Yearly Plan vs. Five-year Plan
We do end of the year meetings to review our Yearly Plan but never have done it on a five-year Plan basis. Why is so important a 5 year-plan, besides giving a sense of being here for the long run, are there other benefits? Isn't a yearly plan more up to date?
Which one is better?
Thanks!
Elizabeth,
Good points. What we think is important is to have a Plan that is agreed to and embraced by everyone and that can be measured and reviewed. Then everyone can decide the merits of a 5 year plan or 3 or 1 year. We like the idea of a 5 year plan as well because it creates a long-term vision in everyone's mind. The institution will be here in 5 years and this is what it will look like. It inspires creativity and develops the tasks and deadlines to eventually reach the vision. Thanks, Susan
Dr. Susan Schulz
I would agree with Arthur that a one year plan is a very tactical tool, measuring progress toward short-term goals while a 5-year plan supports successful completion of long term goals. While I see the benefits of a 5-year plan at the institutional level, I prefer a 3-year planning model when working at the departmental level. Both models, though must be supported by an annual planning process.
Sandra,
Plans are always a challenge and the focus is to be flexible. It is always good to start with the end in mind (3 to 5 years). It says you are still going to be around! It also helps set a path. Part of a plan is measure measure measure. That means there will be changes based on data collected. As long as you show the data and why you do things you should be on a good track and make regulatory agencies happy too! A flexible plan is perhaps what it is all about. Thanks, Susan
Dr. Susan Schulz
I also run a private career school. We have yearly plans. However, most banks and accrediting organizations want to see where you will be heading in 3-5 years. Your plan helps everyone get a clear sense of your objectives and to see if you support your mission.
Mario,
This is a great definition. All organizations need both. What are the long-term dreams and goals. What are the day-to-day steps to reach them. What measurement plans are in place to determine how you are doing and what changes need to be made. All this, in our opinion, needs to be shared with your Team. Everyone has great ideas and knowledge of operations from their points of view. It's important to ask them and listen to their responses. Thanks, Susan
Dr. Susan Schulz
Remember the 5 yr. plan is the expectations of the future and your yearly plan is basically your budget. You need to have both to manage a successful business. We must always have short and long term goals.
Arthur,
Good points, Arthur. Maybe 5 year plan has the overall vision. Then the one year plans include all the tasks that have to be done assuming you are on the to motivate everyone to work with the same vision. Also it keeps everyone asking themselves - is what I am doing important and helping reach our goals? What could I be doing to be more effective? Thanks, Susan
Dr. Susan Schulz
A one-year plan represents the actual. A tactacial view of events, a timeline in real time. A 5-year plan represents the stratigic view of possibilities. In a perfect world what management is focus on. The one-year plan should be snapshot of the 5-year plan. As actions become reality the 5-year plan should be reviewed and in some case modified to encompass the achomplishments and/or correct the shortcomming experienced in the one-year plan.
I THINK PLANNING SHOULD BEGIN IN THE BEGINING OF EVERY YEAR NOT AT THE END.
We strongly believe in plans. A five year plan is both realistic and allows for dreams. If you want to offer bachelors degrees in 5 years then that dictates what you will be doing years 1 - 5 to get there. Also thinking about 5 or 10 years gets people committed to your school and develops a mind set of - sure we will be here. The yearly check ups determine how you are doing. We think there should be monthly plans. Because as you mention - things change, there are new challenges, and many opportunities. Thanks, Susan
I agree -- looking at term enrollment, assessing the popularity of courses makes yearly or interim assessments necessary even with a five-year plan in place. Today the markets are changing rapidly.
Hi Kimberly - Great point. The entire brainstorming process yields so much results when workiing on a five year plan. Lots of great ideas and solutions are generated. It gets everyone on the same page in terms of development. And it gets your entire team excited about working toward common goals. And it gets everyone focused. Thanks, Susan
Thank you,
Plannning out a 3 year to a 5 year plan isn't so bad once we break it down into where we want to be. The section on brainstorming was very good too. Getting the staff together and finding out common goals and how each department does have to work together is essential in the schools five year plan.
Interesting situation, Brian. There are several standards to meet. Sometimes it seems that regulatory boards are just looking for satisfactory placement numbers. However, they are also looking for short and long-range plans that are about programs, keeping programs current, and anticipating the training needs of your local workplace. Saturating the market with grads who won't find jobs is always a problem. So yes - some programs have to be eliminated or modified significantly from time to time. And new programs need to be added. That's a reason to stay in close touch with employers and key members of your industry and community. Thanks, Susan
Hi Kimberly - Good question about what accreditation boards look for. Ask 5 consultants and you'll probably hear 5 different answers! We would say that accreditors look for completeness and how well thought out and detailed the responses are. And if you show how you are going to measure the goals and fund them. And where you want to be in 5 years. Yes it is hard to focus on year 5. But possibly it is quite easy. What if you are diploma school and want to be a college. That's probably a 5 year goal with each year showing what has to be done to get structured and approved as a college. Thanks, Susan
I suspect that [our] accrediting commission will be most concerned with our success in placing students in jobs... I think that they will look at us and all the other schools they accredit and judge on how well we prepared for the changing economy. For instance did we plan to teach out programs that have less viability in the coming years or did we just let people keep enrolling in programs that represent a "dying field"? The one basic conflict with a for-profit school is that its share holders expect growth while its accrediting commissions expect a conscious effort to only enroll as many students (or offer only the programs) that have viability in the job market.
As you mentioned above that accredited schools need to do a institutional improvement plan. Sometimes the hard part is to look at where you want the school to be in 5 years. Sometimes we are so busy we don't plan where we want to be in 5 years. Is there a particular item that accreditation looks for in the 5 year plan? If you could name one item, what would you say that item would be?
HI Brian, Actually private career schools need a five year plan. And if accredited it is required although the document is usually called institutional improvement plan. The goal is to capture where you want to be in 5 years. Then put the details and steps to get there starting with lots of details the first year or two. You want to know if the goals are do-able. And if yes, what are the tasks, timelines, deadlines, and what does it cost. If you are doubling your student population frequently then space and staff are certainly issues that need planning, for example. Thanks, Susan
I work for a private post secondary school which is maybe why I look at this differently than perhaps a traditional public school might but, I my case we have nearly doubled our enrollment in the past 4 years and expect to double it again within the next 3 years... we have never used a 5 year plan, we never needed one until now. Now we really need one because with the complication of the exponential growth we expect to achieve we could easily miscalculate what we need to do financially if not logistically. We still need our yearly plan to track campus budgets and individual growth plans. But we will also need a less detailed, even if abstract, 5 year plan to achieve our goals.
