today (December 2020) people feel they don’t have the time to do what important. they definitely don’t have time to do the unnecessary. far too many business people feel a business plan is unnecessary. if you know me, then you know i place a lot of the for this on the media. they sensationalize the elevator pitch or the “plan on a napkin” leading to all the funding a budding business owner needs.
while it makes for good articles, web videos and TV, its not good practice. business plans are still needed and still written by many. business plans are needed both internally and externally for your organization.
internally a GOOD business plan will:
-force you to learn more about your business & industry;
-make HONESTLY assess you, your team and your business;
-give you insight to your competitors;
-remind you of the path youre to be on;
-and so much more
noticed i typed a GOOD business plan. creating a fluff document that paints you, your team and your business in the best can’t fail light doesnt help at all.
externally a GOOD business plan will:
-convince an undecided funder youre worth the risk;
-replace lack of time in business
–ex: some certifying agencies will accept a biz plan for those that havent met the required time the 1 or more years required
-show a corporation that your firm aligns with their to win their business;
-and so much more