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...