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How to Write a Detailed Business Plan Step-by-Step [Free Template]

Posted july 17, 2024 by noah parsons.

Writing a business plan is one of the most valuable things you can do for your business. 

Study after study proves that business planning significantly improves your chances of success by up to 30 percent 1 . That’s because the planning process helps you think about all aspects of your business and how it will operate and grow.

Ready to write your own detailed business plan? Here’s everything you need ( along with a free template ) to create your plan.

Before you write a detailed business plan, start with a one-page business plan

Despite the benefits of business planning , it’s easy to procrastinate writing a business plan. 

Most people would prefer to work hands-on in their business rather than think about business strategy . That’s why, if you’re writing a business plan for the first time, we recommend you start with a simpler and shorter one-page business plan.

With a one-page plan, there’s no need to go into a lot of details or dive deep into financial projections—you just write down the fundamentals of your business and how it works. 

A one-page plan should cover:

• Value proposition
• Market need
• Your solution

Competition

Target market.

• Sales and marketing
• Budget and sales goals
• Team summary
• Key partners
• Funding needs

A one-page business plan is a great jumping-off point in the planning process. It’ll give you an overview of your business and help you quickly refine your ideas.

Check out our guide to writing a simple one-page business plan for detailed instructions, examples, and a free downloadable template .

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When do you need a more detailed business plan?

While I will always recommend starting with the one-page plan format, there are times when a more detailed plan is necessary:

• Flesh out sections of your plan: You need to better understand how your marketing, operations, or other business functions will operate.
• Build a more detailed financial forecast: A one-page plan only includes a summary of your financial projections. A detailed plan includes a full financial forecast, including a profit and loss statement, balance sheet, and cash flow forecast to better measure performance.
• Prepare for lenders and investors: While they may not read the full plan, any investor will ask in-depth questions that you can only answer by spending time writing a detailed business plan.
• Sell your business: Use your business plan as part of your sales pitch, and show potential buyers all the details of how your business works.

How to write a detailed business plan

Let’s walk through writing a detailed business plan step-by-step and explore an example of what a finished business plan (for a local swim club Pools & Laps) built with LivePlan’s business plan builder looks like.

1. Executive summary

Yes, the executive summary comes first in your plan, but you should write it last—once you know all the details of your business plan. 

It is just a summary of your full plan, so be careful not to be too repetitive—keep it between one or two pages and highlight: 

• Your opportunity: This summarizes what your business does, what problem it solves, and who your customers are. This is where you want readers to get excited about your business
• Your team: For investors, your business’s team is often even more important than what the business is. Briefly highlight why your team is uniquely qualified to build the business and make it successful.
• Financials: What are the highlights of your financial forecast ? Summarize your sales goals, when you plan to be profitable, and how much money you need to get your business off the ground.

For existing businesses, write the executive summary for your audience—whether it’s investors, business partners, or employees. Think about what your audience will want to know, and just hit the highlights.

2. Opportunity

The “opportunity” section of your business plan is all about the products and services that you are creating. The goal is to explain why your business is exciting and the problems that it solves for people. You’ll want to cover:

Problem & solution

Every successful business solves a problem for its customers. Their products and services make people’s lives easier or fill an unmet need in the marketplace. 

In this section, you’ll want to explain the problem that you solve, whom you solve it for, and what your solution is. This is where you go in-depth to describe what you do and how you improve the lives of your customers.

In the previous section, you summarized your target customer. Now you’ll want to describe them in much greater detail. You’ll want to cover things like your target market’s demographics (age, gender, location, etc.) and psychographics (hobbies and other behaviors). 

Ideally, you can also estimate the size of your target market so you know how many potential customers you might have.

Every business has competition , so don’t leave this section out. You’ll need to explain what other companies are doing to serve your customers or if your customers have other options for solving the problem you are solving. 

Explain how your approach is different and better than your competitors, whether it’s better features, pricing, or location. Explain why a customer would come to you instead of going to another company. 

3. Execution

This section of your business plan dives into how you will accomplish your goals. While the Opportunity section discussed what you’re doing, you now need to explain the specifics of how you will do it.

Marketing & sales

What marketing tactics will you use to get the word out about your business? You’ll want to explain how you get customers to your door and what the sales process looks like. For businesses with a sales force, explain how the sales team gets leads and what the process is like for closing a sale.

Depending on the type of business that you are starting, the operations section needs to be customized to meet your needs. If you are building a mail-order business, you’ll want to cover how you source your products and how fulfillment will work.

If you’re building a manufacturing business, explain the manufacturing process and the necessary facilities. This is where you’ll talk about how your business “works,” meaning you should explain what day-to-day functions and processes are needed to make your business successful.

Milestones & metrics

So far, your business plan has mostly discussed what you’re doing and how you will do it. 

The milestones and metrics section is all about timing. Your plan should highlight key dates and goals that you intend to hit. You don’t need extensive project planning in this section, just key milestones that you want to hit and when you plan to hit them. 

You should also discuss key metrics : the numbers you will track to determine your success.

The Company section of your business plan should explain your business’s overall structure and the team behind it.

Organizational structure

Describe your location, facilities, and anything else about your physical location relevant to your business. You’ll also want to explain the legal structure of your business—are you an S-corp, C-corp, or an LLC? What does company ownership look like?

Arguably one of the most important parts of your plan when seeking investment is the “Team” section. This should explain who you are and who else is helping you run the business. Focus on experience and qualifications for building the type of business that you want to build. 

It’s OK if you don’t have a complete team yet. Just highlight the key roles that you need to fill and the type of person you hope to hire for each role.

5. Financial plan and forecasts

Your business plan now covers the “what,” the “how,” and the “when” for your business. Now it’s time to talk about money. 

Financial forecasts

What revenue do you plan on bringing in, and when? What kind of expenses will you have? How much cash will you need?

These are the types of questions you’ll answer by creating detailed forecasts. Don’t worry about getting it perfect, these are just educated guesses. Your goal is to get numbers down that seem reasonable so you can review and revise financial expectations as you run your business. 

You’ll want to cover sales , expenses , personnel costs , asset purchases, cash , etc, for at least the first 12 months of your business. If you can, also create educated guesses for the following two years in annual totals. 

If you intend to pursue funding, it’s worth noting that some investors and lenders might want to see a five-year forecast. For most other cases, three years is usually enough.

If you’re raising money for your business, the Financing section is where you describe how much you need. Whether you’re getting loans or investments, you should highlight what and when you need it. 

Ideally, you’ll also want to summarize the specific ways you’ll use the funding once you have it. 

For more specifics, check out our write-up explaining what to include in your business plan for a bank loan .

Historical Financial statements

If your business is up and running, you should also include your profit and loss statement , balance sheet , and cash flow statement . These are the historical record of your business performance and will be required by lenders, investors, and anyone considering buying your business. 

If you don’t want lengthy financial statements overwhelming this section of your business plan, you can just include the most recent statements and include the rest within your appendix.

6. Appendix 

The final section of your business plan is the appendix . Include detailed financial forecasts here and any other key documentation for your business. 

If you have product schematics, patent information, or any other details that aren’t appropriate for the main body of the plan but need to be included for reference.

Tips to write a detailed business plan

Keep it brief.

You may not be limited to one page, but that doesn’t mean you need to write a novel. Keep your business plan focused using clear, plain language and avoiding jargon. Make your plan easier to skim by using short sentences, bulleted lists, and visuals. Remember, you can always come back and add more details.

Related Reading: 7 tips to make a high-quality business plan  

Start with what you know

Don’t worry about following a strict top-to-bottom approach. Instead, build momentum by starting with sections you know well. This will help you get information down and ultimately make you more likely to complete your business plan. 

Set time limits

You don’t have to write your business plan in one sitting. It may be more valuable to set a time limit, see how much you get done, and return to it again in another session. This will keep you focused and productive and help you fit plan writing into your other responsibilities.

Reference business plan examples

Real-world business plan examples from your industry can provide valuable insights into how others have successfully presented their ideas, strategies, and financials. Exploring these examples can inspire your own approach and offer practical guidance on what to include and how to tailor it to your specific needs.

Just be sure not to copy and paste anything.

Prioritize sections that really matter

When writing a detailed business plan, focus on the parts most important to you and your business. 

If you plan on distributing your plan to outsiders, you should complete every section. But, if your plan is just for internal use, focus on the areas that will help you right now.

Download a free business plan template

Are you ready to write your detailed business plan? Get started by downloading our free business plan template . With that, you will be well on your way to a better business strategy, with all of the necessary information expected in a more detailed plan.

If you want to improve your ability to build a healthy, growing business, consider LivePlan.

It’s a product that makes planning easy and features a guided business plan creator , drag-and-drop financial forecasting tools , and an AI-powered LivePlan Assistant to help you write, generate ideas, and analyze your business performance. 

Use your detailed business plan to grow your business

Your business plan isn’t just a document to attract investors or close a bank loan. It’s a tool that helps you better manage and grow your business. And you’ll get the most value from your business plan if you use it as part of a growth planning process . 

With growth planning, you’ll easily create and execute your plan, track performance, identify opportunities and issues, and consistently revise your strategy. It’s a flexible process that encourages you to build a plan that fits your needs.  

So, whether you stick with a one-page plan or expand into a more detailed business plan—you’ll be ready to start growth planning.

Sources in this article

• Parsons, Noah. “Do You Need a Business Plan? This Study Says Yes” Bplans: Free Business Planning Resources and Templates , 10 May 2024, www.bplans.com/business-planning/basics/research .

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5 Real-Life Examples of Effective Strategy Implementation

Gain insights from 5 real-life examples where strategic implementation transformed businesses significantly. Contact us for more information!

Every organization must make a big strategy shift at some point or another to stay at the forefront of its industry. In some cases, a big strategic change may also be necessary to simply survive. Successfully shaping and executing a new strategy is challenging, but there are a few standout examples we can all learn from.

‍ ClearPoint Strategy provides tools that can make this process more efficient and measurable, ensuring that strategies are not only planned but also successfully implemented.

See ClearPoint Strategy in action! Click here to watch a quick DEMO on the software

Here are 5 companies with good strategy execution , coming from different markets and industry positions.

1. The City of Germantown, Tennessee

• Their approach transformation: They transitioned to a corporate model and treated citizens as customers and municipal services as market offerings.
• Their vision crafting: They developed "Germantown Forward 2030" through a collaborative process that involved input from over 200 citizens.
• How they achieved success: By consistently monitoring and transparently communicating progress, Germantown enhanced its operational efficiency and received prestigious national recognition.

The City of Germantown took a unique approach to planning and strategy execution because it chose to follow a corporate framework versus a more traditional local government model. The city views its citizens as customers, staff as teams, and operations as goods and services.

This shift in thinking came about in 2015 after city administrators read the book, “We Don’t Make Widgets: Overcoming the Myths that Keep Government from Radically Improving.” The general idea is to build and successfully execute a strategy around what citizens want, focusing on outcomes. For example, citizens don’t want a bigger police force; they want whatever ensures a safe community and low crime rate.

The city’s first step in taking a “for-profit” approach to organizational strategy was to create the “Germantown Forward 2030” vision. The 2030 vision was built over a methodical, one-year process by a 30-person steering committee and incorporated input from more than 200 citizens. Once the vision was finalized, a citizen task force created a measurable, actionable strategic plan with objectives, projects, and performance measures .

Every quarter, Germantown’s city administrator meets with department directors to review progress and results, which are then shared publicly with citizens via a community dashboard built by ClearPoint Strategy . Strategic planning isn't always easy, but the City found great ways to overcome the biggest pain points in the process to achieve success.

Over the past four years, Germantown has seen success with this approach to planning and strategy execution. The city operates more efficiently and cost-effectively, and there is greater transparency both internally and externally on goal progress. The results have been so positive that Germantown won a 2019 Malcolm Baldrige National Quality Award from the U.S. Department of Commerce. The city is one of only four municipalities nationwide to have ever earned this presidential-level honor, which is the highest level of recognition for performance excellence that a U.S. organization can receive.

ClearPoint Strategy supports such public sector initiatives by providing robust tools for strategic planning and community engagement, tracking progress transparently.

2. Best Buy

• How they revitalized retail: They reinvented their business model, focusing on enhancing the customer experience and competing effectively in the digital age.
• Their strategic initiatives: Best Buy launched the Renew Blue strategy, emphasizing customer service, employee engagement, and partnerships with tech giants.
• Their success Metrics: The strategy led to sustained sales growth, improved profitability, and increased customer and employee satisfaction, marking a significant turnaround for the company.

Best Buy is an ideal example of a company that completely reinvented itself and found the secrets to successful strategy execution. In 2012, Best Buy had plummeting profits, sales, and stock prices. It had lost relevance and was failing to compete with Amazon.

In a last-ditch effort to survive, the company hired Hubert Joly as its CEO. Joly proved to be a visionary leader, most notably for launching Best Buy’s Renew Blue transformation strategy. Here are the five key goals of the strategy, including some of the most successfully executed initiatives for each:

• Reinvigorate the customer experience. Best Buy implemented a price-match policy, improved the online and in-store shopping experiences, offered free in-home technology consultations, and provided 24/7 customer tech support.
• Attract “transformational business leaders” and energize employees. The company enhanced employee training, expanded employee benefits, provided paid time off for part-time workers, and offered backup child care.
• Work with vendors to innovate and drive value. The company invited leading technology brands to create their own in-store kiosks and established a groundbreaking partnership with Amazon to sell Amazon Fire TVs.
• Increase the company’s return on invested capital by growing revenue and efficiency. Best Buy shut down stores, exited geographic regions, and cut administrative and non-product costs.
• Make the world a better place through recycling efforts and giving people access to technology. Best Buy significantly reduced its carbon footprint and introduced the largest consumer electronics recycling program in the U.S.

The Renew Blue strategy planning and execution has been an unheralded success. When Joly transitioned from CEO to executive chairman in June 2019 , Best Buy had five consecutive years of comparable sales growth, increased its non-GAAP operating income rate, achieved $1.9 billion in cost savings and efficiencies, improved profitability and shareholder return, increased its Net Promoter Score, and hit record-low employee turnover rates.

By using strategic tools like ClearPoint Strategy , companies can monitor such comprehensive transformations in real-time, ensuring that every strategic initiative is aligned with corporate goals.

Claim your FREE 41-page Strategy Execution Toolkit for enhanced strategic performance

3. origin bank.

• Their strategic overhaul: They discarded their old strategic plan in favor of a new, data-driven approach that emphasized innovation and market responsiveness.
• Their strategy execution process: Origin Bank adopted a detailed "waterfall" strategy, breaking down broad goals into specific, actionable steps.
• Banking on results: Their new strategy enhanced profitability and customer service, showcasing the bank's adaptability and forward-thinking approach.

In 2017, Origin Bank realized it was losing traction in the market and wasn’t keeping up with the banking industry’s pace of innovation. The bank decided to completely scrap its strategic plan and start fresh with a new strategy that focused on:

• Consolidating strategic priorities
• Aligning the vision and strategy
• Analyzing results with data—primarily, metrics tied to strategic outcomes
• Reviewing past performance and predicting future performance
• Gaining leadership buy-in

Using these guidelines, Origin Bank began its strategy execution process by whiteboarding its high-level goals. From there, it became a “waterfall” approach where goals were broken down into objectives, objectives divided into projects, and projects into action items. Origin Bank also developed measures to track progress for each of those waterfall elements.

Companies with good strategy execution always take this next step, too: developing a reporting process to consistently monitor and evaluate performance. Origin Bank established three meetings, each with a distinct purpose, to be held each quarter. The focus of the meetings ranges from a general performance overview of the strategy to detailed “red alerts” indicating where strategic elements are off track. Every quarter after the meetings, proposed changes to the strategy are presented to Origin Bank’s board of directors for approval.

Changing its strategy has helped Origin Bank increase its profits and customer service levels. Overall, the bank has been able to take an innovative approach to its operations with a strategic plan that reflects its vision, includes more accountability and collaboration, centralizes strategy execution management, and requires all changes to be vetted through a “decision tree.”

With ClearPoint Strategy , financial institutions can manage and track their strategic execution, ensuring alignment across all levels of the organization.

See ClearPoint Strategy in action! Click here to watch our quick 6-minute demo

• Pivoting to services: IBM shifted from a hardware-centric model to a service-oriented approach, focusing on holistic solutions for clients.
• Their strategic transformation: Under Louis Gerstner's leadership, IBM revamped its corporate strategy, aligning employee incentives with company performance and streamlining operations.
• The turnaround triumph: This strategic pivot is celebrated as one of the greatest corporate turnarounds, with IBM achieving substantial growth in income, revenue, and market value.

In the 1980s, IBM was the dominant technology brand, with sky-high revenue and market share. But the company failed to evolve along with customers’ computing needs, and it became siloed and dependent on hardware sales. IBM’s power position eroded over the next decade, culminating with the announcement of an $8 billion second-quarter loss in 1993 (the largest in corporate America’s history at the time).

Louis Gerstner, brought on as IBM’s CEO in 1993, led the company’s transformational shift from products to services. In essence, IBM changed its strategy from being a multinational technology provider to a holistic, shared-services partner. Core elements of the strategy were to:

• Offer the best technology stack to clients (even if it included competitor products) versus pushing standalone hardware sales.
• Tie employees’ pay to company performance (versus department performance).
• Consolidate marketing and branding efforts under one agency, instead of 40+ agencies.
• Standardize processes and reporting procedures for all internal functions and consolidate those activities in key centers.
• Divest low-growth, low-margin product lines and technologies (e.g. memory chips, printers, personal computers, etc.).

IBM’s new strategy worked and is hailed as one of the greatest corporate turnarounds of all time. IBM quickly proved that the services business was more viable than hardware product sales, successfully diversifying its offerings and investing in strategic growth areas. During Gerstner’s tenure from 1993-2001, the company increased its income from $3 billion to $7.7 billion, revenue from $64 billion to $86 billion, and stock market value to $180 billion.

Tools offered by ClearPoint Strategy can aid such significant transformations by aligning company-wide efforts and resources effectively.

