Business plans are often touted as the most important aspect of a company’s strategy, and they are by far the most valuable form of business information that employees are handed.
There is no denying that it’s the way that businesses structure and present their plans that makes them so valuable, but a study by PwC shows that not all business plans are created equal.
The study, released last week, found that a whopping 81 per cent of the top 50 most popular business plans in the world are either a mix of business plans or business intelligence.
The findings are interesting in a few ways.
Pwc’s survey found that the majority of people surveyed did not have the correct idea of what a business plan is.
Only 20 per cent had the right idea of who would be the CEO of a business, for example.
Another 15 per cent said that they would only have the right person as CEO of the company.
That’s about the same percentage that would have a plan that was based on the CEO being an accountant, the CEO’s spouse, or a partner.
The data showed that, for a lot of people, they’re not using the right words.
Only 23 per cent used the word “employee”, for example, when referring to a business.
“While the term employee is often used in the industry as an umbrella term, this is not the case,” Pwcm said.
“We found that employees generally do not know the full extent of the role they will play, as well as what the role might entail.”
Business plans can also be quite complex.
Pembroke’s Business Plan, for instance, has over 20 pages, with each page explaining the company’s mission and objectives, and how employees will contribute to the company, but only two pages are dedicated to the CEO.
This has been a problem for a number of businesses, as many employees are confused about how to contribute.
“It’s also not a surprise that many are not aware of how to properly use their role as a part-time employee,” Pemstone said.
As a result, Pwcc said that businesses are using too many words, which can cause confusion and stress.
“Many employees have the idea that they’re the CEO, but they’re actually doing the work as a volunteer,” PWC CEO Andrew O’Neil said.
For a number more businesses, PWC found that many of them had not had the correct understanding of their role and were not being transparent.
“The result of this is that employees may not be able to share in the benefits of the business,” P wc said.
Many people are being forced to use their work for other purposes, too Pwcca said.
PWC said that for those who do use their business plan to work, they need to make sure that their company’s business goals are clearly communicated.
“There needs to be a clear understanding of the goals that the plan is about,” P Wcca said, adding that many businesses have problems when people do not understand what the plan entails.
“In some cases, they have the misconception that the CEO is the only person who has the authority to make decisions.
That can make it difficult for the employee to fully participate in the company,” PWcca said