“If you want to be successful as a business owner, you’ll need a business plan early on.”
I’ve lost track of how many times have I heard that advice in my career as a business owner. But in recent years, numerous experts have stepped forward to dispute the need for a business plan. There are disadvantages to such intensive planning that we should recognize before we get started. The biggest of those is that we may waste hours of our time on something we don’t even need.
My business planning experience
I put together a business plan because I read that a new business owner needed one. Someone might ask for one, and I needed to be ready to hand it over. I also thought that the process of putting the plan together would help me learn more about my business. I’d be forced to come up with a mission statement and carefully plot out my goals for the next few years.
Sometimes when you’re looking for investors or funding, you’ll be asked for a business plan. It may even be a requirement as part of the application process. Some business partners might ask to see one and while that didn’t apply to me, I did learn that big clients might ask for one. If I put in a proposal for a big job with a potential corporate client, for instance, I might need to hand over a business plan to compete with all of the other businesses that have one.
Business plan creation
There are plenty of templates out there that can make creating a business plan easier. However, you’re still going to put in hours of work. You’ll need to pull in detailed information about your finances and budgets and learn as much as possible about the market....
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