Economic experts say we are in the midst of a market correction. Residential and commercial construction sectors are increasingly soft, bidding is more competitive and lenders are getting stingy.

Many of us have been through economic highs and lows over the years and recognize that this cycle happens every six to 10 years. The pendulum seems to swing from boom to bust. Whoever anticipates the bottom and top of the trend and strategically plans for it wins. During a tough market, business owners, including me, rejuvenate their focus on thoughtful, strategic planning to minimize the cost of procrastination during good times.

Plan your work and work your plan, right? Be careful. Many closely held business owners use this slow time to dust off and update the old business plan or spend huge money to hire someone to create the new master plan. The 5-inch-thick manual to revamp your business is chock full of excellent information, but you run the risk of overload and, without simplicity, the best planning cannot be executed. Analysis paralysis sets in.

Time is the enemy, so keep it simple. The challenge is breaking down a plan into only the critical components in order to make reasonable progress and improvement.

I have spent many years and a lot of money reviewing varying levels of sophisticated project management methods, implementation strategies, and trial-and-error strategic business planning. My observation is that the most effective plans for leading/moving a group of people towards a common goal contained either Xs and Os written on a halftime chalkboard, arrows scratched in the dirt, or brilliant ideas written on a napkin. In other words, don't go overboard — keep it simple.

Here is a list of common criteria and best practices for building a simplified Business Battle Plan:

• Clear
  A pre-determined format for enterprise-wide plans is recommended. The same criteria apply to the CEO, CFO, estimator, foreman, and anyone else contributing a plan. A fill-in-the-blanks format increases speed, focus and is less daunting to complete.
• Concise
  You can read business plans in five minutes or less. This means they fit on a single page and have plenty of white space. If you cut through the fluff and boil down the components that are key to a business, individual contributor or a strategic project's success, a lot of information fits on one page.
• Measurable
  Milestones and tasks need to be identified, clearly assigned and measured on a monthly basis. Typically, whatever gets measured gets done, or at least is improved. Progress reports become less cumbersome and poorly executed strategies are not forgotten.
• Inclusive
  Whoever contributes to the success of the master plan should have a supporting plan of their own. Present and distribute the company-wide master plan draft to appropriate key employees and invite input. Finalize the master and then assign and approve their personal plans. Unscientifically, but generally speaking, collaborative plans created by managers and employees are much more likely to be executed than dictatorial plans.

Planning outlines and templates can be found in a wide range of books on the subject and also can be downloaded from the Internet. But in the spirit of keeping it simple, here are some recommendations for a plan format that fits on a single page, or a big napkin.

Divide a single page into five equal sections containing these five headings: Vision, Values, Objectives, Strategies, and Deadlines. The best leaders and managers I have known are always clear and specific about what they have planned for the future, what it will take and what they expect from their team. The terms tend to be interchangeable; pick a maximum of five, define them and run with it.

Vision — The vision contains components of time period, such as three, five, seven years; size (revenue, personnel); scope (product or service); and target market.

Values — The tag line must be short, eight words or less, memorable and descriptive.

Objectives — These contain only the top five to eight critical success factors. They must be easily obtained measurements and be reasonably attainable.

Strategies — Describe how you will achieve your objectives and vision without compromising values.

Deadlines — Write down critical timelines, milestones and specific "drop dead" dates. Use project plans and task calendars to monitor progress and stay accountable.

As with most things in our industry, careful thought and preparation on the front end makes for the best product on the tail end. Remember, measure twice, dig once.

A business battle plan developed, delivered and driven by the leader can provide excellent focus, communication and accountability that result in a highly executable strategy.

As the market gets tougher and you direct your attention to specific strategic business planning to dig your way out, consider these ideas for an exercise in focus. The benefits of creating a culture where everyone contributes and is literally on the same page can be very powerful and profitable.