The planning, monitoring and assessment process consists of preparing, evaluating and updating the strategic and Business Plans for the incubator. This article sets out why and how to introduce a systematic process to make these activities central components of incubator management.
Objectives
This Guideline outlines how to introduce a systematic process of planning, monitoring and assessment into incubator management.
The planning, monitoring and assessment process consists of drawing up the strategic and Business Plans for the incubator, as well as reviewing and updating the outcomes. This is a crucial part of the strategic management process, since it allows the incubator to measure its achievements continuously, and redefine its course when necessary.
It is vital for the continuous improvement of the incubator and its services and products that its strategies are continuously redefined in line with market trends and shifts, as well as to meet the changing expectations of stakeholders and tenants.
Key Issues
- Preparation of the incubator’s strategic and business plans: As for enterprises, the main tools of the incubator are the Feasibility Study and Business Plan. The Feasibility Study is applicable when the incubator is being established and set up. The Business Plan is a tool for ongoing use, as it guides the strategic actions of the incubator (See Guideline Planning a Business Incubator – Business Plan).
- Updating the Business Plan: As the main management tool, the Business Plan must be constantly monitored in order to be effective, so that updates can be introduced rapidly, adapting it to market demands and ensuring that the incubator offers competitive services to the enterprises. An incubator’s situation may change after it comes into effective operation. Consequently, plans must be updated based on the needs and interests of the clients (incubated enterprises). This updating should be undertaken regularly, if possible every four or six months. At the very least, the Business Plan should be updated annually (See attachment (See Guideline Planning a Business Incubator – Business Plan).
- Monitoring and Assessment: Once the incubator strategies and actions are defined, it is necessary to develop operating procedures that will allow the plan to be monitored, assessed, and controlled. It is recommended that percentage standards be established to compare actual achievements with forecasts, on a regular (monthly) basis.
Performance indicators should be developed as part of the assessment and control system. When compared to established standards, these should indicate whether activities are being properly implemented. Stakeholders should be consulted to decide which indicators should be adopted in order to meet expectations. This is not always an easy process, as incubators normally have a relatively large number of backers, and the incubator may have to define its own indicators.
- Hint: A well-managed incubator can present its accomplishments to its partners and the community transparently, through quantitative and qualitative data.
Responsible Parties
Management and technical staff of the incubator
Indicators
To have a properly developed Business Plan, keeping paste with market trends.
Results
Knowledge of the incubator’s performance and the need for altering its short and long term strategies and objectives.
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