alignment with goals

Mistakes to avoid while writing a business plan for buying a business

While planning for the business plan of an existing firm, a small mistake can also have major consequences. So, better avoid mistakes like:

Failing to personalize the business plan

Not customizing the business plan to your specific vision, objectives, or operational style is a mistake. Customize the plan to reflect the opportunities and weaknesses rather than just relying on or copying the existing firm’s business plan.

Underestimating customer feedback

Avoid overlooking the importance of understanding customer feedback and managing the business’s existing reputation. Include a strategy for collecting customer feedback, handling complaints, and improving customer perception during the transition.

Ignoring cash flow management

Not creating a detailed cash flow management plan, could lead to liquidity issues. So, develop a cash flow forecast to ensure the business maintains liquidity for day-to-day operations and avoid unexpected expenses. You can even hire a financial advisor or use proper financial forecasting software for the same.

Neglecting supplier and vendor relationships

Failing to review and build relationships with existing suppliers or vendors is a huge mistake. So, plan a meeting with key suppliers and renegotiate contracts to ensure favorable relationships and consistent supply chain management.

Lacking clear communication

Ensure the business plan includes a well-defined communication system for employees, customers, suppliers, and other stakeholders to avoid miscommunication and ensure smooth operations.

Also, the business plan should include clear strategies to keep everyone informed and engaged throughout the transition process as well as afterward.

Plan for your new business using Upmetrics

In summary, a solid business plan is necessary to ensure success and growth. But, still wondering how to craft one that covers everything? Or maybe you’re not sure where to begin?

That’s where Upmetrics comes in!

With Upmetrics you can directly import the existing business’s business plan and update it with its AI or as needed. So, why wait, create a winning business plan with Upmetrics today!

Build your Business Plan Faster

with step-by-step Guidance & AI Assistance.

Frequently Asked Questions

What should be included in an acquisition business plan.

An acquisition business plan should include:

• Executive summary
• Company description
• Market analysis
• Financial projections
• Operations plan
• Risk analysis
• Legal and regulatory considerations

Do you need a business plan for buying an existing business?

Yes, you need a business plan when buying an existing business. It helps you understand the business, plan for its future, and secure capital. The plan includes details like market analysis, financials, and strategies for managing and growing the business after the purchase.

What are the financing options for buying an existing business?

Financing options for buying an existing business include:

• Seller financing
• Investor financing
• Personal savings or assets

What are the risks involved in buying an existing business?

Risks involved in buying an existing business include hidden financial problems like undisclosed debts or declining revenues and legal issues such as unresolved lawsuits or regulatory violations. Additionally, there are operational challenges in incorporating new management and aligning company cultures.

About the Author

Vinay Kevadiya

Vinay Kevadiya is the founder and CEO of Upmetrics, the #1 business planning software. His ultimate goal with Upmetrics is to revolutionize how entrepreneurs create, manage, and execute their business plans. He enjoys sharing his insights on business planning and other relevant topics through his articles and blog posts. Read more

Reach Your Goals with Accurate Planning

• Crime & Courts
• Govt / Public Policy
• Business Times
• Cars Bikes Trucks
• Sunday Vibes
• Infographics