“Without strategy, execution is aimless. Without execution, strategy is useless.” These words by Morris Chang are definitely true especially for those entrepreneurs and business individuals who are eager to…continue reading
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What Is a 5 Year Plan?
A 5 year plan is a set or lists of goals you want to achieve within the next 5 years. It is a document indicating the goal you want to achieve in the near future. It is applicable in both our personal life and our professional career. Having a personal 5 year plan guarantees personal growth, necessary improvement and the achievement of our life long dreams. It can be related to a goal statement plan, a bucket list, a wish list and a travel checklist. On the other hand, having a 5 year plan for your professional career or organization will elevate the chance of success. This can be related to your project plan or business plan.
What Are Included In a 5 Year Plan?
How to Write a 5 Year Plan?
With the help of the templates given above, you will a guide to create an effective plan. Writing a 5 year plan may be divided into two:
First, a 5 year plan for your professional career or business organization.
Step 1: What Are Your Career Related Goals?
Where do you want to be in the next 5 years? What professional career would you like to be doing? Where do you want to work? What are the things you wish to achieve professionally after 5 years? Asking yourself these questions would be the first step in planning. It is possible to write as many as you like. Being specific and detail in this phase make the succeeding steps easier to process and evaluate.
Step 2: What Are Your Skills and Experience?
This is a question a lot of people encounter when looking for a job. It is crucial to understand what the difference is between the two. It is important to understand that what you know and what you have actually done is two very different things. Some people have the knowledge but do not have any experience. Having a list of skills and experience will be a great help in planning the different plan of action you will be doing as the plan progresses. Take note to take into consideration the theoretical knowledge you have learned and practical applications you have done in planning your career path.
Step 3: What Do You Know About Your Goal?
Do an extensive research on your dream job or goal. What are the minimum requirements? What are the experiences and knowledge you need to obtain that? List out all the important factors that you have researched. In here, it is possible to categorize them into two. For the first category, these are the things you have already accomplished or things you are already in possession of. On the next category are the knowledge, skills and experiences you will be needing to achieve that goal.
Step 4: What Will Be the Steps?
In this part of the planning you have to rank your goals. What will be your top priority? Ask yourself what do you need to accomplish first, in order to bring you closer to that goal. As for the lacking skills and experience it is important to evaluate and research on how you will attain them. After knowing that, it is now time to list out a plan of action in achieving your dream. Breakdown the steps into annually, monthly and weekly.
Also, it is important to be reminded that things may change. Along the way, there is a possibility of a change of mind. Shifting of career and lack of options are the most common obstacles you may encounter in this stage. It is up to you on how you will face those changes. But, in order to be secure, you can draw up a contingency plan.
Next, a step on creating a 5 year plan for personal life.
Step 1: Think About Your Personal Goals
The first step is evaluating what you want in life. What would be the improvement you would like to see? It is important to be specific when listing your goals. There are many different goals in our personal life. Some examples of goals are: some focus on out of the country travels. Others focus on improving or upgrading their workout plan and workout schedule. Majority of people also focus their attention on turning over a new leaf and having a healthier lifestyle. If you are having a difficulty trying to express or write your goals, trying to remember your previous and present new year’s resolution may help. This can also be related to your bucket list or wish list.
Step 2: Break Them Down into Smaller Goals
Dividing your long term goal into smaller manageable goals will give you a clearer picture on how you will achieve them. In line with breaking down the goals, you should also have a method and procedure on pursuing them. Have an action plan on how you will achieve them. Also, add a schedule on when you plan on achieving smaller tasks. This can be done yearly, monthly or weekly. There is no doubt that achieving smaller goals is faster and easier. Also, after finishing smaller tasks, it gives you the motivation and confidence to move on to the next step towards the achievement of your long term goal.
Step 3: Review and Revise
As things progresses, there will always be changes. It is important to go over the document regularly and revise it accordingly. It is important to review and revise according to needs and current situations. This step will make sure that the steps and actions you are doing are still in line with your end goal. It is also important to be flexible and try different approaches in achieving your goals.
We often hear people saying that we should separate our personal life with our professional life. When you are in the office or in the workplace, it is very important to leave out all personal problems so that you can focus more and be productive. This can be applicable also in creating a 5 year plan. It is advisable to separate your personal life with your professional career.
What is the SMART goal?
The SMART goal is a guide in helping people achieve their dreams. SMART is an acronym for specific, measurable, achievable, realistic and time-bound. This means that your goal should fall under all the five criteria. Integrating all the five criteria will help you focus more and boost up the chance of becoming successful.
What are the benefits of a 5 year plan?
A 5 year plan helps you focus on what you want to achieve in life. At the same time it helps you see the flaws and imperfections in your personal life or career. In turn it will help you realize on how to improve them. It is a source of motivation. It also helps individuals to avoid certain things that may hinder the process of attaining that goal. It helps you say no to things and people that do not have a positive effect on your goals in life. With the help of a 5 year plan, you can also foresee future complications and avoid unnecessary risks and unfavorable circumstances.
Who prepares the 5 year plan?
In a business organizations, companies and even in the government, it is usually the planning commission that is tasked with this. In some cases, the financing department may be involved with the planning.
What is a rolling plan?
According to the English dictionary, a rolling plan is a plan that is to be continued over a long period of time. It is also put through a series of regular evaluating and updating. It is similar to a continuity plan. Whenever a goal is achieved in a rolling plan, it will be reviewed and updated for the years to come. The rolling plan rejected and replaced the original 5 year plan of the soviet union, which is designed and implemented by Joseph Stalin.
What is the origin of the 5 year plan?
The 5 year plan was first introduced by Joseph Stalin. It was originally used by the soviet union. The original purpose of the first 5 year plan was to implement economic growth. The main focus of this is that the government may own and manage the country’s farming and production. Another focus is their rapid industrialization. This was then replaced by the rolling plan, as to address needs depending on how bad the problem is.
What is a strategic plan?
A strategic plan is used to document and implement the step by step procedure in order for your company or business to move forward. It indicates what the goal of the company, the activities needed in obtaining that goal as well as the timeline for those activities. It gives the organization a goal and direction.
What is a goal setting?
Goal setting is highly related to a 5 year plan or in any plans. It is the process of identifying what you want to accomplish for personal growth and career improvement. Like any planning, it sets up the goal and the timeframe for those goals.
Thinking about the future seems unsettling and frightening. With the help of a 5 year plan and strategic plan, you will know what the necessary actions are in order to achieve that long term goal. The phrase “going with the flow” is not necessarily a bad thing. But, being a happy-go-lucky person may have negative consequences in the future. When something unexpected happens, there is a tendency that an individual will crumble down or break down. Being prepared while it is still early will be the best prevention and solution to your problems. Still having a plan and putting your mind into it will help you become successful. In order to prepare for the future make use of the templates available above.