Who writes business plans

Was reading an article on the new york times’ blog today that broke down why all entrepreneurs should write business l academic research on the business start-up process reveals that many entrepreneurs never write a business studies also show that writing a business plan helps entrepreneurs in a number of ways, including improving their odds of successfully developing a new product, organizing a company, accessing external capital, obtaining raw materials, generating sales and surviving over time. Regardless of what measure of performance academics have looked at, research shows that writing a business plan has a positive impact. I have started a fair number of companies and have never written a business plan. Now, you could say that is the reason why a lot of my businesses failed, but i could make the argument that financially i’ve still come ad this bite sized cheat sheet to learn why you shouldn’t write business is why i think you shouldn’t write a business plan:Business plans do not equal you are trying to raise money, you’re probably considering writing a business plan, right? I hate to be the bearer of bad news, but i don’t know of anyone who has raised money by writing a business y 30 of my close friends have taken some sort of venture capital or private equity financing. And none of them raised that money by writing a business of them did make a power point presentation, and a few even wrote executive summaries, but they didn’t write business er, most investors don’t want to invest in a “plan. You don’t have to be making money, but they want to see something more than just a piece of potential investors happen to request a business plan from you, ask them if they are actually going to take the time to read carefully through it. Your business will constantly evolve and change, and if you want your business plan to stay up-to-date, you’ll constantly have to modify you start your company, you’ll soon realize that a lot of decisions will have to be made on the fly and that you will have to rely on your intuition. Small business administration, over 50% of small businesses fail in the first five years because of lack of capital and lack of entrepreneurial i mentioned above, writing a plan isn’t going to help you get capital. And if you are looking to gain experience, you are better off spending time working on your business rather than writing a biggest reason why i have never written a business plan is that it takes me away from the business. Spending weeks on something that has no proof of impacting the success of my company is a waste of you have somewhat of an understanding of what you are going to do and where you plan on taking your business, you should spend all of your time acting on it. Writing a plan will just slow you down on your way to  business world has a moment, think about all of the things that have changed in the past year. So many things have probably changed that you take a lot of them for logy is constantly evolving, and the way you go about operating your business isn’t the same as it used to be. But the problem with business plans is that they haven’t evolved with the business world. You think having a business plan is going to increase your odds of success, it won’t. There are no stats proving that writing a business plan is going to help you succeed. So, do yourself a favor, and save your a closing note, i would like to leave you with a few words from steve successful businesses today would not withstand academic scrutiny. I think a plan is good, but serendipity and opening the business up for opportunities can be even better. Red bull’s initial aim was a drink for long-haul truck you think it’s worth creating a business plan? If you want help with your business plan or fine tuning your company click you want to break through to real profits online, you need some serious firepower. 15, 2009 at 10:14 i agree that you will learn much more from actually doing rather than planning, having the framework for your long-term objectives and core competencies is an important asset to your a business forgets it’s focus and primary discipline then they risk losing any edge they might have had in their segment. However, having a set list of objectives and direction for your business will do more to keep you on track and in line with your mission statement than simply a few powerpoints and and executive er 15, 2009 at 6:10 point is that you shouldn’t rely on the business plan to get you the major deal you’re looking for. Your job should be to earn and create the business while someone else creates your er 16, 2009 at 5:16 am. Business plan is an indispensable tool for an entrepreneur and not only because of its importance to the fundraising process, but because of how it helps businesspeople crystallize their strategy and evaluate their er 16, 2009 at 6:27 so much… you don’t need a plan to get a vc to fund your er 21, 2009 at 1:42 am. A business plan is something that takes away our focus from where it has to be. To sit all day and to read a paper which says how to guide your business is waste of time. Spend that time by doing something that really helps your er 22, 2009 at 10:39 y… your time should be spent on how to build a business, make money, and successfully manage age | web design :June 7, 2010 at 10:54 ng and managing, whilst