5. Cobb EMC

• Their strategic realignment: Cobb EMC redefined its strategy to better align with organizational goals and values, focusing on operational efficiency and community engagement.
• Their implementation and innovation: They introduced project-based operations and the "Idea Machine" for employee feedback, fostering a culture of continuous improvement.
• Empowering success: The new strategy led to significant cost savings, reduced rates for customers, and increased charitable contributions, alongside boosting employee morale.

Cobb EMC , a not-for-profit electric cooperative, made a distinct strategy shift in 2014 after consistently underperforming and failing to achieve key goals. There was a lack of alignment across the organization, with no clarity on whether they were making progress on the strategy and aligning departments to corporate results.

Cobb EMC deliberately and thoughtfully formed a new strategy that would play out over the next few years:

• 2014: The board of directors and senior leadership completed a SWOT analysis , using it to develop new strategic goals and update the company’s core values.
• 2015: Leadership reviewed the strategic goals and aligned them with company objectives. Cobb EMC also brought in a consulting group to complete another, more extensive SWOT analysis.
• 2017: Cobb EMC consolidated all strategy-related data, creating scorecards for goals at the department, division, and corporate levels.
• 2018: Newly appointed CEO Peter Heintzelman increased the company’s focus on project-based operations, dedicating resources to align department-level projects to organization-level strategies. The “Idea Machine” is introduced, allowing Cobb EMC staff to anonymously submit feedback and suggestions to leadership.

Taking these steps to create a new strategy was hugely beneficial to Cobb EMC. The company had centralized, real-time data for the first time and created its first three-year strategic plan that closely aligned departmental projects and corporate goals. Within two years of executing its plan, Cobb EMC was able to uncover new operational efficiencies and cost savings : The company saved $8 million through restructuring, lowered utility rates by $5 million for its customers, and gave $1.3 million to charity. Additionally, Cobb EMC was able to increase staff morale levels throughout these significant changes.

ClearPoint Strategy provides platforms that facilitate such strategic alignment and execution, enhancing both internal and external transparency.

From Planning to Performance: The Power of Strategy Execution

Whether the goal is to stay at the front of the pack or avoid extinction, strategy shifts are critical for organizations in every industry. As you’ve read, this process can take many forms—what’s most important is that you execute the new strategy you carefully created.

Get your FREE eBook on 8 effective strategic planning templates here

The secrets to successful strategy execution.

Successful strategy execution is not just about what you do, but how you do it. The key lies in aligning your organization's culture, resources, and processes with your strategic goals. Regularly monitoring progress, adapting to feedback, and maintaining clear communication channels are also crucial to turning strategic plans into tangible outcomes.

By integrating these key principles, your company can achieve its strategic goals and foster a culture of continuous improvement and innovation. Discover how to elevate your strategy execution by exploring the 5 secrets of strategy execution . This guide could be the catalyst your organization needs to refine its execution approach and secure a competitive edge in your industry.

The Components of Effective Strategy Execution

Effective strategy execution is built on a foundation of clear objectives, precise planning, and robust communication. It involves:

1. Strategic clarity and commitment : Ensure that every member of the organization understands the strategic goals and their role in achieving them. Secure commitment from all decision-makers and stakeholders to align efforts and foster a unified approach to execution.

2. Alignment of resources and roles : Align jobs, resources, and processes with the strategic objectives to ensure cohesive movement towards the goals. Design roles and responsibilities to optimize performance in line with the strategy.

3. Effective communication and engagement: Maintain clear and continuous communication to empower employees with the knowledge of how their work contributes to the broader strategy. Foster a culture of engagement and motivation, celebrating milestones and encouraging team involvement in the strategic journey.

4. Execution framework and adaptability: Implement a structured approach to execution, like the "waterfall" method, to break down strategic goals into actionable steps. Regularly monitor progress using key performance indicators ( KPIs ) and be prepared to adapt the strategy based on performance data and evolving circumstances. Use a tool like ClearPoint Strategy to enhance strategy execution. ClearPoint Strategy is a comprehensive platform for aligning goals, tracking progress, and adapting plans based on real-time data and insights.

5. Balancing innovation with control: Encourage innovation and experimentation within the framework of the strategic plan, allowing for creativity while maintaining focus on the strategic objectives. Develop processes to evaluate and integrate new ideas and opportunities, ensuring they contribute positively to the strategic goals.

Elevate Your Strategy Execution with ClearPoint Strategy

Ready to transform your strategic vision into impactful results? Discover how ClearPoint Strategy can revolutionize your approach to strategy execution. With ClearPoint, you can seamlessly align your goals, monitor progress with real-time insights, and adapt your strategy to meet the ever-changing demands of your industry.

Don't let your strategic plans fall by the wayside. Book a free trial of ClearPoint Strategy today!

Book your FREE 1-on-1 DEMO with ClearPoint Strategy

How do you measure strategy implementation.

To measure strategy implementation:

- Define KPIs: Establish Key Performance Indicators (KPIs) that align with strategic goals. - Set Milestones: Break down the strategy into specific, measurable milestones. - Use Dashboards: Implement performance dashboards to track progress in real-time. - Regular Reviews: Conduct regular progress reviews and status meetings. - Feedback Mechanisms: Gather feedback from stakeholders to assess effectiveness. - Benchmarking: Compare performance against industry standards or past performance.

Why is strategy implementation important?

Strategy implementation is important because:

- Achieves Goals: Translates strategic plans into actionable steps, ensuring goals are met. - Aligns Resources: Ensures resources are utilized efficiently to support strategic objectives. - Enhances Accountability: Holds individuals and teams accountable for delivering results. - Improves Performance: Drives continuous improvement through regular monitoring and adjustments. - Maintains Focus: Keeps the organization focused on long-term objectives despite short-term challenges. - Facilitates Change: Helps the organization adapt to changes in the market or environment.

What is the strategy implementation process?

The strategy implementation process includes:

- Define Objectives: Clearly articulate the goals and objectives of the strategy. - Develop Action Plans: Create detailed plans outlining the steps needed to achieve the objectives. - Allocate Resources: Ensure necessary resources (financial, human, technological) are available. - Communicate: Share the strategy and action plans with all stakeholders to ensure understanding and buy-in. - Execute: Implement the action plans, following the defined steps and timelines. - Monitor and Review: Regularly track progress, measure performance against KPIs, and adjust plans as needed.

Why does strategy implementation fail?

Strategy implementation fails due to:

- Lack of Clear Objectives: Undefined or vague goals lead to confusion and misalignment. - Poor Communication: Failure to communicate the strategy effectively to stakeholders. - Inadequate Resources: Insufficient allocation of financial, human, or technological resources. - Resistance to Change: Organizational culture and employee resistance hinder implementation. - Lack of Accountability: No clear ownership or accountability for executing the strategy. - Insufficient Monitoring: Failure to regularly track progress and adjust plans accordingly.

Who is responsible for strategy implementation?

Responsibility for strategy implementation typically involves:

- Executive Leadership: Sets the strategic direction and ensures alignment across the organization. - Middle Management: Translates strategic goals into operational plans and oversees execution. - Project Managers: Manage specific initiatives and projects that support the strategy. - Employees: Execute the tasks and activities outlined in the action plans. - Strategy Office: In larger organizations, a dedicated strategy office may coordinate and monitor implementation efforts. - Stakeholders: Provide input, support, and feedback to ensure successful implementation.

Shannon Ledwith

Shannon works with the Sales Team to generate high quality leads and provide insights on market trends.

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Project Execution Plan Templates

By Kate Eby | June 1, 2021

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We’ve compiled the most effective project execution plan templates to streamline project execution practices for project managers, project sponsors, and project teams, as well as construction, engineering, and software companies. 

Included on this page, you’ll find a project execution plan template , a sample project execution plan template , a software project execution plan template , and a project execution checklist template , among others. Plus, learn the elements of a project execution plan .

Project Execution Plan Template

Download Project Execution Plan Template

Microsoft Word | Google Docs | Adobe PDF

Use this comprehensive project execution plan (PEP) template to standardize your organization’s project planning and execution process. The template includes sections for project scope, project goals, quality specifications, technical specifications, resource allocation, project schedule, and communication plan. This reusable template helps ensure that all project team members and stakeholders are up to speed on the details and component statuses of your project’s planned execution. 

To learn more about the phases of project management, read “ Demystifying the 5 Phases of Project Management .”

Sample Project Execution Plan Template

Download Sample Project Execution Plan Template

Microsoft Word | Google Docs | Adobe PDF 

Ensure timely project execution — and keep tabs on project status and progress — with this easy-to-use template. Simply edit the sample text to fit your project’s scope, goals, quality and technical specifications, resource allocation, schedule, and communication plan. Download and share this template for one-off, unique project executions, or save it as a template to standardize your organization’s project planning and execution.

For more project planning templates, see “ Free Project Management Plan Templates .”

Construction Project Execution Plan Template

Download Construction Project Execution Plan Template 

Microsoft Excel | Microsoft Word | Microsoft PowerPoint

Track construction-specific, task-by-task details with this template to ensure your project’s successful execution. Use this dynamic template to enter and keep tabs on execution-specific details, including task information, potential at-risk items, assigned-to team members, start and end dates, and status information. Track your construction project’s details, and manage project deliverables, scope, and overall progress with this comprehensive, simple-to-use construction project execution plan template. 

Learn how to get the most out of your project execution plan template by reading “ Free Project Plan Templates for Microsoft Word .”

Engineering Project Execution Plan Template

Download Engineering Project Execution Plan Template

Microsoft Excel | Microsoft Word | Google Sheets  

This engineering project execution plan template is the perfect tool to keep you and your team apprised of your project’s big-picture and task-specific status. Color-code the status of each task (e.g., not started, in progress, completed, overdue) for a quick visual summary of how close all items are to completion. This engineering-specific project execution plan template helps you stay proactive and organized by tracking every task name, assignment, start and end date, duration, status, and comments, so task ownership is clear and your projects are delivered on time.

Project Execution Strategy Template

Download Project Execution Strategy Template

Microsoft PowerPoint | Google Slides   

Help others gain insight into your project’s all-around execution strategy with this visually rich, comprehensive, step-by-step template. The template provides at-a-glance visibility and is available in PowerPoint and Google Slides formats, so you can present your execution strategy to others and bring them up to speed on proposed initiation, planning, execution, monitoring, and final stages.

Software Project Execution Plan Template

Download Software Project Execution Plan Template

Microsoft Word | Google Docs

Jump-start your software project execution with this comprehensive, easy-to-use template. List all of your project-specific details in a single, shareable document: simply enter the name, project deliverable(s), scope statement, start and end dates, and project manager. Additionally, this PEP template provides the ability to track and update the status of each task (e.g., on hold, not started, overdue, in progress, complete), and view the overall progress percentage climb as software tasks are completed.

Long-Term Project Execution Timeline Template

Download Long-Term Project Execution Timeline Template

Microsoft Excel | Google Sheets | Smartsheet

Use this all-inclusive, project-by-project, long-term project execution timeline template to keep tabs on the execution of several projects simultaneously. The template gives you an instant overview of each project-specific task, including task name, start and end dates, status (e.g., not started, in progress, complete), and duration details (e.g., quarter, half, or fully completed). This template is fully customizable and comes with a week-by-week visual Gantt chart that provides the perfect visual insight into your long-term projects.

Preliminary Project Execution Plan Template

Download Preliminary Project Execution Plan Template

Microsoft Excel | Google Sheets

Gain a high-level, dashboard-style view into your project planning efforts — and ensure successful execution — with this preliminary project execution plan template. Simply enter all preliminary, task-specific details related to your organization’s projects — including task names, assignment, priority, and status — and then monitor your project’s preliminary progress prior to execution. This visually rich dashboard template is customizable to fit your project needs and shareable to keep all team members and stakeholders apprised of a project’s execution.

Project Execution Checklist Template

Download Project Execution Checklist Template

Microsoft Excel | Microsoft Word | Google Docs | Adobe PDF

Account for all project execution components with this simple project execution checklist template. Enter each task prior to executing your project, and provide due date and status details in this single-source, shareable document. This project execution-specific template is the perfect tool for easily tracking project execution details, task status, and due dates in a single, centralized document.

Project Execution Plan Proposal Template

Download Project Execution Plan Proposal Template

Detail your project’s required deliverables, project assumptions, and project scope with this comprehensive project execution plan proposal template. This project execution plan template also includes a detailed Project Constraints section, where you can enter project start date, launch/go-live date, project end date, hard deadlines, budget, quality, performance, equipment/personnel, and regulatory constraints. Additionally, use the updated estimates section to tally the forecasted hours required to complete your project. Stakeholders and project sponsors can enter their approvals prior to project execution to ensure successful project completion.

What Is a Project Execution Plan Template?

A project execution plan (PEP) template enables you to build a successful project plan by providing team members with instant insight into a project’s anticipated tasks, scope of work, sponsors, timeline, due dates, status, project objectives, and project roles and responsibilities. 

In short, a PEP lists desired project objectives and helps you anticipate the time and resources needed for a project’s execution and eventual success. As opposed to a work breakdown structure (WBS), which dissects a project’s components into smaller deliverable details to allocate team members’ time and resources into manageable tasks, a PEP provides a high-level blueprint for successful project planning and execution. A PEP’s primary purpose is to list all of a project’s scope, goals, quality specifications, technical specifications, resource allocations, project schedule, and individual tasks.

Elements of a Project Execution Plan

Project execution plans (PEPs) provide a structure for successful project planning and execution. Like project status reports, PEPs show which components are on track or at risk and help you account for them prior to execution. 

You can modify the PEP template to suit your needs. Though PEP templates vary, most include the following sections: 

• Project Overview: Enter your project’s name, location, company, and contact information to ensure that the high-level project details accurately represent the project to all stakeholders.  
• Project Scope: Enter an overview of your project’s features and functions, including any details required to meet stakeholders’ requirements. 
• Project Goals: Enter your project’s performance, delivery timeline, resource, and performance goals.  
• Quality Specifications: Enter your project’s performance, functionality, consistency, and quality specifications. 
• Technical Specifications: Enter any technical details, performance, reliability specifications required for your project.
• Resource Allocation: Enter your project’s resource-specific details, including personnel, scheduling, and resource availability. 
• Project Schedule: Enter your project’s milestones, key activities, and deliverables, including projected start and end dates. 
• Communication Plan: Enter your project’s communication strategy information, including how project execution details will be communicated to key stakeholders, who should receive these communications, and how frequently you should send them. 

Additionally, PEPs often include the following project-execution components: 

• Budget: Enter your project’s fixed or variable costs. Budget-wise, is the project under, over, or on target? 
• Schedule: Enter your project’s estimated (and, eventually, actual) hours. Have you allocated the necessary resources to the project? Is the project on track for successful execution? 
• Deliverables: Enter your project’s individual deliverables and their completion percentage. 
• Status: Enter each project task’s status (e.g., not started, in progress, on hold, completed). 
• Task Name: Enter a sufficient name for each individual project task. 
• Task Description: Enter a clear description for each individual project task. 
• Task Owner: Assign an owner (the person responsible for completing the task) to each project task. 
• Priority: Enter each project task’s priority (e.g., high, medium, low). 

By filling out a project execution plan template’s sections before your project begins, you  ensure that you have an agreed-upon, single-source project execution plan to account for all components of your project’s execution and inevitable success.

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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.

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6 Steps To Successful Strategy Execution

Strategic planning is hard, but the real challenge is execution. Connecting the dots between strategy and action can feel like an impossible task. And if you’re thinking, “ but I have a solid plan in place, ” think again. You might have heard that a staggering 90% of strategic plans fail to succeed . But did you know that even today, 50% of strategies still don't get executed?

In a world where disruptions have become the new normal and competition is intensifying, it's more important than ever to tie planning and execution together.

Business leaders and executives have started paying attention to this gap, but many organizations still struggle to find the right approach to strategy execution. They get bogged down in endless planning cycles, spreadsheets, and disconnected business tools that make it difficult to move the needle forward.

In this article, we’re going to share a proven framework and a tool to help you close the strategy execution gap and move your business forward.

What Is Strategy Execution?

Strategy execution is the process of making a company's strategic plan happen. This helps the company achieve what it wants to do. It means making sure everyone and everything works together to turn a company's vision and strategic objectives into reality.

This guide will show you the key steps to follow when you develop a successful strategy execution plan . At a high level, the execution journey encompasses the following:

You'll notice two key things about this strategy execution diagram:

It's circular

Strategy isn't a process. It’s a way of running your organization. It never ends and is 100% iterative .

It's holistic

Few organizations have tangible connections between their strategic plan and their processes for reporting , performance management, and rewarding employees. All your business processes need to work in harmony and be coherent if you're to be truly successful.

So, how do you successfully execute a strategy? Let's break down the individual phases of this diagram so you understand how to develop a business strategy execution plan:

6-Step Strategy Execution Framework

1. strategic planning.

Effective planning is crucial to the success of any strategy, as haphazard plans often lead to failure. Data suggests that as much as 83% of strategies fail due to faulty assumptions in the strategy formulation process.

To successfully execute a strategy, the planning process is the first and most important step. We've written extensively about how to write good strategic plans .

Your planning phase needs to address at least the following questions:

• What are you going to ultimately achieve? What are your company’s core business metrics ?
• What steps will you take to get there?
• What framework will you use to keep you focused and on track (think the Cascade Model, Balanced Scorecard , McKinsey's Three Horizons model , etc.)?
• How will you structure your strategy reporting ?
• What’s the frequency of your strategy reviews and meetings?
• What communications plan do you have in place for your strategy?
• Who will your strategy mentors or advisers be?

You have to make a plan before you execute the plan.

👉 Click here to get your free strategic planning template.

💡 Tip: Avoid paralysis by analysis. Staying too long in the planning phase sparks a strategy or execution debate. Shut the debate down and move to the next step.

2. Communication

According to an article by Harvard Business Review, “95 % of employees don’t understand or are unaware of their company’s strategy.”

Unfortunately, many organizations make the mistake of communicating their strategic plan only after it has been developed. You need to start the process of engaging your organization during the planning phase. And once it’s ready, expose it to your people because strategy presentations don’t work .

