The most important single component of any real business plan – lean plan, traditional plan, or any kind of plan – is a review schedule. This sets the plan into the context of management. Everybody involved (even if that’s just you) needs to review the plan regularly and revise as needed. Make a plan review schedule and keep it. This makes the plan a live management tool, not something to be put away on a shelf and forgotten.
For example, in Palo Alto Software, we had the business plan review schedule standardized, on the third Thursday of every month as the “plan review meeting” day. In the old days, we brought in lunch and took over the conference room. It wasn’t a big deal. Usually we finished in 90 minutes. But we scheduled all the meetings as part of the next year’s plan, and key team members knew they should attend, and wanted to be there. Absences happened, but only when they were unavoidable.
If your plan review process includes specific responsibilities assigned, managers committed, budgets, dates, and measurability, then the review meetings become easier to manage and attend. Include predetermined by the milestones coming due soon, and milestones recently due. Managers review and discuss plan vs. actual results, explaining and analyzing the differences.
Even if it’s just you in your business, you should still do a monthly review. We all benefit from the discipline of a scheduled time to take a step back from the day to day, review progress, analyze results, and make changes. Use the business plan review schedule to manage and steer your business.