Business plans can be prepared in several different ways. At first, a work plan detailing
assignments and due dates should be prepared. A common approach is for the head of each
management area - such as marketing and sales - to write the section of the plan that
pertains to his/her area. Then the chief executive reviews the drafts, discusses inconsistencies with the managers, and revises the material. Another approach is for the chief executive to write a full draft of the plan and then distribute it to top management for input and revisions.
Between these two approaches are many variations. One approach is not necessarily better
than the another - provided that everyone involved understands what is expected. If managers are charged with writing specific sections, they should be involved in the outlining step and be given a realistic timetable for completing the task.
An approach that should be discouraged is to engage outside consultants to write the plan.
This may seem like a good way to save valuable management time, but most financial experts
likely to read the plan can spot one written by a consultant and will usually disregard it or
discount it heavily. Potential backers want to read management’s plan, not some outsider’s
perception of what one should be.
assignments and due dates should be prepared. A common approach is for the head of each
management area - such as marketing and sales - to write the section of the plan that
pertains to his/her area. Then the chief executive reviews the drafts, discusses inconsistencies with the managers, and revises the material. Another approach is for the chief executive to write a full draft of the plan and then distribute it to top management for input and revisions.
Between these two approaches are many variations. One approach is not necessarily better
than the another - provided that everyone involved understands what is expected. If managers are charged with writing specific sections, they should be involved in the outlining step and be given a realistic timetable for completing the task.
An approach that should be discouraged is to engage outside consultants to write the plan.
This may seem like a good way to save valuable management time, but most financial experts
likely to read the plan can spot one written by a consultant and will usually disregard it or
discount it heavily. Potential backers want to read management’s plan, not some outsider’s
perception of what one should be.
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