Flow chart
Action Plans

Action Plans

At this stage, you have invested a lot of your personal resources into your business idea - as a result, you don't want to fail. The best way to ensure you give your business idea the best possible opportunity is to develop an action plan for your online business.

A detailed action plan will:

  • Lend credibility to your business
  • Show stakeholders that your business is well-organised and dedicated to achieving its objectives
  • Keep you focused and increase your chances of not overlooking anything of importance
  • Help you understand the limitations - what is and is not possible for you to do
  • Increase your efficiency and effectiveness - saving time, energy and resources in the long run
  • Ensure accountability through transparency - people are more likely to do what needs to be done if they can see it is being measured.

So when is the best time to create an action plan?

Ideally, an action plan should be developed as soon as you come up with the idea to start your online business (or within the first six months of the start-up of a business). Once you’ve identified your vision and mission, objectives, and strategies for your online business you should then develop an action plan.

The action plan can act as a blueprint for running your business. But remember, it will always be a work in progress, so keep it visible.

As your business changes and grows, you should regularly revise your action plan. It is a living, breathing document that should evolve as your business evolves.

Try to be accountable, even if it’s just to yourself, and follow up and complete action plan items on a regular basis. So make sure that you:

  • List your goals
  • Identify the resources you have available to achieve your business goals
  • Allocate time frames against each of the goals.

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This article is from the free online course:

Online Business: Planning for Success

RMIT University