The responsibility of an update belongs to the business’s leadership. However, the business plan “should be reviewed by all stakeholders to ensure everyone agrees on the direction the company is taking,” says Yvonne Petterson, a business consultant at Ground Floor Partners.
Consider setting goals for each member of the team when it comes to business plan execution and adjustments, as well.
David Henzel of LTVPlus describes his business’s planning process as creating both a “long list” of tasks to accomplish over the next year and a “shortlist” of tasks to accomplish by the next business plan review session. “This helps us stay organized and break our larger goals into smaller, manageable tasks,” says Henzel.
As the business grows, goal-setting can help leadership keep teams on track without requiring every employee to be involved in business plan adjustments. Clear goals can help everyone in the business understand where, why, and how the business is aiming at a certain achievement.