Rather than simply presenting the plan to your team, it's important to allow them to explore, discuss, and ask questions about it.

Two-way communication is crucial, with guidelines and policies flowing from the top while feedback and ideas come from the bottom. To achieve this, it's important to improve internal communication processes and establish mechanisms for feedback and input.

For example, you need to establish a mechanism for people to provide feedback about the strategy both at the start and as it rolls out. Here are some ways to facilitate this constructive communication:

• Hold regular team meetings to discuss progress and align goals with the strategic plan.
• Develop organizational transparency by sharing information with employees.
• Foster an open and collaborative culture where feedback is encouraged.
• Create regular formal and informal surveys and questionnaires to gather insights.

Don’t fall into the trap of doing a great job of communicating at the start, only to see efforts fall away as people go back to business as usual! Instead, expose your strategy to your people, keep it alive and up-to-date, and have your people engage with it regularly.

3. Goal setting and alignment

OK, so you've got a plan—the next step is to start creating tangible goals.

To achieve this, it's important to link every activity of your team to the strategic plan. It seems obvious, but many organizations create a plan, communicate it, and expect the rest to happen by magic. By ensuring that everyone in the team has ownership of their goals, you're moving the plan towards fruition.

However, simply creating goals is not enough. Alignment with company goals is essential to give structure to the execution of the plan. By aligning strategic initiatives with overarching business goals, you provide strategic clarity and enable your teams to focus on what matters the most to move the business forward. This, in turn, ensures that strategy execution is going in the right direction.

Through the goal-setting process , you can also reveal critical insights that help you refine your plan:

• Whether or not the plan is realistic given resource constraints.
• If you have the right people and skills to execute every aspect of the plan.
• How well people have understood your overarching business objectives.

Goal management becomes the bedrock for your ongoing tracking, reporting, and performance management. Each of these is a key element in a successful strategy execution.

4. Tracking and reporting

Tracking and reporting on strategic goals is crucial to establishing strategic control and driving progress, but it's easier said than done.

Cascade’s Strategy Report revealed that only 18% of team members review progress on weekly basis.

There are two key components to effective tracking and reporting.

Firstly, you need to ensure that everyone in your organization is regularly updating the progress on their own individual goals. This doesn't have to be arduous or time-consuming—a few minutes per month is usually enough. For example, in Cascade , you can set a cadence for people to update their goals before the review meeting. This helps you ensure that progress is consistently monitored and reported throughout the execution phase.

Secondly, updates should include a quantitative measure of progress against the goal ( KPIs ), as well as a short comment for context. Within Cascade, each team member can post progress updates and add comments in a text or video format so everyone involved understands the context.

Goals should never be seen as static elements of your strategic plan. It’s a given that sometimes you’ll need to change the deadline of a goal or even rewrite the goal entirely as your organization evolves. That’s fine, as long as visibility of those changes exists.

👉Here’s how Cascade can help you:

With Cascade's strategy reports, you can schedule automated progress reports so everyone has access to the latest information. You can customize the content of reports to suit the needs of different audiences. Plus, you can integrate Cascade with your business communication tools ( Outlook , Slack , Teams ) and send updates directly to your manager or the whole team.

5. Performance management

According to Gartner, 58% of businesses believe their performance management systems are not sufficient in monitoring the success of their strategies. When it comes to performance management, the majority of strategy implementation approaches start to unravel.

People generally view performance management (and reviews in general) as the sole domain of human resources. And you’d be hard-pressed to find actual users of the most common performance management systems that have positive things to say about the experience—or how it helps them better execute their company's strategy .

Performance management should be a natural extension of goal setting, which in turn is a natural extension of your strategic plan. It is, therefore, a critical part of your execution action plan.

As you go through the process of reviewing your people’s performance, you need to be able to measure how their contributions align with your company’s strategic goals.

Here’s how a performance management process can help you execute your plan:

• Individual goals and KPIs relate directly to the organization’s strategic plan
• It helps you review and reward people for their contributions to the overall strategy
• The system is simple to use and as close to “fun” as possible
• It’s social, transparent, fair, and well understood

Few off-the-shelf performance management systems tick those boxes, but Cascade facilitates the performance review processes and removes many of the friction points.

6. Rewarding

The natural conclusion of performance management is rewarding employees.

You've put so much effort into planning, communicating, and goal-setting —but don’t forget that the one thing that, ultimately, we all (almost all) work for is money.

The importance of connecting rewards back to strategy cannot be understated. This should be easy enough if you create a strategy with individual contributions in mind.

💡Here’s a tip: Don’t treat performance metrics as absolutes.

Achieving your goals in the short term shouldn’t come at the expense of the long term. Progress is just as important as meeting your goals. Don’t destroy your culture by rewarding teams and managers that achieve their goals at the cost of everything else.

Don't forget that rewarding doesn't just have to be monetary. It could be meaningful corporate gifts , travel perk, sending people to conferences, extending them additional leadership opportunities—anything at all that you're doing on a merit basis.

Build a culture of strategy execution by linking rewards to your strategic plan

Strategy Execution Best Practices

Now that you know the essential steps for effective strategy execution, here are the best practices and tips to ensure the success of your strategic initiatives.

1. Form a strategy execution team

Don't just rely on the same old senior leaders to execute strategy. Create a dream team of stakeholders responsible for reviewing past performance and identifying the information needed to create a good strategy. And most importantly, involve stakeholders who will be involved in the execution itself—they will be able to provide additional context to your leadership team. This way, you can plan, prioritize, and execute strategic goals with a dedicated and motivated team from the get-go.

2. Ensure organization-wide strategic alignment

In the realm of strategy, aligning corporate, business, functional, and operational levels is indispensable.

• Corporate strategy sets the vision. Ensure business-level strategies within units align directly, creating a clear link from corporate vision to daily operations.
• Business strategies refine the overarching vision. Alignment is key, ensuring actions in business units contribute directly to corporate objectives and maintain organizational focus.
• Functional strategies within business units, whether in marketing or finance, must align with business-level themes. Each function should enhance the overall corporate strategy, ensuring a unified approach.
• Operational strategies , the backbone of daily activities, must align with overarching goals, ensuring effective execution within business units.

Achieving organization-wide alignment at all strategy levels is key to successful execution. Helping your team members understand how their actions impact the organization’s bottom line will allow them to make better strategic decisions connected to your overarching strategy.

Cascade’s Alignment Maps & Relationships feature allows you to visualize how different organizational plans work together to form your strategy and map the dependencies that may lie along your journey.

3. Make adjustments when necessary

Don’t be afraid to change. The business environment is constantly evolving, so what worked before may not work now. Regularly reviewing and adjusting the strategy ensures you remain aligned with the company's goals and current market conditions. This is the only way to ensure you are going in the right direction and not wasting resources on dead-end strategies.  

📚 Recommended read: Strategic Control Simplified: A 6-Step Process And Tools

4. Use strategy execution software

Many companies still rely on spreadsheets and multiple disconnected tools to monitor their strategy execution. Unfortunately, this approach can lead to more problems than solutions.

Using spreadsheets as a way to track progress is time-consuming and error-prone, and it is hard to keep the data up-to-date in real-time. Moreover, spreadsheets do not provide a comprehensive overview of your performance, making it difficult to identify red flags and opportunities for improvement.

That’s why adopting a specific tool for strategic execution can become your biggest competitive advantage.

Master Strategy Execution With Cascade 🚀

Executing a successful strategy is vital for the growth and success of any organization, but it's easier said than done. With the six steps outlined in this article, you can create a clear roadmap for executing your strategy and ensure everyone in your organization is aligned and focused on business outcomes.

However, without the right tools and technology in place, your efforts may fall short. Here's where Cascade strategy execution software comes into play.

Cascade centralizes your strategy for better, accelerated decision-making rooted in data. With Cascade, you can easily align your team’s efforts with your organizational strategy, set and track goals , and measure progress. You get a centralized place that ensures top-to-bottom alignment and visibility, improved resource management, and fast adaptability.

Don't let complacency or disjointed processes hold you back from achieving your strategic goals.

Say goodbye to the outdated spreadsheet-based approach, and start using Cascade to achieve better results and make your strategy execution process more efficient and effective.

Watch here a product tour of Cascade today and see how it can help you achieve faster results from your strategy. With no sales contact unless you want to . ;)  

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How to Write an Execution Plan

by David Weedmark

Published on 30 Jun 2019

When it comes to planning a new business or launching a new endeavor, an execution plan is where the pedal hits the metal. While a business plan outlines your entire business and a financial plan shows where the money will come from and go, the execution plan outlines what specifically needs to be done and when. You can think of an execution plan as your how-to guide for your business. It's the tool you will use to review your critical goals or milestones, as well as to track specific tasks to ensure that everything is on track, on time and on budget.

The Three Essential Components of an Execution Plan

An execution plan consists of three components: milestones, tasks and budgets. Milestones are your key business goals. These are the goals that, should you miss one, your business endeavor will fail. Tasks are the specific things you need to do in order to reach each milestone. The third component, your budget, details how much your plan will cost.

Business Execution Plan Milestones

Milestones will vary, depending on the nature of your business and the market you are entering. If you are in the life sciences or pharmaceutical industry, for example, milestones will likely include clinical trials and FDA approval. In "The Art of the Start," Guy Kawasaki offers a list of milestones any business in the tech industry should consider using, but these can be adopted for any company developing a new product:

• Prove your concept works, both technically and as a business.
• Finish your design specifications.
• Create a working prototype.
• Raise capital.
• Ship a testable version of your product to your first customers.
• Ship the final version of your product to customers.
• Reach a break-even point in sales.

Each milestone should include the budget required for it to be reached, the target date, as well as any resources you need, including people. If you do need to raise capital, you will want to share these milestones with potential investors

Business Execution Plan Tasks

Tasks are the important details that are required to ensure your execution reaches each milestone. While it may be tempting to leave tasks out that seem obvious, documenting each important task will ensure that nothing is left to chance, which can easily happen when you soon find yourself working 12 to 18 hours each day to get your business launched. Just like the milestones, each task should include the resources needed to complete it.

In addition to many other tasks, most businesses would require these to be done in order to get up and running:

• Incorporate your company.
• Lease office space.
• Contact three key vendors.
• Set up an accounting system.
• Hire a lawyer.
• File legal and tax documents.
• Buy liability insurance.
• Design a logo.
• Create a website.

Tasks are usually used only by yourself and your team, however, there are occasions when specific tasks may need to be shared with investors. Investors, for example, may want to see that liability insurance has been purchased or that intellectual property rights have been protected before they will invest.

Some tasks may need to be broken down into additional tasks. If you're starting a landscaping company, having a website may be a single task, but if your website is central to your business, like an e-commerce website, it may require more attention to detail:

• Choose and register a domain name.
• Select a web host.
• Select a payment plugin or service.
• Hire a graphic designer.
• Finish the homepage.
• Create the first sales landing page.
• Set up analytics.

It's also important, however, not to include micro-tasks. For example, leasing an office could be broken down into a half-dozen steps, like calling a realtor, meeting the realtor, visiting the first, second and third offices, etc. It may give you a feeling of satisfaction to check off a bunch of tasks as being completed, but you risk losing sight of the big picture: your milestones.

Digital Marketing Execution Plan

Execution plans aren't just for launching a business. They can be used for any new project or endeavor. To see what's behind a comprehensive execution plan, let's use digital marketing as an example. Digital marketing strategies can include several different components, depending on your needs and resources. These can include:

• Email marketing: such as MailChimp, AWeber, etc. 
• Social media marketing: Facebook, Twitter, LinkedIn, Instagram, etc.
• Search and display marketing: Google search or search engine optimization (SEO).
• Video marketing: YouTube, Vimeo.
• Mobile marketing: Google Maps.

Many small businesses make the mistake of trying to work on too many strategies at once. While straining their resources, they get dismal results across the board, like a few dozen Facebook likes, a couple of hundred YouTube views and website content that is stuck on page two or three of Google's search results. Developing an execution plan will ensure that you have the resources to work on your strategy successfully. If you're lacking in resources, you can adjust your milestones accordingly to focus on those that are most important to your business.

Example of a Digital Marketing Execution Plan

Suppose you are a sole proprietor with a website selling informative e-books and you have decided to work on your digital marketing. Because your time and budget are limited, you have decided to focus primarily on email marketing, social media marketing and SEO.

Ideally, the three strategies will all interconnect. Better SEO and increased social media activity should increase website traffic, resulting in more email subscribers. More email subscribers should increase web traffic and social media views as well as give you your most important milestone: a spike in online sales.

Digital Marketing Strategy Milestones

• Double current online sales in the next year. 
• Increase website traffic from organic searches by 50 percent in the next six months. Researching keywords and developing content should take two hours each day. 
• Triple current email subscribers in six months This will require approximately eight hours initially to set up and two hours per week thereafter. Budget: $400.  
• Increase Facebook likes by 50 percent in the six months This will require 30 minutes each day. 
• Increase Instagram followers by 100 percent in the three months, which will also require 30 minutes each day, with a budget of $200 for Instagram ads in the second month. 

Digital Market Strategy Budget

The financial budget is $600 initially. The first expenditure will be in the first month, with a cost of $400 for an annual subscription to an email marketing service. Another $200 will be spent in the second month on Instagram ads. If the ads prove successful, then a percentage of increased sales will be put into future advertising on Instagram or another platform.

The time budget is, on average, two hours each day . Half of that will be spent on developing quality website content, while the other half will be spent on email and social media marketing.

Email Marketing Tasks

Task 1: Select an email marketing service that doesn't exceed our $400 annual budget.

Task 2: Set up and configure the new service.

Task 3: Replace current email subscribe buttons on the website with a pop-up.

Task 4: Set up 12 emails to send out monthly.

Task 5: Invite current subscribers to our new service.

Task 6: (recurring) Review marketing weekly and develop additional email content as needed.

(Note that you would need an additional set of tasks for each of the other milestones.)

• Contact sales

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How to Create a Project Execution Plan (PEP) – Free Template Included

Coming up with a great idea is only the beginning: to realize it, you need a project execution plan (PEP). A project execution plan is a document for executing projects that helps you strategize, come up with project management processes and put the whole thing into action.

Creating a project execution plan is part of the planning phase and allows you to realize your idea. Where an idea can be aspirational, the project execution process is thorough and practical, including all key activities. Needless to add, it’s an essential project management document.

What Is a Project Execution Plan (PEP)?

A project execution plan is a document used to define how you will execute a project. That should be obvious from the name, but it also addresses the project scheduling , monitoring and controlling needed to bring the project deliverables.

The document outlines all parts of the project execution and shows how to manage them. This must conform to the requirements of either the project or the contract between the involved parties. The PEP also notes the project objectives, along with the timeline and resources required to execute the project.

It’s clear that, just from those foundational elements, how important the project execution plan is. But, of course, there’s much more than goes into it. Once you’ve created the project execution plan, you still need to meet those milestones, dependencies and assignments. If you really want to stay on time, you’ll want to use project management software.

ProjectManager is cloud-based project and work management software that organizes tasks with interactive Gantt charts for execution planning. You can place milestones on the timeline, link dependencies and filter for the critical path. Then, set a baseline and you’ll be able to track project variance when executing your tasks. Get started free with ProjectManager today.

Elements of a Project Execution Plan

Project execution plans combine the necessary elements for a definitive and actionable project implementation roadmap. That can include listing the project stakeholders and defining all the project tasks. Here are the six basic elements of a project execution plan:

1. Project Scope

The project scope is a broad view of objectives and a detailed list of all the elements involved in the project. Define the project scope by identifying what needs to get done. Do this in specific terms. This gives project stakeholders a summary of the project’s purpose and its goals.

Some of the details you’ll want to include in your project scope are:

• A statement of work to define the roles and responsibilities of the project team
• A list of limitations and boundaries of the available resources
• All potential deliverables, not just the final one
• A list of any relevant reports, products, services or new software developments
• Which stakeholder or customer these will be delivered to
• Some criteria to measure success for the project team

2. Quality Standards

You know the outputs, now it’s time to define the quality you expect from them. Having a clear understanding of quality expectations is key to a successful project . To begin, you’ll want to define what quality is and make sure your whole team agrees on that definition.

Also, having attainable goals will keep your team motivated. If their work feels unattainable, it’ll likely erode morale. In order to keep the team committed, frequently ask for feedback on what an attainable goal is and apply that to your PEP.

3. Goal Statements

A goal statement outlines what the team plans to implement and complete during the project. Some examples of a goal statement could be expected deliverables, milestones and the life cycle of large work tasks.

The goal statement can also reiterate the project’s purpose. It can show the benefits the project is expected to give the organization, stakeholders or customers. There can also be the identification of risks and challenges with details on how the team will respond to them.

4. Resource Allocation for the Project Execution Plan

You’ll also need a resource plan  you need to complete the project. The resources—unlike the scope, quality specs and goals—are what your team needs to put the plan into action. This is also where you’ll define the project budget, as resources are costly.

A resource in a project can be capital, people or materials. In fact, it’s anything that is needed to execute the tasks in your project execution plan. Having resources in place to meet the capacity of your team is required to get complete your project on time and within quality expectations.

5. Project Schedule

While you have already created a timeline and milestones, a full schedule is required in the PEP. This means using a work breakdown structure to list, prioritize and create deadlines for your tasks. You can then assign these tasks to team members.

Changes in the supply of needed raw materials can impact a schedule, and therefore the expectation of delays needs to be managed with stakeholders and teams. The project manager might have to make adjustments to the triple constraint of time, cost and scope to respond to changes in supply to keep on schedule.

6. Organizational Components

Finally, the PEP needs to consider the operational aspects of the project. This means listing the key personnel and their roles and responsibilities, then distributing this list so everyone is aware of who is responsible for what.

Along those lines, you’ll need to identify who has the authority to make what decisions. This will help the team work better together, as they’ll know who to reach out to when a decision has to be made. These authority figures will also be available for questions and concerns.

You should outline any methods used in the project for reporting and communications in the PEP. This includes how you’ll monitor and track the progress and performance of your project. Also, how your team works together and with other teams if they are interfacing with other departments.

