Business operations can be attributed to a wide range of activities, which are typically classified under three categories: Operations, Maintenance and Management. Though there may not always be things happening within all 3 sectors at the same time – there is usually always something going on.
There are two types of operational cycles within business management – Activities, which are how we create value from existing resources (cash flow), and Projects, which are planned initiatives aimed at increasing productivity or efficiency of these resources over time.
For activity cycles (such as Sales) it makes sense to determine sales targets in advance so that we don’t run out too quickly! And for Project cycles (like Innovation) – it’s important to establish goals and strategic plans early because they take longer than short-term activities and require greater focus.