making money is the challenge. Our first business we never really made money, but after building the shop up for two years we were able to sell it on the basis of our accrued hard work, and made our profit 9, 2010 at 6:09 ng a business take a lot of time energy and effort, obviously you were able to see that and have proven it to be a concept that’s 16, 2010 at 4:47 isn’t a business plan a plan for “how to build a business, make money and successfully manage it. Plans are not useful in and of themselves for raising money in the “hey read my business plan and then give me money. However that workout plan is in fact your “business plan” for winning that ss plan writing is the workouts in the gym that get you in shape to ne entrepreneur should write one, understand it deeply and then put it in a drawer and get to the starting line ready to 17, 2010 at 10:29 problem is that people think that having one ensures success. That’s not the er 14, 2015 at 6:27 is probably the worst advise i have yet to come across in regards to writing a business plan. First of all, business plans, not only teach you structure, they can give you a better perspective on your earnings, outgoings, salary etc…. Neil is completely contradicting himself, when he speaks about your business constantly evolving, but what about the people that are not up and running, you have to start somewhere. You’re not going to stop doing a business plan because your business is evolving. If your business is evolving, that would be the best time to submit a plan, so that investors can see you are on your way and making an advise is for lazy people who don’t want any structure. Just sounds like a bitter child throwing his toys out of the pram because no one accepted his business er 14, 2015 at 7:16 , i am sorry you feel that way. I have always hated business plans but was forced to learn it so as to know what they actually are suppose to look are so right that the time and hours i took learning how to prepare a proper plan that to me made no sense as a bp is so very you cannot put the pulse of the market quarter by quarter in a bp. If they cannot get it in the first 2-5 minutes ry 14, 2010 at 2:43 ’s true we never write business plans, we just execute our ideas, and thats why we’re called entrepeneours, allright! Yes definitely have a business model but it does not have to be er 16, 2009 at 7:00 will definitely change… especially during the beginning. Have a model sure, but don’t expect to have it make or break your er 21, 2009 at 1:45 thing is that you can’t raise a business by following a model or a piece of paper. You make that business successful by adapting to the market er 22, 2009 at 10:41 and overcome is the motto for any successful entrepreneur. But spending the time to put a business plan together may only provide a good picture into where a business came from because 99% of the time they never stay the same due to changes in er 15, 2009 at 6:11 should always keep your plan with you at all times… making changes etc. If they are not, fruitful discussions can be started which are better to get out of the way at this early stage while plans are still much more er 16, 2009 at 6:28 y, thats how it use to work, but you gotta understand that all these elaborate business plans don’t mean squat. You need a powerful idea with amazing skills to sell er 21, 2009 at 1:57 market has changed and so did businesses. I am very curious if the person that wrote that article actually has a business going and if so i wonder if he has a business plan. It’s easy to write about something that you have no idea how it really er 22, 2009 at 10:45 know what, they may or they just may not… but either way, it’s what will make or break what they have going er 15, 2009 at 10:46 , i absolutely think it is worth creating a business plan.

Who writes a business plan

A business plan can be as a list of people and companies you would like to build successful relationships you have any list like this? I usually just “wing” my networking er 21, 2009 at 11:29 can a piece of paper add success to a business? You have to build a business by instincts and by market needs not by something that your wrote some time ago on a piece of paper…. It’s not something you as an entrepreneur must create… your focus needs to be on how you’ll make the company er 22, 2009 at 11:02 you start a business and you focus just on the business plan than you will have a problem. As i said before, a piece of paper will not make your business er 23, 2009 at 10:56 unfortunately belive that, that piece of paper will get them massive amounts of funding to start of their next project. As a corporate lawyer specializing in the representation of entrepreneurs, i give my clients the same advice that brian halligan, the founder & ceo of hubspot, gave to his audience last week in a speech at the puerto rico venture forum: “don’t waste your time with a business plan. Thanks for the input scott… it fits in perfectly with what we’re talking about er 22, 2009 at 11:06 post makes everything more clear for those that didn’t understood until now why you don’t really need a business plan. If you write a piece of paper before you start that business and the market changes with time how can that old and obsolete piece of paper help you then? Try spending that time by doing something that makes money er 23, 2009 at 10:55 time and focus should be on what you need to do right now to build a consistent cash stream to flow in your direction for the many months er 15, 2009 at 11:49 plans are for finance dorks and accounting geeks. I tried to start a business with my friend, he wanted me to write a business plan, and get a lawyer to legaly form a company. Can completely understand your argument and will not spend my time writing a business er 15, 2009 at 6:26 i was able to convince you so easily 😉. 