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Implementation Plan Template

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

How to Create a Project Execution Plan

1. kickoff meeting.

A kickoff meeting lets you to communicate the strategy, process and actions to the team and stakeholders. You can field any questions and make sure everyone understands the project and has buy-in. This isn’t a daily standup meeting, it’s a comprehensive overview of the project implementation. You should share the project plan at this time so everyone is on the same page. Project planning software can facilitate this step by onboarding everyone and quickly sharing the plan and allocating tasks.

2. Monitor and Control the Project Execution Plan

The project will proceed as normal through the execution, monitoring and controlling stages. Here, project management software can assist you with maintaining the schedule, budget and scope of your project. You’ll also want to keep an eye out for any risks in your risk management plan and keep your team’s workload balanced. Stakeholders can be instrumental in helping you identify risks before they become issues. Then, you’ll want to analyze your data to make sure you’re meeting progress, key performance indicators (KPIs) and performance milestones.

3. Real-Time Data

You’ll need cloud-based project management software to know if you’re on time and not overspending. Having a real-time tool is essential for monitoring a project , but it’s also great for facilitating collaboration. Managers can manage and teams can communicate, whether they’re working side-by-side or distributed across the globe. Using real-time software means everyone is working on the most current data and managers can make more insightful decisions.

Handing off deliverables on time and within budget can feel like the end of a project, but it’s not. There is still paperwork you need to complete. This isn’t busywork—it’s a key part of the project life cycle. During the project closure phase, you’ll need to get sign-offs from your stakeholders to make sure the product or service has met their quality expectations. You need to pay any vendors or contractors and then release your team. And don’t forget to celebrate! It’s not only fun and deserved, but maintains the morale of your teams.

Free Project Execution Plan Template

ProjectManager offers a free implementation plan template for Excel that can help you lead your project to success. This free implementation template helps you take your idea through a strategy, process and into action without missing anything crucial. It’s a helpful project execution plan example.

Create your project execution plan on our free implementation template to improve your project work. It has space for everything you need to manage.

Every action is a task and tasks are organized on a timeline . Here they have dates for a planned start and planned finish for each. The timeline also has a place for planned hours. There’s also a column where you can note whether the task is ahead of schedule or behind schedule, which will help you track your progress.

The last part of the template is for resources. Project managers can mark down which department handles what, and the materials they’ll need to execute their tasks. There’s also a place to estimate the cost of the task. All this combined makes for a roadmap to your project execution. Now it’s up to you to monitor and control it.

Use ProjectManager to Create Your Project Execution Plan

A template is a great tool, but it’s a static one. If you’re finding templates slow you down and aren’t accurate enough, then you’ll want to switch to ProjectManager, which automates much of the work and gives you real-time transparency to better manage your project to a successful end.

Multiple Project Views for Every Team

Whether you’re working in marketing, IT, professional services or any industry, you’re going to have a lot of different teams working together. ProjectManager has multiple project views to give everyone the tools they want. For example, the kanban board is a visual workflow feature that lets teams manage their backlog and plan sprints together. It also gives managers visibility into their work so they can allocate resources as needed to avoid roadblocks and keep teams working at capacity.

Manage Your Team’s Resources Easily

You need to make sure your team is working at capacity. While you can view their tasks on any of the multiple project views, such as the list view, sheet or calendar, ProjectManager has resource management tools to balance their workload quickly and easily. The workload chart is color-coded so you can view workload at a glance and then reallocate work right from that page.

Track Changes on Live Dashboards

Change management means knowing when changes occur. That means real-time monitoring with ProjectManager’s live dashboard . It automatically collects project data and calculates the numbers to show your metrics on time, cost and more in easy-to-read graphs and charts. For more detail, use one-click reports on project status, portfolio status, project variance, timesheets and much more. These reports can be filtered to show what you want and easily shared to update stakeholders.

ProjectManager can make your execution plan, share it with the project team and monitor and control it throughout the life cycle of your project. Get email notifications and in-app alerts in real time to always stay up-to-date on progress and collaborate with your team.

ProjectManager is award-winning work management software for hybrid teams, no matter where they work, what department they’re in or their skill set. Join the 35,000-plus professionals already using our tool to execute their projects successfully. Get started for free with ProjectManager now.

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Scale Your Business: Execution Plan

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Business Know-How

I’m Rick Williams. I serve on the Board of Directors of technology companies and advise company leaders as they make key decisions on the path to growth and success.

In this article, we develop the execution plan and the overall growth-to-scale plan.

The execution plan describes the transition of your team and your company from where it is today to the at-scale company you envision in the future. With the growth and ownership plan, the at-scale profile and the execution plan, you will have the core building blocks for the growth-to-scale plan for your company.

Why Are You Spending All That Time and Money?

Before getting into the details, I want to check in on why we’re doing all this work when you just want to get started. We began this process by developing a good draft of the growth-to-scale profile for the new company. The next step is to develop the execution plan—again in good draft form. Consider for a moment why we’re investing all this time and effort into planning and what you want to achieve by the end of the process. Remember that you already have a successful smaller company or perhaps a late-stage startup with real customers and revenue.

Growing larger is creating a significantly different company with risks for you, your team, your financial partners and your business partners. You need to answer a threshold question before making large commitments to the growth-to-scale program. Can this really work? Can this company and this team really bring this off? You first need to convince yourself and your core team that the larger company you imagine can be successful, and your company as it exists today can transform itself into the larger company.

To do this right, get outside help and feedback. Think about what you’re hearing and be very honest with yourself about the risks and chances for success.

Let’s Work on the Execution Plan

Your plan will be unique to your company and your industry. Use the five core business components to characterize the growth process. Developing the execution plan will force you to consider where your company is today, what changes will be necessary to grow and how you make the transition to the larger company profile. You will create a schedule covering the growth period, including major milestones. Fine details of the growth plan are not needed at this point. More often, the barriers to growth are implicit or unstated assumptions, and the notion that all these details will work themselves out—or that you are handling the cash flow, product returns, sales management now, and they work just fine.

I’ve said before that leadership and cultural change from a successful startup or an established smaller company to a rapid-growth company is often the most difficult transition for a company—your team—to make. Consider both the organizational structure and culture. What will the new organization need? How does current leadership fit into the new organization? The values, expectations and working relationships in a larger organization are different than they are in smaller organizations. Your execution plan will outline leadership, structural and cultural changes to be made as the business grows.

Business Model

The business model is the second category. You defined the business model of the new company in the growth profile. If the way you make money is different than what you’re doing today, how will you make the transition and when? If you plan to change from selling testing equipment to selling a testing service, how will that revenue model work and how will you make that change? If you’ve been a specialty reseller of home furnishings and you plan to bring out a line of branded products, what does that P&L model look like and how will that transition happen? If you will grow your current business model to a bigger scale, how will you maintain product quality and customer loyalty? How does that appear on your cost structure?

Product Strategy

Product strategy is next. The product strategy—what products you’re selling—was developed in the growth profile. The execution plan will identify the addressable market for the products and how you’ll get to those customers. Sales and revenue projections over time will be developed. If you’re moving from direct sales to distributors, what distributors are you considering, and how does the cost structure change? How does your customer connection change? The plan will describe how the company will move from today’s sales and marketing approach to the structure of the new company.

Upgrading the accounting and control systems is essential for the transition from a smaller company to an at-scale business. The costs and delays inherent in making these transitions are often overlooked when schedules and cost projections are made. For broad categories of businesses, there are rules of thumb that can be used for the cost tradeoffs between outsourcing and bringing in-house HR, IT, accounting, CFO and other functions for different sizes of organizations. As the company grows, expectations will be higher for the accounting and financial control systems. Management reporting, sales management, operational controls and a host of other systems unique to the business will have to be upgraded or replaced. A reasonable growth and transition plan for these systems must be included in the execution plan, including cost and schedule.

The final business category is financing. Cash and credit fuel growth. The Catch-22 is that without demonstrating that the successful small company can transform its leadership, model, products and systems, the funding will not be available from investors, lenders and suppliers. The execution plan will outline revenue and cost projections, cash flows, financing requirements and schedule. Sources of cash and credit, an analysis of the cash requirements of the business and the sources for that funding are essential for realistic execution plan.

Taking the Time to Get to Scale

Getting to scale is not a linear extension of your company’s path to success as a smaller company. Most companies considering growth have already demonstrated they can be successful as a smaller company. The issue is whether they can transform themselves and grow into a materially larger company. My recommendation is you take the time to develop the execution plan in each of these five business categories. This will be a great way to engage your leadership team.

When you have a good draft execution plan, encourage your leaders and consultants to challenge the assumptions and the individual transition plans. Be sure the five segment plans are consistent with each other. Are all the expense projections included in the financial plans? Revise the plan if necessary to address the team’s input. Put the growth-to-scale profile, the execution plan and the growth and ownership plan together, and you have the vision for the new company. You, your leadership team and your outside advisors and consultants can now consider the totality of the plan. Does the total story hold together? Are there key assumptions that have not been tested? What can go wrong? How you take the risk out of the plan? What is the schedule and cost for quickly reducing the risks? Take the time to work these issues through. Check assumptions. Get more data. Go back to the plans. Revise as necessary.

Move Forward With Confidence

Considering everything, are you convinced that the vision you and your team have created can be successful? Momentum, strong advocates and unspoken reservations are real factors in this process, but you should make a real yes or no decision. Your team needs to know that by whatever decision process you use, a decision has been made. Assuming you want to move toward growth, you now have the core components of your company’s plan for going forward.

To the ownership plan, the profile, and execution plan, add an introduction and a few appendices and you have your growth-to-scale plan. The growth-to-scale plan is the underlying concept of the new business. Once you have convinced yourself and your core team, you will have to convince investors, lenders, new employees and probably sponsors and key customers.

Without a convincing story—professionally presented—you’ll not get the support you need to succeed. Your growth-to-scale plan may be more of a working document at this point, but it is the foundation for the business plan. You may need more developed financial projections and financial scenarios. An expanded board of directors and board of advisors may be needed. You will need a business plan that outside investors can review, an investment proposal, a financing plan and slide decks that can be shared with investors and lenders.

The work you’ve done to create the growth-to-scale plan will be the foundation for all of these presentations to outsiders, investors and partners. You will speak with confidence about your vision for the company and why your company and your team can successfully grow to scale.

Overview Summary

We’ve covered a lot of ground. Allow me to share an overview summary. The companies that succeed are those that innovate, build a strong foundation, create a culture of performance, establish a business and financial model that can grow and be profitable, gain access to capital and align all the shareholders. These are the rare companies that make the transition from initial success to relaunch themselves to significant growth.

About Rick Williams

Corporate leader and advisor at the CEO & board level with broad experience as an executive, board member and management consultant. Industry experience includes med tech, financial services, real estate and high tech. From executive and board positions, has successfully lead strategic repositioning work in response to the evolving technology, financial and political/regulatory environment. Effective team builder and communicator with a record of bringing boards and senior leaders together.

Founding Partner of Newport Board Group – New England. National CEO & Board advisory firm. CEO/Founder of The Equity Company – award winning real estate development company. Spent ten years with Arthur D. Little, Inc., global management consulting firm, helping companies deal with the strategic impact of government regulation in the areas of chemicals, oil and gas, innovation, and process industries. Began career as a Senior Physicist with an expertise in photo/electro optical systems for space & defense applications.

Former Chairman of the Board of the Community Development Finance Corporation. CDFC (now Growth Capital Corp) is a quasi-public corporation that gives businesses access to capital in markets under served by traditional lenders. Chairman of the Board of Point Care Technology, Inc., leading provider of medical instruments for HIV-AIDS measurements in the developing world. President and Member of the Board of Governors of the Harvard Business School Association of Boston until 2013. Board Member of Amorphex Therapeutics – innovative drug delivery company. Board Member of Fairway Financial US – on line auction platform for 1st issue bonds & other commodities. Chair of Executive Committee for Directors Roundtable.

Harvard Business School and University of Pennsylvania (BA, Physics).

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5 Strategy Execution Skills Every Business Leader Needs

• 21 Oct 2021

It’s often said a corporation’s strategy is the most important component in whether it will successfully reach its business goals and objectives . While it’s true that identifying the right strategy is essential to running a business, it’s not the only part of the equation that matters. Strategy execution —the art of implementing a strategy as planned—is also vital.

Successfully executing complex strategy is so critical that professionals with a track record of organizational strategy implementation are often in high demand. Taking simple steps in developing your strategy execution skills and experience can enable you to fill that demand.

Below is a look at the key strategy execution skills every business leader should have, along with the steps you can take to develop them.

Access your free e-book today.

Essential Strategy Execution Skills

1. navigating the tension between innovation and control.

Successfully executing a firm’s strategy requires trade-offs, including which opportunities to pursue, which customers to prioritize, and where to do business.

In addition to these important decisions, business leaders face a fundamental tension between the need to innovate to stay relevant and control operations to ensure strategies are successfully implemented. Learning how to balance these two needs is an essential execution skill.

Implementing a “ levers of control ” framework can help guide decisions, which offers four levers that can be manipulated to facilitate either innovation or control.

To facilitate innovation, business leaders can use the levers of:

• Belief systems: These communicate what people should do and how they should act as they strive for optimum performance. They commonly take the form of credos, mission statements, and core value statements.
• Interactive control systems: These are formal information systems managers use to involve themselves in subordinates’ decisions and focus organizational attention on emerging threats and opportunities.

To facilitate control, business leaders can use the levers of:

• Boundary systems: These communicate what people shouldn’t do as they pursue performance objectives. They take the form of codes of conduct and other formal systems.
• Diagnostic control systems: These are formal information systems managers use to monitor organizational outcomes and correct deviations from preset standards of performance.

Related: The Role Core Values Play in Strategy Execution

2. Mastering the Four Ps of Strategy

The meaning of the word “strategy” varies according to the context in which it’s used. This is primarily due to the fact that a business’s strategy can be leveraged for several primary purposes, collectively known as the “four Ps of strategy”:

• Strategy as perspective communicates an organization’s larger mission and purpose and inspires pride in employees.
• Strategy as patterns of action describes a business’s ability to identify information about changes in the competitive landscape so it can adapt and stay relevant.
• Strategy as position is the competitive position a business takes in the marketplace, including its value proposition and differentiators.
• Strategy as plans refers to the specific goals and measures a business communicates to its employees.

All business leaders should aim to master these four dimensions. Doing so can allow them to communicate and execute strategy across channels effectively. Firmly understanding these components can also better position a leader to pull the levers of control and innovation.

3. Aligning Key Jobs with Strategy

Although business leaders are responsible for overseeing and implementing organizational strategy, it would be impractical for them to carry out each distinct task. For the same reason managers must delegate tasks to team members, business leaders must delegate key strategy tasks to employees.

To accomplish this, business leaders need to be adept at designing jobs that align with specific elements of their organizations’ strategies. A well-designed job can ensure employees have the right mix of control, accountability, influence, and support to succeed.

One tool you can use to design jobs that closely align with strategy is the Job Design Optimization Tool (JDOT) created by Harvard Business School Professor Robert Simons, who teaches the online course Strategy Execution .

Related: How to Design a High-Performing Job

4. Measuring Value Creation Beyond Financial Performance

To determine whether an organization is effectively hitting its strategy goals—and whether its strategy is positively impacting the business—it’s important to have a clear monitoring process. Without measurement, it’s impossible to know if the strategy being pursued is the right one. This is a key component of executing one of the four Ps: strategy as plans.

Well-designed diagnostic control systems allow leaders to measure and monitor performance. But merely measuring financial performance ignores intangible assets, such as research capabilities, brand loyalty, and customer relationships.

To ensure you track and measure progress toward multiple types of strategic goals, consider using the balanced scorecard , a tool explained in Strategy Execution .

In addition to the financial perspective, a balanced scorecard also measures:

• Customer perspective
• Process perspective
• Learning and growth perspective

Each produces value for an organization that can’t be easily measured in financial terms.

5. Managing Strategic Risk

All businesses are subject to risk—particularly high-performing, innovative businesses with high-pressure cultures. This makes risk management an essential part of all business operations, including strategy execution.

“Competing successfully in any industry involves some level of risk,” Simons says in Strategy Execution . “But high-performing businesses with high-pressure cultures are especially vulnerable. As a manager, you need to know how and why these risks arise and how to avoid them.”

The four primary sources of risk to be aware of and account for are:

• Operations risk: The likelihood an operational error will interfere with the flow of a business’s goods and services
• Asset impairment risk: When an asset—whether financial, physical, or intellectual property—risks losing a significant portion of its current value
• Competitive risk: Changes in the competitive environment that could impair a business’s ability to create value and differentiate its offerings
• Franchise risk: When one of the other three risk categories threatens a business’s viability

Effective execution requires understanding these risks and how they might influence both an organization and its strategy. Various tools can aid in performing risk analysis, such as a risk exposure calculator, which helps pinpoint a business’s potential problem areas. Likewise, internal controls, boundary systems, and diagnostic control systems can be leveraged to track and manage risk.

Who Needs Strategy Execution Skills?

While strategy execution is often discussed in the context of business leaders and executives, other professionals who can benefit include:

• Mid-level managers and functional leads: Strategy isn’t only implemented on a company-wide basis; individual departments, teams, and verticals within an organization must also execute strategies. Current and aspiring managers or functional leads can improve their teams’ performances by developing their own skills.
• Entrepreneurs : Building and scaling a business requires exceptional execution. This is especially true in the earliest days of a startup’s life when the team is small.
• Consultants : Strategy execution is so essential that many organizations hire consultants with strategy execution expertise to carry out their corporate strategy. Consultants who develop strategy execution skills can potentially add a lucrative new source of revenue to their businesses.

Developing Your Strategy Execution Skills

While there are many resources you can use to learn how to design effective strategy, there aren’t many dedicated to teaching strategy execution. With this in mind, completing a course or workshop that’s highly focused on strategy execution is one of the most effective ways to build your skills.

The online course Strategy Execution was specifically designed with the skills above in mind. Those who complete it walk away with a firm understanding of the skills, tools, and frameworks needed to allocate resources, measure performance, manage risk, and execute strategy.

