It's Not The Business Plan - It's The Process
Is it really possible to succeed in business without a plan? I'm beginning to think most folks thinks so. Whenever I ask a prospective client if they have a business plan, more often than not the answer is "no."
Whether a start-up or an established business, I'm finding more and more companies are bypassing that important first step. And, if they did have a plan when they launched their business it hasn't been updated in years.
There has always been debate regarding the need for formal business plans. I can certainly understand why folks challenge the need to invest their time and energy in creating the document. When you're anxious to start a business or grow an existing business who wants to waste precious time writing a business plan?
After all, as my clients and prospects are always pointing out, "a formal business plan does not equal success."
They are absolutely right. But here's the thing, it's not really about the plan. It's about the process. The planning process is as vital to business as steering is to driving. You can have a destination in mind, but if your hands aren't on the wheel you'll never get there. It's as simple as that.
You'll discover what you know and don't know about your business through this planning process. Most importantly, it allows you to - in just a few pages of bullet points - establish your business goals and outline the steps needed to achieve them.
Here's your short list:
- Business concept
- Business goals
- Growth factors
- Priorities
- Milestones
- Cash Flow
Personally I don't care if a client or prospect has their "business plan" written on a napkin or the back of an envelope. If they cover the items on that short list they are providing me with the information I need to create an integrated marketing plan that will successfully launch or grow their business.
Remember the goal is not to write a book, the goal is create a road map highlighting what you want to see and do along the way to launching and growing your business. Don't hire this task out, you need to go through the process. There are specific goals and milestones that you are accountable for - it's your decision on what those are.
There are a variety of resources available to walk you through the process of developing your "business plan."
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