6, 2015 at 9:44 some bp may be hard to write than doing business itself, believe me if i was to told to write a love letter b4 proposing love to my wife i think i wud’nt hav bn married by now. Business plans are good to test the amount of money you will make on a business. If you go through the business plan and in the end it will take you three years to make $25,000, you might want to pass. But you are right, most business plans are just “here’s what we think would be awesome. 22, 2009 at 11:23 you didn’t do that than you haven’t lost much 🙂 keep that business working by other means. Anyway, you should write what you feel and what you experienced through life most people will like you for your sincerity and life lessons you give er 23, 2009 at 10:54 usually like people who are genuine and down to earth… those are the types of people (people) like to deal er 15, 2009 at 1:34 a business plan is probably worth something, it’s sure not a most have but it helps you think on things like revenues, money, profit, the most important thing when creating your business is to ask yourself, how you can make money out of it, if you can answer that question on the fly, don’t bore yourself with a business plan, if you can’t! Boy, take a piece of paper, turn on your computer, get a pen, and make a business plan, at the end of the day, you may know if there’s any chance for you to make money or not, this is not bullet proof but, at least you will always keep in mind “i’m on this to make money”. I don’t write business plans, because the first question i use to ask my self after getting the idea is: “ok, great, how can i make the most money out of this? 15, 2009 at 6:20 ’s a great way for you to take ideas out of your head and put them on paper but that’s about it… in order for a plan to work successful, it’ll need be altered changed, and altered some more during your business’s journey. But then, i am not neal patel, nor have i been nearly as successful as a business person. I have viewed a couple of youtube videos on the subject of the one page business plan, and i found that to be very helpful. 15, 2009 at 6:17 can also just buy a pre-maid business plan and throw in your info there… but the point is that it’s not what’s going to take your company from iel broughton :December 15, 2009 at 2:42 pm. Know it’s probably not the way most web-entrepreneurs go, but if you want an sba loan, you need what amounts to a business plan to apply. There are actually several sites out there that give you the platform to write something up for situations like er 15, 2009 at 2:42 article rings very true, there are too many things you can’t predict in business. If something comes up and appears to be an obstacle, you might avoid it because it’s not part of your business plan, but if you are malleable in your business then any obstacle can become an good reason to write a business plan though is to do it for yourself. Don’t expect it to be what makes you a ton of er 22, 2009 at 11:30 thing is that if you write a business plan today for example and you follow it until a point where what is written there don’t apply to the market anymore. It’s ok to have a business plan for helping you remember some ideas but do not think that a business plan will make your business er 23, 2009 at 10:52 ss plans are great for writing down your ideas and stuff, but then when it comes to taking action… just go do it! 15, 2009 at 6:53 written post, and you make some good points, but i think you’re missing the point of business planning: it’s about managing better, dealing with uncertainty by breaking it down into specific points, and then tracking the differences and relationships as things ’s not at all about guessing right; it’s about laying out the steps and relationships between the different factors, so that as assumptions change, and plan is different from actual — and it always will be — you can relate back to what you thought would happen to simplify the adjustments for what actually did it’s not about the document. Get what you are saying, but i still think you can lay things out without creating a business plan. Maybe i am just one of those people that never really writes anything er 16, 2009 at 5:15 ss planning needs great flexibility and business leaders who have their sights on the ‘big picture’, the long term goal, will invariably be willing to respond to setbacks, with an attitude of “what can i learn from this? 16, 2009 at 6:20 , business planning is great and essential, but what i’m saying here is that it’s not what’s going to “sell” the investor on the idea… they just don’t have the time to look everyone’s er 15, 2009 at 7:38 pm. Then, and only then, will you get to have more of what you er 16, 2009 at 6:54 you must get the knowledge, do the research etc… but your idea doesn’t have to be laid out in a nice detailed business plan format for it to ring a bell in a vc’s er 16, 2009 at 5:40 … you need to have something, but not necessarily a structured “business plan”. What is more important is of course how you do it and your ability to manage the business. People should concentrate more on setting up the business at some small scale er 15, 2009 at 9:39 pm. Ve always tended to think similarly when people tell me i should take the time to write out a business plan.. I always tell them that if i write a business plan today, tomorrow it could be outdated when i come up with a new twist or feature that changes how it makes while it’s good to have a general plan, it should be allowed to morph. 