Are you interested in developing your strategy execution skills? Explore our eight-week Strategy Execution course and other online strategy courses to hone your strategic planning and execution skills.

This post was updated on November 27, 2023. It was originally published on October 21, 2021.

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The Secrets to Successful Strategy Execution

• Gary L. Neilson,
• Karla L. Martin,
• Elizabeth Powers

Research shows that enterprises fail at execution because they go straight to structural reorganization and neglect the most powerful drivers of effectiveness—decision rights and information flow.

Reprint: R0806C

When a company finds itself unable to execute strategy, all too often the first reaction is to redraw the organization chart or tinker with incentives. Far more effective would be to clarify decision rights and improve the flow of information both up the line of command and across the organization. Then, the right structures and motivators tend to fall into place.

That conclusion is borne out by the authors’ decades of experience as Booz & Company consultants and by the survey data that they have been collecting for almost five years from more than 125,000 employees of some 1,000 organizations in more than 50 countries. From this data they have distilled—and ranked in order of importance—the top 17 traits exhibited by the organizations that are most effective at executing strategy.

The single most common attribute of such companies is that their employees are clear about which decisions and actions they are responsible for. As a result, decisions are rarely second-guessed, and accurate competitive information quickly finds its way up the hierarchy and across organizational boundaries. Managers communicate the key drivers of success, so frontline employees have the information they need to understand the impact of their day-to-day actions.

Motivators—like performance appraisals that distinguish high, adequate, and low performers and rewards for fulfilling particular commitments—are also important but are most effective when applied after decision rights and information flows have been addressed. That holds true for structural moves as well. Surprisingly, the most effective structural moves turn out to be promoting people laterally—and more slowly.

How can you make the most educated and cost-efficient decisions about which change initiatives to implement? The authors have developed a powerful online diagnostic and simulation tool that can help you test the effectiveness of various approaches virtually, without risking significant amounts of time and money.

The Idea in Brief

A brilliant strategy may put you on the competitive map. But only solid execution keeps you there. Unfortunately, most companies struggle with implementation. That’s because they overrely on structural changes, such as reorganization, to execute their strategy.

Though structural change has its place in execution, it produces only short-term gains. For example, one company reduced its management layers as part of a strategy to address disappointing performance. Costs plummeted initially, but the layers soon crept back in.

Research by Neilson, Martin, and Powers shows that execution exemplars focus their efforts on two levers far more powerful than structural change:

• Clarifying decision rights— for instance, specifying who “owns” each decision and who must provide input
• Ensuring information flows where it’s needed— such as promoting managers laterally so they build networks needed for the cross-unit collaboration critical to a new strategy

Tackle decision rights and information flows first, and only then alter organizational structures and realign incentives to support those moves.

The Idea in Practice

The following levers matter most for successful strategy execution:

Decision Rights

• Ensure that everyone in your company knows which decisions and actions they’re responsible for.

Example: 

In one global consumer-goods company, decisions made by divisional and geographic leaders were overridden by corporate functional leaders who controlled resource allocations. Decisions stalled. Overhead costs mounted as divisions added staff to create bulletproof cases for challenging corporate decisions. To support a new strategy hinging on sharper customer focus, the CEO designated accountability for profits unambiguously to the divisions.

• Encourage higher-level managers to delegate operational decisions.

At one global charitable organization, country-level managers’ inability to delegate led to decision paralysis. So the leadership team encouraged country managers to delegate standard operational tasks. This freed these managers to focus on developing the strategies needed to fulfill the organization’s mission.

Information Flow

• Make sure important information about the competitive environment flows quickly to corporate headquarters. That way, the top team can identify patterns and promulgate best practices throughout the company.

At one insurance company, accurate information about projects’ viability was censored as it moved up the hierarchy. To improve information flow to senior levels of management, the company took steps to create a more open, informal culture. Top executives began mingling with unit leaders during management meetings and held regular brown-bag lunches where people discussed the company’s most pressing issues.

• Facilitate information flow across organizational boundaries.

To better manage relationships with large, cross-product customers, a B2B company needed its units to talk with one another. It charged its newly created customer-focused marketing group with encouraging cross-company communication. The group issued regular reports showing performance against targets (by product and geography) and supplied root-cause analyses of performance gaps. Quarterly performance-management meetings further fostered the trust required for collaboration.

• Help field and line employees understand how their day-to-day choices affect your company’s bottom line.

At a financial services firm, salespeople routinely crafted customized one-off deals with clients that cost the company more than it made in revenues. Sales didn’t understand the cost and complexity implications of these transactions. Management addressed the information misalignment by adopting a “smart customization” approach to sales. For customized deals, it established standardized back-office processes (such as risk assessment). It also developed analytical support tools to arm salespeople with accurate information on the cost implications of their proposed transactions. Profitability improved.

IDEA IN PRACTICE:   An in-depth look at how one European industrial-goods company used the ideas in this article to improve execution.

• GN Gary L. Neilson is a senior vice president in the Chicago office of Booz & Company.
• KM Karla L. Martin ( [email protected] ) is a principal in the firm’s San Francisco office.
• EP Elizabeth Powers ( [email protected] ) is a principal in the New York office.

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5 Keys to Successful Execution of a Business Strategic Plan

With strategic planning, a lot more gets said than done. successful execution takes ruthless consistency..

In my years of advising business leaders, from entrepreneurs to enterprise executives, I often hear a passion for strategic change planning  but seldom see the same commitment to strategic execution .

I fully understand that real change is hard, but I'm convinced that more focus on the execution is required to overcome the current 70 percent failure rate for strategic transformations.

While pulling together my thoughts on how to better implement change initiatives, I was happy to see some specific guidance in a new book,  Ruthless Consistency , by Michael Canic, PhD. He brings a wealth of experience to the table, based on years of consulting work with middle-market companies around the world.

I support his summary of five key steps to get beyond the planning:

1. First check your view of the reality of your situation.

If you start with a distorted or biased view of what your company needs, no execution is likely to achieve the results that win. Also, if you are not totally committed in spirit, as well as resources, to a strategic change, it probably won't happen. Doing what it takes to win involves risk and sacrifice.

Another reality is that sending mixed messages to your team will kill your change effort quickly. If a change initiative is "highest priority" today, but another takes its place next week, people will not take you seriously. Consistency and attention to detail are critical.

2. Replace strategic planning with a change process.

Strategy must be a process, with an implementation system behind it, rather than just a periodic event. The process must focus not only on the "what" but also on the "how." This must include metrics and tracking, with the necessary systems and resources to act, recalibrate, and iterate as required.

A change process gives you and your team a structure for execution, and clears the desk of non-value-added activities to focus on the strategic work. It means applying rigor to the execution, and being prepared to pivot the initiative in an ever-changing marketplace.

3. Create the environment and equip people to succeed.

Strategic execution requires a business environment where everyone is on board, and able to complete their part of the process. Team members must be engaged and enabled to do the job -- that means aligned, equipped, coached, supported, and valued for the work and changes ahead.

Communicate with people, not at people, before, during, and after you develop any strategic initiative. Validate everything you do from their perspective, as well as yours. Give primary attention to those who are promoters of change, not the recalcitrant few.

4. Be selective in recruiting and building the right team.

Look for people with a growth mindset , rather than a fixed mindset that may be hard to change. Give special attention to traits that fit your specific customer context, or a higher purpose you espouse, such as a focus on the environment. Beware of biases that can work against strategic initiatives.

It is very important to regularly assess your selection process, and all new team members, at the end of each period. Team members who don't meet expectations must receive special coaching or be replaced before they negate other team member efforts.

5. Personalize your commitment and lead the initiative.

Don't allow yourself to be the enemy by letting external distractions take priority, being selectively inaccessible, or not making timely decisions. Control your ego, and practice being vulnerable at the right time to maintain their respect. Your team commitment must be evident and actions consistent.

Jeff Bezos , the legendary founder of Amazon, believes his commitment to his team is his key to sustained strategic leadership. He admits that he still has to sell his team on many of his biggest, boldest ideas, and he is indebted to them in keeping ahead of competitors.

In business, there are no guarantees of success, but the requirements for strategic change are certain. Whether you give only lip service to this requirement through strategic planning or implement a formal business infrastructure to attack these challenges consistently is up to you.

In my experience, the steps outlined here will definitely increase your odds of success and survival. Also remember that what you do and feel is not enough -- execution depends on team selection, engagement, and commitment.

It's up to you to align their hearts and minds on winning. Winning together is more fun anyway.

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How to create a project execution plan (PEP) in 6 steps

What is a project execution plan?

Why is a project execution plan necessary, what goes into a project execution plan.

• steps to create a project execution plan

Facilitate project planning and client communication

Many projects set themselves up to fail through improper planning, poor communication, or competing expectations on how processes should be conducted.

A project execution plan is a valuable tool that helps avoid these problems, offering a better likelihood of project success. Through this article, we will help you understand what exactly a project execution plan is, how it functions, and how to write one so that you give yourself and your team the tools to collaborate and make sure there's a smooth process throughout the project's duration.

A project execution plan (PEP) is the governing document that outlines the overall project scope as well as quality, technical, and contractual specifications. Also included in the contents of a PEP are resource allocation and delegation, budget, project timeline, a goal-based schedule, and communication plans between project team members. These plans are often considered a living document that you should update as the project develops to provide an accurate and helpful project baseline.

This information is consolidated into a reusable, readable, and concise project execution plan template. Your template may be specific to certain projects, whether it be researched-based, engineering, software, contracting, or another subdivision of work. In essence, a PEP is your game plan — a step-by-step outline that ensures that everyone involved in the project is oriented towards a common goal to ensure a successful project execution.

With larger projects especially, a project execution strategy helps ensure that project deliverables, often coming from multiple people and sources, match the expectation of the program manager and client's project assumptions for quality assurance. With that, a PEP will also communicate a complete implementation plan for the project execution phase and dictate what the final product will look like — be it a presentation, research article, or project report.

Another similar work breakdown structure (WBS) is much more oriented toward the tasks that specific team members will take on and focuses on efficiently breaking projects into smaller deliverable pieces. Consider what fits your team's needs best and help you fill execution gaps for your integrated project team.

The strength of a PEP is that all participants in your group have the same information on schedule baselines, scope baselines, and other project specifications. Being on the same page helps the group unite under a common goal by using the PEP as the primary communication vehicle for project details and timelines. Consider using a PEP to facilitate larger projects of greater complexity, especially if you plan to or have already divided the project into smaller project deliverables to delegate to your team. In essence, a PEP is a contingency from an absence of common understanding; it is there to mitigate the variables.

You should discuss your PEP with project stakeholders to delineate a clear plan on their end for expectations on total project cost estimates, parameters, and other higher-level constraints. You should include the cost baseline of your PEP in your project scope. By clearing your project controls and plans in accordance with what your stakeholders want, you prevent miscommunications that can lead to needing to make sweeping, disastrous changes down the road.

There are a few different elements that go into a PEP to help ensure the best project performance:

1. Project scope

The project scope defines the broad vital elements of your PEP. Often a project scope will include information on the project's description and purpose, resources allocated, budget, constraints, assumptions, project timeline, procurement strategies, and how you will measure success.

Your team and project sponsors should have agreed-upon expectations. To understand what falls in the purview of the scope, you should concretely define what will not be included in your project. Omission of particular items in your PEP will guide your project team to work within specific parameters, preventing scope-creep and tacked-on tasks after the planning and design phase.

2. Project goals

In your PEP, establish the goals for the project, its purpose, when it is considered complete, and how you will measure success. Success in this context is often measured against KPIs included in the final deliverable. For example, you may state the need for market-based research for establishing a business. It is agreed upon between you and the project stakeholder that you will present the findings of this research in a two-thousand-word written deliverable. In this example, we have established what is needed, what the final deliverable will look like, what is considered finished, and the final intent.

3. Technical requirements

Once you have outlined the general goal, you can develop those goals further with actual, measurable specifics and add definitions. This section is the nitty-gritty of your PEP. In our previous example about the need for market-based research, we can elaborate that this research should involve tracking buying trends within a specific time frame or conducting surveys. Include a deadline and project milestones to track your progress. The format of the final deliverable, the word count, and what information will be included are examples of some technical requirements.

4. Resource allocation

You may think of resource allocation as refining and specifying the person-hours and tangible resources required of your project. Consider the resources you will need, such as staff, any special knowledge or skill someone on your team might need, time restraints, equipment on hand to carry out specific tasks, and any finances allocated towards attaining additional tools or equipment.

5. Project schedule and timelines

Project timelines can be thought of in two broad categories—deadline of the final deliverable and, as previously stated, having project milestones; each informs the other. Once tasks are delegated amongst your team in your resource allocation section, your project can function as multiple smaller projects running parallel toward the same goal. To track overall progress, consider cross-team milestones with helpful KPIs. Once smaller tasks are delegated amongst a project team, a project leader may incorporate these cross-team milestones to generate enthusiasm and camaraderie.

6 steps to create a project execution plan

Here's an outline of rough steps to begin creating your PEP.

1. Collect feedback from the team

Clear communication and expectations are essential to the execution and success of any project. Establish KPIs to track progress and consider each individual's skills and knowledge and inform a more efficient workflow. Before solidifying your PEP, consider the needs and expectations of your team. As the project progresses, collect feedback to develop and improve the process.

2. Work backward from your end goals

Often it is helpful to work backward from your end goals to delineate well-defined objectives. Working backward can give you a broader view of how each task and purpose can work in conjunction and how each element correlates with creating the final product.

3. Set major milestones

Major milestones help your team track their progress and timing throughout the project. Setting deadlines for these milestones and expected resource use for them can help you see if tasks are taking longer than anticipated so that you can adjust your PEP and plans as needed. Your team should define these milestones to create enthusiasm and camaraderie between project groups.

4. Create subtasks

When you make your milestones, delegate subtasks between two or more groups to break down the workload. Establish the work parameters of each group to avoid redundancies and better facilitate productivity.

5. Set cross-team status checks

As well as establishing strong communication between project groups and leaders, encourage and facilitate communication between the groups themselves. Creating meetings and check-ins to encourage cross-team conversations ensures that major milestones are met and that you can collaboratively approach roadblocks.

6. Assign a project manager

In some cases, it can help to assign a project manager, especially in projects with more immense scopes and multiple teams that may need extra guidance. A project manager can help facilitate communications, advise on timelines, monitor resource use, and help delegate new tasks. Not all projects will need this, especially for smaller teams working closely on smaller projects without needing one person to provide oversight.

With a project execution plan, you give yourself, your team, and your client, the means of having a single, solidified template that defines the overall goal and expectations of the final deliverable. With a specified outline, you can better facilitate the project each step of the way, having clearly outlined the goals and objectives in a readily accessible document. A project is given shape through parameters and a means of execution through well-defined, purpose-based objectives through a PEP.

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How to Write a Project Execution Plan (With Best Practices)

Every project needs a plan which guides the execution of the project. In project management, that plan is known as a project execution plan. This contains everything about the project, from the project’s scope to the project’s deliverable.

One of the major reasons why projects fail is due to poor planning. Many project managers do not create the necessary documents that help to ensure the successful execution of the project. The majority of project managers fail to break down large projects into smaller tasks for easy execution.

Creating a project execution plan is a valuable tool for effectively implementing your tasks or project. Understanding the project execution plan is essential for the project team to ensure they can satisfactorily meet the project’s goals and the expectations of clients.

In this article, you will learn everything you need to know to create a project execution plan including its purpose and elements.

Let’s get started.

What is a Project Execution Plan?

A project execution plan is essential for the effective implementation of a project. The creation of a project execution plan helps outline the required tasks to be completed, deliverables, and resources available in aiding the completion process.

Properly and thoroughly understanding the various elements that make up the project execution plan helps the project team meet its pre-set goals and objectives.

A project execution plan is a detailed document that shows how the project team plans to achieve set tasks. This details specific targets of the project and the means of accomplishing these set goals. A project execution plan often acts as a guide for the operation and management of the project process.

Why You Need a Project Execution Plan

A project execution plan is a document that harmonizes pre-harnessed plans and goals with the sole aim of properly implementing them in the project process. It carefully maps out how to execute and overcome various plans and setbacks encountered in the course of the project process.

• To Meet Project's Deliverables: The goal of every well-drawn-up project execution plan is to ensure the project reaches its completion stage. On the road to completion, the project makes vital stops at delivering crucial deliverables (milestones) along the way.
• Track Project’s Progress: There are various project progress indicators that aim to measure the progress made during the project execution phase. A project execution plan helps you track your project’s progress.
• Counter Setbacks: The project execution plan does not just detail the best approach to successfully implement the project’s plan and objectives alone. It also makes accommodation for eventualities that might disrupt the smooth and timely completion of the project. Measures for effectively tackling possible setbacks are in the project execution plan.
• Assign Tasks: With the project execution plan, you can assign various tasks to respective project team members. This aims to carry everyone along in the project process journey.

Elements of a Project Execution Plan

A project execution plan has various elements that allow it to create a definitive and actionable implementation and execution plan. Consider the following elements when creating a project execution plan.

1. Project Scope

Drawing out a clearly defined scope is an important element of the project execution plan. Defining the project’s scope entails pointing out and listing the aims and objectives of the project.

The project scope often aims to educate stakeholders with an overview of the project's purpose and goals. You have to consider some factors when creating a befitting project’s scope.

• Project’s statement of work
• Project’s limitations and boundaries
• Project’s timeline and milestones
• Project’s final deliverables
• Project’s criteria for success

2. Project Goals

A project execution plan includes goal statements that clearly define the project’s expected goals and objectives . This lists out the purpose of the project, expected benefits of the project, deliverables, milestones as well as the project timeline and schedule.

3. Allocation of Resources

The list of available resources and details of their allocation is in the project execution plan. This details the needs of the project team for the successful completion of the project.

Resources available for a project usually include capital, human resources, material goods, and all the essential elements needed for the success of the project. Proper allocation of resources ensures the project meets the desired standards expected by the project’s stakeholders.

