irWhen writing a business plan, what are the potential audiences that you should address and how would you adapt your business plan to each of the audiences When a business plan is written for a company, there are multiple audiences who will be reviewing it as well as utilizing it for the implementation factor. A business plan is the basis for answering questions to implement ideas and objectives for a successful business. Once a business plan is written, a successful company will use it as a road map, and make adjustments to it as needed.
However, a business plan, for it to be effective, must be communicated to those groups who need to know what the desired goals and outcomes are. These groups include owners, employees, boards of directors, shareholders and communities. They are discussed as follows. For a small “mom and pop” company, the business plan should be reviewed and utilized by the owners of the company, any management team that they have in place, and possibly the employees of the company. This details to each of these groups how the company will be run, the way to measure success and profit, as well as determine why things happen the way they do.
It also details marketing information as well. When discussing larger companies, all of the same people from the smaller company would need to review and implement the business plan. In addition, however, there may be a board of directors who would need to understand the business plan and reinforce the components of it. A board of directors is a group of individuals who make up an advisory committee to the company and makes decisions based on what is good for the company. Many times the board of directors is made up of company executives, shareholders and members of the community.
This allows the board to make vital decisions that impact all of the groups, but also do what is best for the company based on the business plan. The next group of people that would need to review and understand the business plan is all of the employees. This would be everything from the top executives all the way to the people who handle the daily operations. If an employee of a company understands what the goals of the company are, as well as how the company plans to attain those goals, it is a great deal easier for that employee to know how their actions will impact the bottom line.
It’s easier for that employee to buy in to the company and have increased and positive employee engagement when the employee knows what the expectations of the company are from the business plan. Another group of people who must understand the business plan and the direction of the company is the community. The community must know and understand that the business has a divested interest in the community and the success of the business is paramount to that. If the members of the community see what the company will do to improve and revitalize the community then they are more likely to purchase the products or services.
With community buy in, this will allow for repeat business for the company, and the success of the business plan. The last group that must understand a business plan and use it for the success of the company is the shareholders of the company. Shareholders invest their money into a company with the expectation of a profit. The use of their money helps raise capital for a company, and allows them to make a company profitable using internal money as opposed to borrowed money from a bank. With all of the groups above understanding and reviewing a business plan, this will help with the probability of success for a company.