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Wednesday, November 07, 2007

Business Plans - Who Owns Them?

When setting out the business future or applying for funding it is usual to find support in the form of a business plan.

However, business plans are often not only found to contain omissions and mistakes that are easily avoidable, but also the business owner may not fully understand or appreciate the expectation placed on him/her to deliver the forecast results published in the business plan. If the document is for internal use then the fall-out of not achieving the forecast results may not be as grave as if the plan underpinned an application for funds.

The business adviser may prepare the plan, but the ownership of the business plan is not always understood to belong to the business owner.

Consequently, care should be taken when instructing the business adviser to ensure the business strategy set out in the plan can realistically be implemented and the forecast results achieved.

The business plan should be looked upon has a set of promises that the business owner can deliver and not a 'wish list' of opportunities that cannot be implemented.

It is, therefore, important for the business owner to understand all aspects of business and the adopt a 'will do' midset.

Learn more on Business Planning and Business Mentoring.

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