4. Project Scheduling

Scheduling is instrumental to every project execution plan. It acts as an effective guide during the project tenure. Most project managers often opt to divide the entire project tasks into smaller and less complex portions. Create milestones and deadlines to map out laudable achievements along the project’s life cycle.

During the project’s life cycle, scope creeps situations often arise that necessitate changes in the project schedule. You need to prepare all project stakeholders for these eventualities.

The project manager is responsible for making significant adjustments to the goals. He or she has to ensure there is no direct impact on the project schedule by these eventualities.

Some of the best project scheduling software you can use to schedule your projects include Monday.com, ClickUp, Wrike, Smartsheet, and Teamwork.

5. Project Organizational Components

Components and details of the project organization are critical as it helps to streamline important details of the project execution plan.

• Important Stakeholders Information: Detailing out each project stakeholder's unique and collective role and responsibility to the project process is important. This aims to ensure the authoritative process and structure of the project team are not confused.
• Decision-Making Roles: The proper identification of the various roles each project stakeholder has to play in the project is pivotal to ensuring proper cohesion among team members. Properly detail the chain of command in the project execution plan to leave no room for disorganization.
• Methods: The organization of a project involves various methods varying from coordination to reporting and monitoring.
• Approach Toward Team Involvement: Developing the right approach towards team performance on tasks is pivotal to a successful implementation of the project execution plan. The choice is always between whether to stick with individual tasks or arrange team members into groups and assign tasks as teams.

How to Create a Project Execution Plan

In a bid to write efficient and well-detailed project execution plans, you need to make lots of considerations in the overall decision-making process to ensure timely delivery of the project.

Step 1: Starting the Execution Process with a Project Kickoff Meeting

The first step to creating a good project execution plan is to ensure all project members are on board and agree on the next course of action. After the successful completion of the project planning process, the need arises for the implementation of the set plans.

This next stage is where the need for a project execution plan comes in. Ensure the plan for the implementation of strategies that are widely understood and accepted by all project stakeholders.

The project manager needs to call a project kickoff meeting aimed at proposing and settling differences that may arise in the course of creating the project execution plan. Projects can be complex. The project team needs all the available and necessary help they can get.

A project execution plan meeting should focus on getting the project stakeholders to agree on important details like the project's timelines, deliverables, scope, and budgets. Once the important details of the project execution plan have been deliberated and agreed on, the project can then move on to the next phase of implementing the agreed plans.

The easiest, stress-free, and efficient way of implementing the project execution plan is through the use of project management software . These applications help in monitoring the project in real-time on commencement.

They also help in keeping track of everything surrounding the project execution plan and the implementation process, from the objectives and budgets down to risks and deliverables.

Step 2: Monitoring and Controlling Risk Factors

As often experienced in all projects, the appearance of various risks aiming at impeding the project process is inevitable. However, the presence of a well-detailed project execution plan helps to cushion its effects.

Every project execution plan should contain measures in place to counteract such risks as they arise. The best way to counteract and manage these risks as they surface is to:

• Seek Solutions from Experienced Stakeholders: Interview project stakeholders with prior knowledge on the complexities of this type of project and find out about their assessment of the various risks which have affected their handling of the previous organization or team's projects.
• Identify Risks: You can identify risks before they occur through the use of an efficient situational analysis framework structure aimed at predicting the likely occurrence of risk factors. Create a list of any possible risk factors that could harm the project and efficiently create measures to counteract their effect. The harder and more damaging risk factors should be acted upon first. In the eventuality that something goes wrong, the complex and more damaging risks are already out of the way and the project process is likely near the completion stage.
• Proper Project Planning: Properly analyze project planning documentation in a bid to identify the inherent risks associated with the project process.

Monitoring risks can be a time-consuming and disheartening process. Using web-based project management software and tools helps to make the seemingly time-consuming and stressful process a lighter experience.

Online project management software tools help by providing heads up on the possible risk factors that may arise during the project process. They detail the possible impact it might have on the project.

Step 3: Managing All Activities in Real-Time

Periodic and regular tracking of the project is paramount to the successful completion of the project process. It is difficult to track project deliverables and budgets without setting up proper progress trackers which helps to spot problems out in real-time.

Project tracking software helps you track your projects and prevents you from missing out on crucial deadlines.

The managing process of your project often involves the need to have regular check-ins with project team members. This helps project managers have an idea of the happenings around the project process. The two best ways of managing the activities of your project process in real-time during the project execution phase are daily check-ins and regular progress meetings.

• Daily Check-Ins: Project managers should ensure they inculcate the culture of checking in daily with members of the project team. This aims at ensuring the members of the project team are accountable. It allows project managers to regularly track the progress of the project.
• Regular Progress Meetings: Carry out regular and periodic progress meetings where discussions on the project’s timelines, progress, milestones, and potential issues arising are the main items on the agenda of the meetings.

Step 4: Check Everything Before You Deliver The Project

The final and concluding step of the project execution phase is to ensure everything concerning the project is in order and you are signing off on the right track.

Project managers are responsible for testing, accepting, and approving every aspect of the execution process before successfully delivering the deliverable to the project sponsor or client. They have to ensure the to-be handed-over project is completely free and devoid of errors and mistakes. The benefits of a well-planned project plan are visible in this final stage as there is no pressure on project managers to hasten project processes due to the worry of late deliverables and bloated budgets. Project managers will have enough time to carry out much-needed final checks on the project to ensure it is error-free.

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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.

Crafting a Project Execution Plan (PEP) in 6 simple steps

Improper planning, poor communication, and conflicting expectations often lead to project failures. To mitigate these issues, a project execution plan is an invaluable tool that significantly increases the chances of success. In this article, we will provide a comprehensive understanding of what a project execution plan entails, how it operates, and how to craft one effectively. By equipping yourself and your team with this collaborative tool, you can ensure a seamless and efficient project journey from start to finish.

What is a project execution plan?

A Project Execution Plan (PEP) serves as a comprehensive document that outlines the project's scope, along with quality, technical, and contractual specifications. It also includes resource allocation and delegation, budgeting, project timelines, goal-based scheduling, and communication plans among team members. These plans are considered dynamic documents that should be updated throughout the project to provide an accurate and valuable project baseline.

All this information is consolidated into a reusable, reader-friendly, and concise project execution plan template. This template can be tailored to specific projects, whether they are research-based, engineering-focused, software-related, contracting-oriented, or any other subdivision of work. Essentially, a PEP serves as a game plan — a meticulously outlined roadmap that ensures all project stakeholders are aligned toward a common goal for successful project execution.

A well-defined project execution strategy is crucial, especially for larger projects. It ensures that project deliverables, which often involve multiple contributors, align with the expectations of the program manager and the client's quality assurance assumptions. Additionally, a Project Execution Plan (PEP) serves as a comprehensive implementation guide, outlining the project execution phase and determining the final product's form, whether it be a presentation, research article, or project report.

Alternatively, a Work Breakdown Structure (WBS) provides a more task-oriented approach, efficiently dividing projects into manageable deliverable pieces based on the team members' responsibilities. Consider which approach best suits your team's needs and assists in bridging any execution gaps within your integrated project team.

Why is a project execution plan necessary?

A key advantage of a Project Execution Plan (PEP) is that it ensures all participants within your group are well-informed about schedule baselines, scope baselines, and other project specifications. This shared understanding helps unite the group around a common goal, with the PEP serving as the primary communication tool for project details and timelines. Consider implementing a PEP for larger, more complex projects, particularly if you have divided the project into smaller deliverables for your team. Essentially, a PEP acts as a safeguard against misunderstandings, minimizing variables.

It is crucial to engage project stakeholders in discussions regarding the PEP to establish clear expectations for total project cost estimates, parameters, and other high-level constraints. Incorporating the cost baseline of your PEP into your project scope is recommended. By aligning your project controls and plans with stakeholders' requirements, you can avoid miscommunications that may necessitate major, disruptive changes in the future.

What goes into a project execution plan?

Several key components contribute to the success and optimal performance of a PEP (Project Execution Plan).

1. Project scope

The project scope outlines the essential components of your Project Execution Plan (PEP). Typically, it encompasses details such as project description, objectives, resource allocation, budget, constraints, assumptions, project timeline, procurement strategies, and success metrics. It is crucial for your team and project sponsors to have a shared understanding and agreed-upon expectations.

To clarify the scope, it is equally important to define what is not included in the project. By explicitly stating what will be omitted in your PEP, you provide clear parameters for your project team to work within. This helps prevent scope creep and the addition of unnecessary tasks during the planning and design phases.

2. Project goals

In your Project Execution Plan (PEP), it is crucial to establish clear goals, purpose, completion criteria, and success metrics. Success is often measured against Key Performance Indicators (KPIs) outlined in the final deliverable. For instance, if the goal is to conduct market-based research for business establishment, it is agreed between you and the project stakeholder that the findings of this research will be presented in a comprehensive written deliverable of approximately two thousand words. In this example, we have effectively defined the requirements, outlined the characteristics of the final deliverable, established completion criteria, and clarified the ultimate objective.

3. Technical requirements

Once you have established the overarching goal, you can further refine it by adding concrete and measurable specifics, as well as clear definitions. This section serves as the detailed essence of your PEP. Building upon our previous example of the importance of market-based research, we can expand on the idea that this research should encompass tracking purchasing trends within a specific timeframe or conducting surveys. It is crucial to include a deadline and project milestones to effectively monitor your progress. Additionally, technical requirements, such as the format of the final deliverable, word count, and the information to be included, should also be specified.

4. Resource allocation

Resource allocation involves the meticulous refinement and specification of the necessary person-hours and tangible resources for your project. Consider the various resources that will be required, including staff members, any specialized knowledge or skills that may be needed by your team, time constraints, available equipment for specific tasks, and any allocated finances for acquiring additional tools or equipment. By carefully addressing these factors, you can ensure efficient utilization of resources and successful project execution.

5. Project schedule and timelines

Project timelines can be broadly categorized into two main aspects: the deadline for the final deliverable and the inclusion of project milestones, as mentioned earlier. These two components are interconnected and mutually informative. By delegating tasks among your team and effectively allocating resources, your project can operate as multiple smaller projects that run in parallel towards a common goal. To ensure a comprehensive overview of progress, consider implementing cross-team milestones with relevant key performance indicators (KPIs). By incorporating these cross-team milestones, project leaders can foster enthusiasm and camaraderie among the team members responsible for delegated tasks.

Crafting an effective project execution plan (In 6 simple steps)

To begin crafting your Project Execution Plan (PEP), follow these six essential steps:

1. Gather feedback from the team

Clear communication and well-defined expectations are crucial for the successful execution of any project. Establish Key Performance Indicators (KPIs) to monitor progress, consider each team member's skills and knowledge, and create an efficient workflow. Before finalizing your PEP, take into account the needs and expectations of your team. Throughout the project, actively collect feedback to refine and improve the process.

2. Start with the end goals in mind

A helpful approach is to work backwards from your end goals to establish well-defined objectives. By taking this perspective, you gain a broader understanding of how each task and purpose aligns to create the final product.

3. Define major milestones

Setting major milestones allows your team to track progress and timing throughout the project. Assign deadlines to these milestones and estimate the resources required for each. This ensures that you can identify any tasks that are taking longer than expected and make necessary adjustments to your PEP and plans. Engage your team in defining these milestones to foster enthusiasm and camaraderie among project groups.

4. Break down tasks into subtasks

When establishing your milestones, delegate subtasks among different groups to distribute the workload effectively. Clearly define the responsibilities of each group to avoid duplication of effort and enhance productivity.

5. Foster cross functional team collaboration

In addition to promoting strong communication between project groups and leaders, encourage cross-team collaboration. Schedule regular meetings and check-ins to facilitate discussions and ensure that major milestones are met. This collaborative approach enables a shared problem-solving mindset and helps overcome potential roadblocks.

6. Appoint a project manager

For larger projects with extensive scopes and multiple teams, consider assigning a project manager. A project manager can facilitate communication, provide guidance on timelines, monitor resource usage, and assist in task delegation. However, not all projects require a project manager, particularly smaller teams working closely on more manageable projects.

By following these steps, you can create an effective Project Execution Plan that sets your project up for success.

Executive summary

An executive summary serves as a project execution plan, providing a unified template that clarifies the ultimate goal and expectations for all parties involved - yourself, your team, and your client. By establishing a well-defined outline, you can effectively guide the project at each step, ensuring that the goals and objectives are clearly articulated in a readily accessible document. A project takes form by setting parameters and is executed through purpose-driven objectives outlined in a Project Execution Plan (PEP).

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What is an execution plan?

The execution plan is the “how-to” for your venture. It is a necessary input to your financial plan , slide pitch deck and business plan . It should also be a tool that you use with your team on a regular basis to manage the business, to communicate your critical goals and timing of deliverables, and to celebrate your successes.

What are the elements of an execution plan?

A good execution plan covers milestones and tasks for your business to achieve as well as what resources will be required to make them happen.

Milestones are the goals critical to the success of any new venture. In The Art of the Start, Guy Kawasaki provides this simple list which applies generically to all technology-oriented ventures:

• prove your concept (both technical and business model)
• complete design specifications
• finish a prototype
• raise capital
• ship a testable version to customers
• ship the final version to customers
• achieve break-even

These milestones can vary significantly in time and scope from business to business and will be generally broken down into additional steps for your internal team. For example, in a biopharmaceutical life sciences company, it may take many years to complete the design and testing process for products that will be injected into or ingested by humans, while a mobile software application may only take several months of effort to rapidly prototype an early version of a product to send to friendly customers for testing. For each milestone, you will need to determine the amount of resources (headcount and other expenses) required, and the approximate timing involved. This information will be used to develop your financing plan for the business and to determine the type of investor you should approach about funding the next investment round, based on your development stage .

A list of tasks helps you appreciate everything that your organization needs to accomplish and is a means to ensuring that nothing slips through the cracks in the early days. Task lists might include:

• incorporating your business
• renting office space
• finding and engaging key vendors
• setting up accounting and payroll systems
• securing employment agreements with key personnel
• filing legal and taxation documents
• purchasing insurance policies
• setting up your website

For each task, you will also need to make sure that the resources required to complete the task are included in your financial plan. The task list is generally an internal tool, although some of the tasks may appear on an investor’s due diligence list. For example, investors tend to review the terms of employment agreements to confirm that the company’s intellectual property rights have been adequately protected, so you’ll need those documents in place. Some tasks may also form part of the conditions under which an investor is willing to proceed with an investment. For example, an investor is unlikely to be willing to serve on your board of directors unless the company provides a minimum level of directors’ and officers’ liability insurance.

Kawasaki, G. (2004). The Art of the Start: The Time-Tested, Battle-Hardened Guide for Anyone Starting Anything . Toronto: Penguin Canada.

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Strategy Execution Plan

Poorly made project execution plans or  strategic action plans  without the proper guidelines are courting a lot of problems and risks. Many companies and businesses would prefer to figure out a better scheme of things than the risk. This is a good reason why making a strategy execution plan is a must.

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What Is a Strategy Execution Plan?

A strategy execution plan is a type of brief strategic plan or an action plan that focuses mainly on the practical strategies to help execute a project budget , a risk action plan , or an idea. Strategies can range from marketing strategies , trading strategies for beginners , and general strategies that can be used.

How to Create a Strategy Execution Plan

To make a strategy execution plan that works for you, you must also take into consideration some essential details about it. One of which is your strategic business goals and the marketing objectives that go with it. Let’s not forget the important information and the milestones that make up the whole plan.

Step 1: Ask for Some Positive Feedback for Your Plan

By asking for positive feedback before you start your execution plan, you and the team can determine preferences for your plan. It is a clear and sure way to know that they see you taking this strategy execution plan seriously.

Step 2: Break Down Your End Goals and Objectives

Break down the business goal settings you have to start at the very beginning. These are still important when it comes to making your strategy execution plan. You cannot execute anything in your plan without the right goal, the right strategy, the right details, and the right plan.

Step 3: Create a Detailed Outline Format of the Strategies

Create a detailed outline format of the different strategies you are going to be using. Each strategy has an answer that solves the problem that you plan on. It also has to be practical and doable. Avoid using strategies that do not apply to what you are going to be executing on.

Step 4: Add a Narrative Report or Narrative Memo About the Plan

Let the team write down a narrative report or  memo repor t about the strategy execution plan. The narrative report will focus on the progress of the strategy execution plan. From the initial to the most current stages of the plan. That way, everyone can see the progress made.

Why do companies or businesses need a strategy execution plan?

The main reason that companies or businesses do not last is that they lack the correct strategies and plans. For their projects to be launched in a safe and timely manner, they have to find strategies that work for them and work for the projects or ideas they have. Making a strategy execution plan does take a lot of time, but the effort of constructing it will also pay off.

What do you need in order to make a strategy execution plan?

There are a lot of things you need to take into consideration when you make a strategy execution plan. Why is there an important need for such a plan? After answering this question, you move on to the next part, which is the plan in itself. Choosing the right goal and objectives to start, moving on to the different strategies you plan on creating for the specific goal, and lastly the timing of executing them.

Should a strategy execution plan be lengthy or short?

When you make the strategy execution plan, you often do not think of how lengthy or short it can get. The important part is to get every single detail in the plan correctly. The length will only matter later on. However, if you have a lot of strategies and a lot of execution plans to think about, you can expect a very lengthy plan.

For your company, business, and projects to be a success, planning is not enough. You must also carefully think about the execution of said projects and the strategies that go with them. The best option you can do is to make a strategy execution plan.

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How to create an action plan (with free templates and examples)

An action plan template provides a ready-made framework for quickly adding the steps — like tasks, due dates, and assignees — to achieve your project goals. It’s a great way to ensure your project action plans are effective and consistent so everyone understands what’s expected.

In this guide, you’ll learn how to write an action plan step-by-step, with examples for inspiration. Plus, you can download two free action plan templates — including one from our Work OS — to get started immediately.

What is an action plan?

An action plan is a detailed blueprint that outlines the steps you, your team, or your organization will take to achieve a specific goal. It includes specific tasks or actions with due dates and assignees, a timeline, and the resources required to accomplish your goal.

