When business owners launch their coveted organization, significant amount of manpower and time is devoted to taking care of their customers, maintaining a well-trained staff, and creating strategies for future growth. A common topic too often left unaddressed in a business plan is how a small business owner will engage their stakeholders, such as the community and vendors. In other words, our business plan writers have found that some business owners failed to embrace corporate social responsibility.
Corporate social responsibility is when a small business owner takes into consideration how their actions will impact not only their business but their external environment as well. When small business owners embrace the concept of corporate social responsibility, then they often enjoy numerous benefits such as increase word-of-mouth advertising and free press. To implement corporate social responsibility, specifically caring for stakeholders, in a business plan, small business owners should take to specific actions, which are created a strategic plan and include a thorough business model segment related to stakeholders.
Strategic Plan focused on Stakeholders
Our business plan writers create strategic plans this specific manner. First, we identify a vision as to how a perfect strategic plan would be implemented and what it would look like when it is done. From this vision, we then create specific objectives to ensure attainment. In relations to stakeholders, small business owners should apply this concept. For example, in starting, the small business owner should envision the perfect relationship between various stakeholders, such as the community and vendors. Once this is complete, then make sure to create specific steps that need to be taken in order to achieve this vision. The final step in this process would be to succinctly include section in a well-written business plan.
Business Model designated to Stakeholders
When our business plan writers design our business model section, we make sure to put in at least a paragraph related to how a small business owner will utilize or consider stakeholders in their day-to-day operations. This paragraph does not need to be filled with specifics. However, just a broad overview to remind the owner and reader that stakeholders are an important aspect of their business and that plans are in place to ensure optimal utilization.
In summary, too often, small business owners failed to include specific discussions and strategies in relations to how they will interact with their various stakeholders in their business. To mitigate this issue, our business plan writer strongly recommends addressing the issue through strategic planning and brief discussions in a business plan’s business model segment.
Author: Paul Borosky, Doctoral Candidate, MBA., Author