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Skip to 0 minutes and 7 seconds Welcome to a conversation discussion. A few tips and techniques about the action plan– what does that mean, why is it important, and what happens if you get that wrong?

Skip to 0 minutes and 21 seconds So what is an action plan? It’s a tool that we use when we launch a business or a new service or product or process that helps us using the least effort to gain the maximum benefit to enter the marketplace to survive. It has four elements that we look at– the “who,” the “what,” the “when,” and the “how.” Let’s start with the “who.” That’s you. Are you going to work by yourself? Friends? Family? The team? Have you checked about their strengths? Your weaknesses? What are you going to do about those people? Because you need to be the best team for the best job.

Skip to 0 minutes and 54 seconds To work in a highly competitive marketplace, you need to be able to enter, survive, and thrive in that market. You need a great a team.

Skip to 1 minute and 4 seconds The “what” is, do you have a great product? Priced? Do you have it competitively positioned in the marketplace? The “what” is about the service. The “what” is about the product. But most importantly, for those businesses that are sustainable, those businesses that can endure, you’ve got that wonderful mix between the product, the service, and the price. The “what”– have you done your research? Have you checked your competition? Please be careful about the “what.”

Skip to 1 minute and 35 seconds So “when”– it’s all about the timing. When you’re planning your action plan, you need to think about the timing of when events will occur. What should be done first, second, and third? When should, for example, we enter a different market? When should we launch a new product or service? Everything is to do with timing. So how do you check that? How do you plan for that in the actual delivery? When is the right time? If you have a product that is seasonal, I wouldn’t think about launching a product in your summer when it’s a winter product. And you think, how silly, who would do that?

Skip to 2 minutes and 9 seconds So many people do, because they’re so busy with their product, they forget to look out the window. It’s too hot. No one will wear that jacket. You’ve got to figure out when to do things so it has the least impact on your business operations so you can maximise the impact on the markets that you are trying to be successful in.

Skip to 2 minutes and 32 seconds The most important part of the “how” is to be honest with yourself, particularly about your weakness. So when you are writing your action plan about the “how,” go back to you first. What are you good at? What do you need help in to make this company grow?

Skip to 2 minutes and 54 seconds Without a great action plan, I’ve yet to see any organisation enter and survive in the marketplace. Without a great action plan, you can’t play. With a great action plan, you can play to win, and you can play to make a difference in the marketplace. I wish you good luck. I wish you success. And above all, we want to cheer you for your success when we see you out on the web. Good luck everyone.

Action Planning

If you fail to plan, then ultimately, you are planning to fail.

Watch the video as Marcus Powe discusses why an action plan is important, what is in the action plan, and how to create one.

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This video is from the free online course:

Online Business: Planning for Success

RMIT University