Action plans include detailed information, such as:

• A description of each action or task to complete
• The person responsible for each action
• Due dates for each task
• Resources required to complete the action
• Space to reflect or take notes after you have completed a task

What is an action plan template?

An action plan template is a pre-structured document that gives you a framework for crafting your new action plan. A practical action plan template has designated spaces for each aspect you need to cover, often presented in a table format like this.

Free action plan templates

Here are two free action plan templates you can download and use today:

Try monday.com’s Action Plan Template:

This action plan template breaks down goals into actionable steps that you can prioritize, assign ownership, and track progress. You can also add start and end dates for each action, plus relevant details and files.

Why is an action plan template important?

Leaders and managers use action plan templates to speed up the strategic planning process . Rather than spending unnecessary time designing the document used for planning purposes, project managers can simply pull up their template, save a new copy — keeping the existing template intact — and get straight to work scheduling and assigning tasks.

Action plan templates ensure consistency

Additionally, templates help to ensure consistency across plans and teams. When your organization uses the same action plan template for the whole company, it’s easier for team members to interpret and understand the plan — because they’re familiar with the format — and it contributes toward an organized, professional appearance.

Action plan templates help you plan more effectively

Action plan templates help project organizers plan more effectively by offering predefined categories and columns, reducing the chance of human error or omitting information from an action plan. In addition, you can apply any learnings from the project management process to your template. That way, you’ll consistently improve subsequent action plans.

While completing a project, you might find that some of the tasks in your task lists didn’t have clear outcomes. In addition, it wasn’t immediately obvious how to identify when the task was complete. So, you could borrow from the SMART goals framework — Specific, Measurable, Attainable, Relevant, Time-bound goals — and include a new column in your action plan template to note how you’ll measure if the task is complete.

And when using an action plan template built on a Work OS like monday.com, you can add your action plan to relevant project boards, create cross-team automations , and more — making it easier to collaborate with a distributed team in real time.

What are the essential features of an effective action plan template?

Action plan templates should contain the following features:

• Multiple views — such as tables, timelines, Kanban boards, and Gantt charts to visualize tasks.
• Task notifications — to detail and assign tasks to team members.
• Structured layouts — to plan tasks based on priority, status, and resource allocation.
• Collaboration ability — to maintain notes, comments, and files in one place.
• Automations — to update task status and notify owners.
• Status columns — to show the current status, such as Stuck, Working on it, and Done.
• Dashboards — to track overall progress, timelines, and budgets.

What is the difference between an action plan and a project plan?

A project plan is more detailed than an action plan. Both list the tasks, timelines, and resources required to achieve a desired goal. But project plans also include:

• Project goals and objectives
• Project milestones and deliverables
• Project scope and budget
• Project roles and responsibilities
• Project stakeholders and communication schedule
• Project risk mitigation and contingency plans
• Project success criteria

You can create an action plan from your project plan to outline the steps required to achieve your project goals.

What are the key elements of a well-written action plan?

A well-written action plan consists of seven components:

• Goals: define what the action plan aims to accomplish.
• Steps: detail the actions required to achieve each goal.
• Items: determine the task dependencies and priorities.
• Timeline: maps out the schedule and milestones from start to finish.
• Resources: identify the people, tools, and budget required.
• Responsibilities: assign tasks to an individual or a team.
• Review: monitor the overall progress of action items completed.

What are some examples of action plan templates?

Now that we know what they do, let’s look at a few action plan templates.

Business action plan template

This template outlines how to write an action plan to track progress toward a specific business goal.

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This action plan begins by detailing the primary goal, with the first column dedicated to a breakdown of each action required. For example, if your business goal was to design and launch a new website, your activities might include:

• Gathering design assets
• Choosing a color scheme
• Copywriting for new website pages
• Assembling design and development teams
• Creating design wireframes
• Design and development
• Launch and promotion

Note that the second to last column in this action plan template is reserved for noting potential hazards. This helps identify roadblocks that might get in the way of achieving your goals to plan around them.

Personal development action plan template

Though action plans are most often used in a business context, they can be a handy task management tool to help you stay motivated and work toward your personal goals.

This template allows you to break down your actions into a step-by-step sequence and includes a “How will I know I’ve been successful?” column to ensure that the actions you write down have a clear outcome.

Corrective action plan template

Creating an action plan can also be a great way to solve a specific business problem or even an issue with a particular employee’s performance. This is known as a corrective action plan, as shown in the example template below.

A corrective action plan template includes important columns, such as “metrics and constraints” — to help users complete tasks and plan for potential roadblocks — and “percent completed” — to help measure the progress toward the goal.

monday.com’s Action Plan Template

As you’ve seen in the examples above, the typical action plan format is a PDF or Microsoft Word document. While this is fine for goal setting and creating the plan itself, it’s not so great for putting it into action.

That’s why we’ve purpose-built a flexible, customizable, intuitive action plan template to use with monday.com.

When you design your action plan on monday.com, you can:

• Access multiple views (such as a table, Kanban, and timeline) to work in a manner that suits your needs.

• Assign tasks to individuals and notify them instantly.
• Comment and collaborate on tasks to keep communication contextual.
• Design custom automations to save valuable time and ensure nothing slips through the cracks.
• Report on progress with the Progress Tracking Column.

Once there is buy-in from the team on the plan, it is easy to copy actions, dates, and assignees over to the task management board.

Because monday.com is a comprehensive Work OS, any action plans you create with this template also integrate with relevant project boards. In addition, comprehensive analytics make tracking easy.

Get the template

How to write an action plan step-by-step

Never created an action plan before? Then, follow this simple guide and get started with the free template above.

1. Determine your goals

First, you need to understand what you’re trying to achieve. Then, make this goal as specific as possible.

For example, “increase sales” is not a clear enough goal. “Increase sales by 20% in quarter three” is more specific and allows you to set a metric for achieving it.

2. Break down the steps required to achieve each goal

What actions are necessary to get there?

In this example, that might include:

• Hire three new sales development representatives
• Increase content marketing budget by $20,000
• Implement a new sales training program for new hires

3. Determine task dependencies and priorities

Remember: you can’t do everything at once! So now that you’ve broken down that big goal into bite-sized chunks, you need to figure out the perfect order for completing the tasks. In the above instance, you need to hire new sales representatives before starting a sales training program.

4. Set milestones

Now, set some milestones for significant events or checkpoints along the project. Some typical milestones are:

• Completion of a substantial task or phase of the project
• A significant event, such as a product launch
• Important meetings, like customer review meetings

5. Add deadlines

When do you need to complete each task? Setting deadlines for each task helps your team stay on track and allows you to identify if your timeline for the larger goal is realistic.

6. Identify the resources you need

What’s getting in the way of completing these tasks? What do you require — perhaps from leadership or another team — to meet or exceed your goals? In our sales team example, we might need some assistance from the HR department to advertise an open role and attract new applicants.

7. Assign tasks to individuals

Who is responsible for each action? Assign a clear task owner to each task. Ownership doesn’t just make someone feel accountable; it empowers them to take the initiative and solve problems without dragging in management at every twist and turn.

8. Agree on a plan to review progress

Before you jump in and start your project, determine how you will measure progress toward your goals. For example:

• Will you review your action plan every day or every week?
• Will the task assignees or the project leader be responsible for updating the plan to reflect progress?

Determining these answers upfront means the action plan remains a living document reflecting actual progress.

Customize our Action Plan Template to your needs today

Prepare and present your action plans with our flexible, customizable Action Plan Template. Team members will love the multiple views, automations, and collaboration features to keep them on point. And you’ll benefit from the Progress Tracking column in your weekly reports to stakeholders.

FAQs about action plans

What’s the difference between an action plan and a to-do list.

An action plan and a to-do list are helpful tools for organizing tasks and achieving goals. A to-do list is a list of tasks to complete, but not necessarily for the same goal or project. Typically, to-do lists are less organized than action plans and can change daily. In contrast, an action plan follows specific steps and includes tasks that all lead to completing a common goal.

What's the difference between an action plan and a strategic plan?

An action plan and a strategic plan are essential for an organization’s long-term and short-term planning. A strategic plan outlines an organization’s vision for the future and helps prioritize goals, make resourcing decisions, and unite employees. On the other hand, an action plan makes the strategic plan operational by providing detailed instructions on how to accomplish those goals.

What’s the difference between an action plan and an implementation plan?

An implementation plan and an action plan are essential documents that help teams execute a project successfully. An action plan focuses on the specific tasks needed to achieve a goal. In contrast, an implementation plan is a more holistic document outlining the steps, teams, and resources required to execute a project successfully.

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More From Forbes

Employee ownership: a strategic advantage.

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Dr. Craig West is the founder of Capitaliz and has been working with business owners on succession and exit strategies for over 20 years.

In the competitive landscape of professional services, attracting, retaining and motivating key personnel is paramount for business success. Employee ownership offers a compelling solution to these challenges, fostering a culture of commitment and shared success. In fact, a 2020 study conducted by the Rutgers School of Management and Labor Relations and the Employee Ownership Foundation found that employee-owned companies outperformed non-employee-owned companies in job retention, pay and workplace health safety throughout the Covid-19 pandemic.

This article will delve into the benefits of employee ownership and provide a roadmap for implementation.

Attracting Talent With A Stake In The Future

Employee ownership is not just a financial model; it's a powerful recruitment tool. By offering a stake in the company, businesses can attract professionals who are looking for more than a paycheck—they're seeking a role where they can contribute to and share in the company's growth. This sense of partnership can set a firm apart in the job market, drawing in individuals who are eager to invest their talents in a company that invests in them.

The Retention Power Of Ownership

Once talent is on board, the next challenge is retention. Employee ownership can significantly reduce turnover by creating a sense of belonging and investment in the company's future. Employees who are owners are more likely to stay with the company, reducing the costs and disruptions associated with high staff turnover. They're not just employees; they're partners with a vested interest in the long-term success of the business.

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Ownership does more than attract and retain; it motivates. When employees have a stake in the outcome, they're more likely to go above and beyond, driving innovation and performance. This alignment of personal and company success creates a powerful incentive for employees to work toward common goals, fostering a culture of proactive problem-solving and continuous improvement.

Employee remuneration isn’t just about money; it’s about motivation and reward. In my experience, remuneration comprising economic and non-economic benefits can contribute toward increased productivity and morale. Employee behavior is strongly influenced by the way they are paid—paying them as owners and providing access to both income (dividends) and equity (capital growth in the value of the shares) can lead to employees thinking and acting like business owners. Imagine the change in business performance if all of your employees thought about your business the way you do.

Implementing An Ownership Culture

Transitioning to an employee ownership model requires careful planning and execution. It involves legal and financial considerations, from structuring the ownership plan to communicating its benefits to employees. Business owners must navigate these complexities to create a framework that aligns with their strategic objectives and company values.

Implementing an employee ownership model involves several key steps and considerations to ensure its success. Here's a comprehensive overview.

Planning And Execution Steps

Exploration: Begin with early conversations and education to assess options and fit for employee ownership within the company's context.

Feasibility: Conduct a deep dive into valuation, management capacity and timeline. This includes a Business Insights Report for financial analysis and valuation.

Introduction: Structure the future business, including governance and management succession. This involves employee education and engagement.

Implementation: Prepare plan documents and legal and tax considerations and invite employees to participate.

Thrive/Growth: Focus on capacity building for ownership culture and governance to sustain and grow the employee ownership model.

Advice And Best Practices

Engagement And Education: Ensure employees are educated about the model and engaged in the process. This helps in creating an ownership mindset among employees.

Legal Structure: Choose the right legal structure for the ESOP to align with the company's goals and protect all parties involved.

Financial Planning: Consider the financial implications, including how employees will fund their buy-in and the impact on company finances.

Cultural Shift: Foster a culture of accountability and purpose, where employees think and act like business owners.

Financial And Legal Considerations

Tax Implications: Understand the tax benefits and obligations for both the company and the employees.

Funding: Determine how the ESOP will be funded, whether through profit sharing, direct employee contributions or leveraging debt.

Governance: Establish clear governance structures and rules for qualification, entry, valuation, exit, voting rights, control and management.

Potential Challenges

Funding Speed: ESOPs can be slow to fund, especially for succession, as employees may lack adequate funding to purchase equity quickly. Leveraged ESOPs can accelerate this process.

Cultural Integration: Shifting to an ownership mindset may require significant cultural changes within the company.

Complexity: The legal and financial complexities of setting up and maintaining an ESOP can be challenging.

By carefully considering these steps, advice and challenges, business owners can implement an employee ownership model that aligns with their business objectives and fosters a committed and engaged workforce. It's crucial to seek professional advice to navigate the complexities involved and tailor the ESOP to the specific needs of the business and its employees.

A Case For Success

In one case, a consulting firm that transitioned to an employee ownership model not only improved recruitment and retention rates but also saw a noticeable uptick in employee engagement and client satisfaction. The firm's success story serves as a testament to the transformative power of employee ownership.

Ownership As A Catalyst For Growth

Employee ownership is more than a retention strategy; it can be a catalyst for growth and innovation. By aligning the interests of employees with those of the business, professional services firms can create a dynamic and committed workforce that is invested in the company's success. As the business landscape evolves, employee ownership remains a timeless strategy for building a resilient and thriving professional services business.

By understanding the benefits and implementation process, leaders can make informed decisions that could shape the future of their companies and the professional lives of their employees. Employee ownership is not just a business model; it's a partnership that can elevate a professional services firm to new heights.

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How to Write a Salary Increase Letter (Example Included!)

Negotiating your salary can be a key step in advancing your career and boosting your financial stability—but it can also be pretty intimidating. The good news is that with the right approach, it doesn’t have to be so scary. That's where a salary increase letter comes in.

Whether you're asking for a raise due to your great performance, increased responsibilities, or changes in the market, a well-crafted letter asking for salary increment can be a powerful (and smooth) way to make your case.

In this article, we'll walk you through everything you need to know about writing a salary increase letter, from understanding its purpose to tips on crafting an effective one. We'll also include sample letters and templates to help you get started. Plus, we’ve interviewed Muse career coach Jenn Smith , who shares her top advice on navigating this critical career move.

Need a higher salary? Check out open jobs on The Muse for your next big move »

What is a salary increase letter?

A salary increase letter is a formal document that employees use to request a raise from their employer. Unlike a salary review letter—which is typically initiated by the employer to communicate pay adjustments—a salary increase letter is written by the employee seeking a boost in compensation.

Writing a salary increase letter can be necessary for several reasons:

• Performance improvements : You've consistently exceeded your performance goals or achieved a significant milestone and believe your contributions are worth a higher salary.
• Increased responsibilities : Your role has expanded significantly, and your current salary no longer reflects the scope of your responsibilities.
• Market adjustments : Industry standards and market rates for your position have increased, and your current salary needs to catch up to these benchmarks.

When writing a letter to request a salary increase, it's generally more effective to address it to your direct manager or your department’s director rather than HR. Your manager is more familiar with your work, contributions, and the value you bring to the team. They are also likely involved in budget decisions and have the authority to advocate for your raise.

Is it OK to ask for a raise through a salary increase letter?

Yes, writing a salary increase letter can be a formal and respectful way to request a raise. It allows you to clearly articulate your reasons, provide evidence of your achievements , and give your employer time to consider your request. Plus, a letter is a documented record of your request and can be reviewed by decision-makers at different levels of the organization.

On the other hand, having an in-person conversation can be generally more effective. “This allows you to present your case dynamically, outlining your accomplishments, contributions, and the value you bring, and respond to questions or concerns in real-time,” Smith says, adding that a direct conversation also allows for immediate feedback. “Your manager can provide insights into decision-making, share any constraints or considerations, and offer guidance.”

She also believes it’s a good idea to supplement your conversation with a follow-up email to ensure clarity and provide a reference for future discussions.

How to write a salary increase letter

These tips will prepare you for writing an effective pay raise letter:

1. Research salary benchmarks

Conducting extensive research will strengthen your case and help you present a compelling argument.

“Research industry salary benchmarks for your role, experience level, and geographic location,” Smiths says. “Use reliable sources like industry salary surveys, compensation reports, and online salary databases.”

Additionally, be sure to understand your company's salary ranges, performance evaluation criteria, and typical raise percentages.

2. Choose the right time

Timing is crucial when it comes to writing a letter requesting pay increase. Making your request at the wrong time can significantly reduce your chances of success.

“Typically, organizations have annual or semiannual performance review cycles,” Smiths says. “Discuss this with your manager before the performance review process starts so they can consider it as they begin budget conversations.”

One common mistake she sees is “asking for a raise at an inappropriate time, such as during a company's financial downturn or immediately after a major organizational change or layoffs.” Avoid doing that at all costs.

3. Keep it clear and straightforward

Begin your letter by setting the context for your request and remind your employer of your role within the company. Clearly state your position, tenure with the company, and the purpose of the letter.

4. Detail your contributions and impact

In the main section of your letter, outline your accomplishments and contributions to the company. Highlight specific achievements, projects, or responsibilities that demonstrate your value.

Provide evidence of your impact, such as performance metrics, positive feedback from clients or colleagues, and examples of how your work has benefited the company, explaining how your contributions justify the proposed raise.

5. Conclude with gratitude and reaffirmation

Summarize your key points and reiterate your appreciation for the opportunity to discuss your compensation. Express gratitude for the support and experiences you have gained and reiterate your commitment to the company. This positive tone reinforces your professionalism and leaves a lasting impression.

Salary increase request letter example

Here’s a sample letter for salary increase request to show you how these tips can be put into practice:

Alex Johnson 123 Elm Street Springfield, IL 62704 [email protected] July 25, 2024

Emma Thompson Director of Sales Innovative Tech Solutions 456 Maple Avenue Springfield, IL 62704

Dear Ms. Thompson,

I hope you are well. I am writing to formally request a review of my current salary. I have thoroughly enjoyed working at Innovative Tech Solutions over the past three years and appreciate the opportunities for growth and development that have been provided to me.

During my time here, I have consistently exceeded expectations and made significant contributions to the Sales team. For example, I spearheaded a new email marketing campaign that increased sales by 15% and successfully launched our new TechY product line, resulting in a 20% revenue boost.

