TO WRITE BUSINESS PLAN OR NOT: IS THAT REALLY THE QUESTION?
After supporting many people through the intricacies of business planning, We are struck by the gap between what business planning entails and how people perceive it.
Time and again, we see smart people going to great lengths to avoid business planning, even though it’s precisely what they need to navigate business complexities.
Whether they admit it or not, those who succeed in business engage in some form of planning – or they hire someone to do it for them.
Success in business doesn’t happen effortlessly; it requires a high-level roadmap to align its elements effectively.
So, what exactly is business planning?
If you’re getting into business, you’ll be business planning.
If you’re considering starting or growing a business, you’re business planning.
The better your planning, the more likely your business will go as planned.
If you’re discussing your business idea with friends, bankers, or partners, you’re business planning.
If you’re researching investment costs or speaking with equipment suppliers, you’re business planning.
Business planning is essential for starting, buying, or growing a business.
The business planning I’m referring to isn’t only for large corporations; it’s just as crucial for small and medium-sized businesses.
Business planning isn’t just talk. It’s not fluff. It’s not only for academics or CEOs of big companies.
It’s certainly not a waste of time or too expensive. And it doesn’t have to be overwhelming.
So, why do many people go to great lengths to avoid business planning?
The key question for entrepreneurs and business owners isn’t whether to develop a business plan.
Jumping into business without a plan is akin to leaving your fate to chance.
So, if you’re diving into business with a basic plan, why not formalize it into a business plan?
This way, it can serve as a tool to communicate with others (such as bankers, investors, partners) and as a roadmap to guide you toward your goals.
That is the real question.
