Performance management business plans are designed to allow you to establish performance benchmarks against which you can measure employee performance or, more broadly, corporate performance in general. The business plan should project company objectives (financial, operational, and business-related) across a period of several years, sometimes even 5 or 10 years. The performance management plan should carefully outline what you want your business to accomplish. While this is highly specific to your industry, some general touchpoints include:
• What market share do you want to control, as compared to your current status?
• Which competitors, by name and share, can you make inroads against?
• What parallel or vertical markets could you penetrate, and when? What's required to get you there?
• What executive roles can be expanded or consolidated? Are there specific people on payroll who are a part of long-term growth?
• Would new partnerships, an acquisition, or expansion capital (investment, loan, or credit lines) facilitate any of these objectives?
The way the plan takes shape depends on your vision, needs, and market niche. The performance management aspect usually revolves around financial benchmarks, which are bundled into the business plan in the form of an integrated pro forma that projections sales and expenses for at least 3-5 years. This data set should include revenue, cash flow, P&L statements, break-even (if applicable), and a balance sheet. If you need help developing the financial model or want to lay out the performance guidelines with a trained consultant, call MasterPlans today at 877-453-2011.
If you are ready to go, or not sure what kind of plan you need, fill out the form below and we'll call you.