In addition to my core responsibilities, I have taken on new challenges, such as leading the training program for new sales representatives and managing key client accounts, which have significantly contributed to our team's success.

I have also undertaken several professional development activities, including completing a certification in Advanced Sales Strategies and attending workshops on market trends, which have further enhanced my skills and ability to contribute to our team.

Based on my research of industry standards and salary benchmarks for my role and experience level, I believe that an adjustment in my compensation is warranted. Therefore, I respectfully request a salary increase to $85,000. This adjustment would better reflect the value I bring to the team and align my compensation with industry standards.

I am confident this increase will further motivate me to continue delivering high-quality work and contributing to the success of Innovative Tech Solutions. I am more than willing to discuss this request in person and provide any additional information that may be required.

Thank you for considering my request and for your ongoing support.

Sincerely, Alex Johnson

Raise request letter template

Now, here's a template for a raise request letter to help guide you in drafting your own:

[Your Name] [Your Address] [Email Address] [Date]

[Recipient’s Name] [Recipient’s Title] [Company’s Name] [Company’s Address]

Dear [recipient’s name],

I hope you are well. I am writing to formally request a review of my current salary. I have thoroughly enjoyed working at [Company’s Name] over the past [number] years and appreciate the opportunities for growth and development that have been provided to me.

During my time here, I have consistently exceeded expectations and made significant contributions to the [Department] team. For example, I [List your accomplishments, using quantifiable results whenever possible, such as increased sales by 15% through a new email marketing campaign; successfully launched a new product line, resulting in a 20% revenue increase; etc.].

In addition to my core responsibilities, I have taken on new challenges, such as [List additional responsibilities].

In addition to these accomplishments, I have undertaken several professional development activities, including [certifications, courses, and training programs], which have further enhanced my skills and ability to contribute to our team.

Based on my research of industry standards and salary benchmarks for my role and experience level, I believe that an adjustment in my compensation is warranted. Therefore, I respectfully request a salary increase to [desired salary or salary range]. This adjustment would better reflect the value I bring to the team and align my compensation with industry standards.

I am confident this increase will further motivate me to continue delivering high-quality work and contributing to the success of [Company Name]. I am more than willing to discuss this request in person and provide any additional information that may be required.

Sincerely, [Your name]

How often should I make a salary raise proposal ?

Typically, you should ask for a raise once a year, ideally around your annual performance review. If you have taken on significant additional responsibilities or have had exceptional achievements, it might be appropriate to request a salary review sooner. However, be mindful of your company's financial health and the timing of your request.

Should I wait for a performance review?

Waiting for a performance review is often a good strategy, as this is a natural time for salary discussions. However, if you feel that your contributions have significantly outpaced your current compensation, you might consider requesting a meeting outside of the review cycle. Just ensure your request is well-timed and substantiated.

What if the salary increase request is denied?

If a salary review is denied, consider asking for specific feedback. “Work with your manager to set clear goals—create a development plan that outlines the steps you need to receive a raise,” Smith says. “Consider discussing alternative forms of compensation, which could include bonuses, additional vacation days, flexible working arrangements, and professional development opportunities.”

Key takeaways

Whether you opt for a formal letter via email , a direct conversation, or a combination of both, the key is to present a well-reasoned case for your increased-salary request. When crafting your letter, keep these takeaways in mind:

• Avoid approaching the conversation with an aggressive or entitled attitude. Politeness and professionalism will help you make a positive impression.
• Document any professional development activities you've undertaken , such as certifications, courses, training programs, or conferences. This shows your commitment to growing within your role and adds weight to your request.
• Be confident in your request to demonstrate your self-assurance and understanding of your worth. Clearly state your desired salary or salary range and show you are informed about salary ranges for your position.
• Explain how a salary increase will help you contribute even more to the company's success. Position your request as a mutually beneficial arrangement that will enhance your productivity and the value you bring to the organization.
• Use clear and concise language, avoiding jargon or overly complex sentences. Ensure your message is easily understood and directly addresses your key points. After writing it, don’t forget to proofread it.

Configuring Status Profiles for Process Orders

After completing this lesson, you will be able to configure status profiles for process orders .

Status Management of a Process Order

Process orders have a status management that controls on the one hand, which status is set by the execution of a business process in the order, and on the other hand, which business processes are allowed or forbidden in which order status. System statuses are predefined by SAP and cannot be changed. However, SAP’s system status concept can be supplemented by user statuses to record additional information in the order or fine-tune whether a business process can be executed.

System Status

The figure shows a basic example of the relationship between business processes and system status: When a process order is created, the status CRTD Created is set. In Created status, among other things, the order can be scheduled, a material availability check can be performed, and the order can be released (→ column Allowed Business Processes). However, it is not allowed, for example, to print the order and to post goods issues, confirmations and goods receipts (→ column Not Allowed Business Processes). If the order is released, the CRTD Created status is deleted and the REL Released status is set. Now, the previously forbidden business processes are allowed. However, due to the REL Released status, the order cannot be released again.

System and User Status

In the SAP S/4HANA Public Edition standard, you can post a goods receipt for a process order when the order is released. If you want to ensure that, for example, an order is completely manufactured before the warehouse clerk can post the goods receipt, you can implement this restriction without the necessity of more programming by assigning a user status profile to a process order type. In our example, the assigned user status profile consists of two statuses GR and NoGR: The status NoGR forbids posting of the goods receipt; the status GR does not forbid posting of the goods receipt. The latter is automatically set once the order is confirmed.

We first consider a released order (upper part of the figure): The system status REL Released enables the confirmation of the order and the goods receipt, however, no sequence is specified in which these two business processes must be processed. In our scenario, however, the user status NoGR Goods Receipt Forbidden is set in addition. Because NoGR forbids posting of the goods receipt, the user cannot post the goods receipt to this order unless the user status changed to GR.

Now, we confirm the order. The system is configured such that the confirmation posting automatically deletes the user status NoGR Goods Receipt Forbidden and sets the user status GR Goods Receipt Allowed instead. Since the latter does not forbid posting of the goods receipt, the warehouse clerk can now post the goods receipt for the process order.

As you can see in this simple example, you can leverage user statuses to forbid the execution of business processes that can be in the standard SAP. In addition, you can automatically set a user status if a certain business process is performed in the system. As a consequence, you can, for example, enforce a sequence in which the user must execute two business processes. Alternatively, you can define a list of conditions (each condition corresponds to one user status) which must be fulfilled before, for example, an order can be released.

To use user statuses with process orders, you must define a status profile and assign the status profile to the respective order type.

A status profile is defined in the configuration activity, Define Business Transaction Control . This is explained in the following sections.

The assignment of a status profile to an order type is defined in the configuration activity, Define Process Order Types . This is explained in the lesson, Configuring Process Order Types.

In contrast to production orders, for process orders you can only assign a status profile at header level, but not at operation level.

Definition of Status Profiles for Process Orders

The configuration activity define business transaction control.

The configuration activity, Define Business Transaction Control , enables you to make settings for blocking or unblocking certain business transactions for a status profile either immediately or when other business transactions are executed.

Definition of Status Profiles for Business Transaction Control

In the Define Status Profile view, you can create a status profile and assign an object node type. By assigning an object node type you specify whether the settings are relevant for a production order, a process order, or an order operation.

In the previous figure, for example, you can see that the status profile, ZPP00004 GR only after Confirmation , is assigned to the object node type, Process Order Header .

Assignment of Status Profiles to Process Order Types

To use the settings of a status profile with process orders, you must assign the status profile to the respective order type.

In the previous figure, for example, you can see that the status profile ZPP00004 is assigned to the order type YBM2.

Example of Configuring a Status Profile

In the following, the configuration settings for the user status example discussed in the previous section Status Management of a process Order are explained.

In the Define Business Transaction Controls view, you can view user statuses for your status profile and specify whether a user status is to be activated immediately. Activated immediately means that the user status is set automatically when an order is created.

In our example, the user statuses GR and NoGR were defined for status profile ZPP00004. The user status NoGR is initially set when the order is created. 

In the previous figure, for example, you can see that the status profile ZPP00004 was assigned to process order 1000022 when the order was created. The user status NoGR was initially activated and the user status GR is not activated yet.

In the Define Transactions to Be Blocked view, you can specify the business transactions to be blocked by the selected user status.

In our example, the business transaction Goods Receipt for Process Order is blocked by the user status NoGR. This means that when an order is created, the user status NoGR is initially activated and a goods receipt posting for the order is therefore prohibited.     

In the Define Activating/Deactivating BTs view, you can assign business transactions to a user status and define whether these business transactions activate or deactivate a user status.  

In our example, the user status GrNO is deactivated by executing the business transaction Confirm Order. This means that when the order is confirmed, the user status NoGR is deactivated and a goods receipt posting for the order is enabled.   

In our example, the user status GR is also activated when the order is confirmed. This is for information purposes only. This status does not affect business transactions; no entry is defined in the Define Business Transactions view.    

In the previous figure, you can see that, as a result of the order confirmation, the NoGR user status was deactivated and the GR user status was activated.

Video Tutorial

Play the following video to learn how to define a status profile for a process order.

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Business | Wells Fargo sued over drug costs in employee…

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Business | wells fargo sued over drug costs in employee health plan, the former bank employees are seeking class action status.

Wells Fargo & Co. was accused of overpaying for prescription drugs by former employees, who claim mismanagement of the bank’s health plan drove up costs for workers.

A lawsuit filed in federal court in Minnesota Tuesday alleges that the country’s fourth-largest bank squandered money in its health plan, sometimes causing workers to pay far more for medications than they would have if they’d paid cash. For example, the Wells Fargo plan paid almost $10,000 for a generic pill for multiple sclerosis that Wegmans pharmacies sold for $648, according to the complaint, driving up premiums and out-of-pocket costs.

The former Wells Fargo employees are seeking class action status. A Wells Fargo representative didn’t immediately respond to a request for comment.

Also see:   Angry patients spur new state watchdogs to bring down drug prices

US employers spend about $1 trillion annually on company-sponsored health plans, the main source of insurance for working-age Americans. While employees typically are responsible for part of the premiums and out-of-pocket costs of their care, the prices they pay are determined by deals that their employers strike.

Companies are facing increasing questions over how they manage those contracts and potential legal risks about their oversight as employees find themselves paying more and more for medical care.

This is at least the second lawsuit from workers alleging they paid more than they should have for medications because their employers struck bad deals with the companies that oversee drug benefits for health plans, known as pharmacy benefit managers.

More on healthcare costs:   FTC slams pharmacy benefit managers CVS, Cigna, UnitedHealth for high drug prices

In February, a Johnson & Johnson worker made similar claims against the drugmaker in a New Jersey federal court. J&J has sought to dismiss the suit, arguing the plaintiff wasn’t prescribed any of the drugs and thus isn’t in a position to file such a complaint. The case is pending.

Employers typically rely on brokers, outside administrators and pharmacy benefits managers to design and run their health plans. Critics say those relationships can be rife with conflicts of interest and hidden fees that increase costs.

Some large companies and union plans have sued their health plan administrators, seeking more access to data on where their money is going.

Fiduciary breach

The plaintiffs allege that Wells Fargo breached its fiduciary duty under the law that governs large corporate benefit plans, the Employee Retirement Income Security Act.

Similar litigation targeting companies over fees in their retirement plans has led to millions of dollars in settlements. Trial lawyers are now testing whether that strategy can be replicated for health benefits and are recruiting people to bring cases against their own employers.

The lawsuit against Wells Fargo doesn’t name the bank’s pharmacy benefit manager as a defendant, but it does allege that a deal with Cigna Group’s Express Scripts unit raised costs for employees. Drugs on the plan considered “preferred” cost more than twice as much as what Express Scripts paid pharmacies, according to the complaint.

Representatives for Cigna didn’t immediately respond to a request for comment.

Pharmacy benefit managers are facing intensifying backlash in Washington, as members of Congress and the Federal Trade Commission fault them for driving up costs in the convoluted US drug supply chain. Pharmacy benefit managers counter that drug manufacturers set prices and should take the blame for rising costs.

The Wells Fargo complaint alleges that the plan steered members to Express Scripts’ mail-order pharmacy, which charged higher prices. It cites one drug, a generic gel used to treat lymphoma, that costs almost $70,000 from Cigna’s specialty pharmacy but less than $4,000 at Rite Aid. That echoes allegations made in a recent FTC report that said PBMs paid higher rates to their affiliated mail-order pharmacies.

The plaintiffs say the bank also overpaid in fees for administering the drug plan, paying $25 million to Express Scripts in 2022, or $136 per plan participant, which they said was higher than other plans.

The four named plaintiffs in the case worked for Wells Fargo for various periods between 1980 and 2023. The complaint names the company and top benefits executives as defendants.

The case is Navarro v. Wells Fargo & Co., 24-cv-03043, US District Court, District of Minnesota.

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Swindled Savings

How One Man Lost $740,000 to Scammers Targeting His Retirement Savings

Criminals on the internet are increasingly going after Americans over the age of 60 because they are viewed as having the largest piles of savings.

Barry Heitin, a 76-year-old retired lawyer, in Arlington, Virginia. Mr. Heitin was the victim of a sophisticated online scam. Credit... Hailey Sadler for The New York Times

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By Tara Siegel Bernard

Tara Siegel Bernard spoke to people who’ve fallen victim to scams that target savings of Americans, particularly older adults. This article is the first in a series.

• July 29, 2024

For nearly three months, Barry Heitin, a 76-year-old retired lawyer, thought he was part of a government investigation that felt like something out of the movies. He was actually assisting criminals in stealing hundreds of thousands of dollars — of his own money.

Last fall, he spent just about every weekday doing the legwork and making withdrawals from his bank accounts as part of an intricate scam: He believed he was helping the feds safeguard his money and catch thieves who were after it.

“They kept telling me, ‘This is a big case and we are going to stop a whole ring of people,’” Mr. Heitin said. “It was like a rabbit hole. I was going down the hole with them.”

It cost him almost all of his retirement savings: roughly $740,000.

Americans spend a lot of energy saving for retirement and worrying about losing money to the gyrations of the stock market. But these days, sophisticated criminals — on dating sites, on social media, in messaging apps or using malicious software — present an ever-growing risk to people and their savings.

The nature of these schemes makes it nearly impossible to recover the money, leaving victims with little recourse. The stolen funds are often whisked to overseas accounts or laundered through cryptocurrency wallets, which are quickly emptied.

Mr. Heitin was one of many people interviewed by The New York Times who were ensnared in scams that could be so elaborate it’s as if they were created in a writer’s room testing different plot devices. Scammers can impersonate government officials, tech support staff or love interests. They coach victims on how to sidestep fraud prevention measures at financial institutions, and they use manipulative psychological tactics — isolation, a sense of urgency or preying on people’s willingness to trust or connect — to keep the scam going.

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• Category: Responsible Gaming

Xbox Introduces Enforcement Strike System

• Xbox’s new enforcement strike system educates players about enforcement severity, cumulative effect of multiple enforcements, and the total impact on their standing.
• Players can receive a total of eight strikes; each strike remains on record for six months.
• Each strike results in a suspension from Xbox’s social features for varying lengths of time.
• Every player will begin with a blank slate, or zero strikes; previous enforcements must still be completed.

We are constantly improving our safety measures and bringing more systems and tools in place that empower players to respectfully interact with one another – because everyone deserves a place to comfortably be themselves online, free from harassment and bullying. One of the most common questions we get from players through feedback, posts, and appeals is how repeated enforcements impact their gameplay, how they escalate, what they escalate to, and how they know when their account is back in good standing. To help address this, we are introducing a new enforcement strike system.  

The new system attaches strikes to every enforcement, ranging in severity based on inappropriate activity. Each player will now have a view of their enforcement history including strikes and the overall impact these have on their player record. This revised system gives players a better understanding of enforcement severity and the cumulative effect of multiple enforcements. Enforcement transparency is about giving players clarity into how their behavior impacts their experience. Our content moderation efforts are not changing as a result of the new enforcement strike system.  

As always, when a player believes they have witnessed a violation of Xbox’s Community Standards , we encourage them to report . All reports are evaluated, there are no automated enforcement actions based solely on the fact that a report was made. No volume of inaccurate reports results in an enforcement. Only reports that have been reviewed by the Xbox Safety Team and determined to be accurate result in an enforcement.  

With the new system, enforcements will also include strikes based on the severity of their actions. The system is similar to demerit strikes used in driver’s license systems in many countries. For example, a player that has received two strikes will be suspended from the platform for one day, whereas a player that receives four strikes will be suspended for seven days. Players have a total of eight strikes and, once reached, will be suspended from Xbox’s social features like messaging, parties and party chat, multiplayer and others for one year from the enforcement date. All strikes received stay on a player’s record for six months. Today, players will all begin with a blank slate, or zero strikes. Any previous enforcements, such as suspensions, must still be completed; new enforcements as of today will result in strikes.  

With these changes, Xbox is evolving enforcement to focus on protecting players. This is why even suspended accounts remain functional for single-player experiences and players do not lose access to purchased content. However, for the most serious violations – including illegal activity – Xbox retains the ability to permanently suspend all functionality of an account including access to purchases. 

In 2022, fewer than 1% of all players received a temporary suspension, and only 1/3 of those received a second. Our data shows us that players typically stop inappropriate behavior after one enforcement, quickly learning what is and is not acceptable based on the Xbox Community Standards and how to better engage on our platform. The strike system is designed to further empower players to engage positively and appropriately on Xbox and with the community. We’ll share data and updates in our bi-annual Transparency Report . 

Below is a visual of what players will see in their enforcement history:  

Like before, players will still have the ability to appeal eligible enforcements. Where applicable, if an enforcement is reversed, the corresponding strike will be removed. For more information, visit the FAQ on Xbox Support.  

Below are some additional safety resources:  

• See your enforcement history  
• Join Xbox Ambassadors and become part of our community working to make gaming fun for everyone  
• Read our  Xbox Community Standards  
• Read our latest Xbox Transparency Report   
• Remain informed on  How to Report a Player  and  How to Submit a Case Review