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Q.2 When 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?

Business Plan

Business plan gives a clear understanding of the business as advised and mentioned in the business model. It assists in the marketing strategy of your organization and also explains how your business will develop a strategy in order to attract as well as retain the customers and to gain competitive advantage. In addition, it also clarifies about financial aspects of an organization for long term strategy planning. If a business plan is implemented successfully, then the objectives of the business model will also be achieved efficiently (Pinson, Linda, 2004).

Business Model

Business model is basically the function of operating an organization efficiently. Some of the key features included in the business model are to deliver and create an environment where the company can grow and expand itself in spite of rigorous competition. Along with this, business model also includes the social, cultural and economic aspects of a country (Mary. S Morgan, 2010). The process of business model is to develop and introduce a business strategy that can grow the company for future endeavors. Business model comprises of many factors and some of them are as follows: value proposition, identifies a market segment, revenue mechanism position of the firm, competitive strategy, etc (G and Bock AJ, 2011).

Interdependency between Business Plan and Business Model

Business plan is entirely dependent upon the business model; it is a part of the business model. The business model describes the money flow within the organization and the business plan explains regarding the structure required in order to achieve that flow of money. When business model is organized, so business plan is also developed. If business model is changed, then business plan should be changed because of its requirement (Brian R. Ford, 1993). Though change in the business plan does not mean that there is a need to change the entire business plan. Some of the key factors that need to be addressed are changes in staff, location, and equipment or related with marketing.

Potential Audiences

All the stakeholders of an organization have an interest in a business plan. Business plan should be focused on all potential audience including: employees, customers, suppliers, shareholders and board of directors. It all depends on the situation, what the company wants to achieve via business plan, but specific audience should be focused while designing a business plan. Some of the key ways regarding how to address audience in business plan are:

If the company requires capital investment, then the target audience is probably the investors and shareholders.
If the company decides to provide several stock options, then in this case the target audience would be the employees.
If the company is entering in other market and wants to expand the business globally, then the potential audience would be the customers. In this situation, capital investment from the investors is not required.
If a person is self-employed, then the business plan would be to focused on the efforts and addressing potential problems. In this situation, a person needs to polish himself in order to become successful in his work.

The next stage is to focus on key messages after the audience has targeted it. People with different interests read the business plan. For instance:

Shareholders of the company are eager to know about the financial plans.
Employees are keen to get the information about the company’s profitability in the long run, and how they will be benefited from it?
Customers are interested to know about the product quality and price...............................

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