16, 2009 at 5:46 business plans, you need to understand that you have to change it almost every single day. Couldn’t agree more, anyone pushing a business plan on you has a vested interest in some service or product that helps you to write one. Their very own business plan is to make you have one using their service/product! Ly doing your business is far more useful than writing about a plan, on any day! Most people that say business plans are a must probably have a consulting company or something that gets money from writing those plans and of course they will not be satisfied if someone says that a business plan is not er 23, 2009 at 10:51 very true catalin… just like i said before, it’s in their best interest to say that because it’s how they make their er 15, 2009 at 10:10 ss plan do have their role. It is important to know where you are going else you may lose er 16, 2009 at 5:48 , but you can do that in other ways… the problem with business plan’s now is that they are easily outdated within even a few days. A business plan does not need to be a 200 page, detailed post-mortum of your thinking – but having somewhere a written down idea of where you are, where you want to be, and how you are going to try and get there is an advantage. You might not call what your friends presented a ‘business plan’ but i suspect it had all the elements of one. Winging it’ is an important part of business, but if you can plan the normal direction, you save time on decision making.

The better you can manage yours and your investors risk, them more chance of surviving you er 16, 2009 at 5:12 businesses are the same, just as no plans are the same. Your business plan might seem like a daunting task but the results it will produce will be worth it and if you are having trouble writing the plan yourself there are many websites that offer help and, along with your help, will actually write the business plan for er 16, 2009 at 8:12 am. Not all venture capitalist will buy a song and dance anymore – they want er 16, 2009 at 6:41 also makes a big difference with the type of business your setting up. You should not personally write the plan, as an entrepreneur, your job should be focused on the company’s money model… leave the plan to someone er 16, 2009 at 6:18 business plan is something you need to change… every single day practically. I am sure they do not have any business plan wrote, but instead they are thinking how to convince people to choose their services. Write business plans for other, write business plans for other, write business plans for others…and that is how they make er 23, 2009 at 10:50 true… that’s why you can’t really go by what they say, there’s a conflict of er 20, 2009 at 9:29 idea, rich, is not to spend your time creating the plan for one, and two, not relying on the plan to be what pushes a decision maker to make the decision on your er 16, 2009 at 4:10 am. To me anyone who thoughts big and works extremely hard and smart while displaying strong leadership qualities is an sometimes wrongly label such individuals as egotistic or lusting for power/money but more often than not they are simply last i can say, it is necessary for any business man to create perfect business plan to gain better value in we are not able to make right business plan then in future may be we are loose to achieve our er 16, 2009 at 6:53 ’s not what makes or breaks your business…. Your business must have a foundation to start from and you have to give your business time as success will take longer then merely er 16, 2009 at 6:17 you must have a business plan, don’t spend your time creating one, have someone else do it. The study done i believe at harvard found that the four percent who wrote their plans for the future got to them. While a plan does not have to be the 100 page business plan and include all points, i think it is safe to say that with out a map how the heck do you know where you are going. I can give you plenty of companies who have business plans who made didly squat and then plenty of them who didn’t and took over the world. Business plan assumes that anyone could step in and make the business succeed if they just “follow the plan”. Business plan cannot remain the same through out the year… it would need to be altered and fixed to be with the @how to make money online :December 16, 2009 at 8:03 am. Starting a business without a plan is like entering a sporting event and not having a game plan. Business like in sport…the best prepared team usually does the er 16, 2009 at 6:42 it’s not that you’re not prepared… you don’t need to rely on that being the “sell” of your @how to make money online :December 19, 2009 at 6:40 am. If your whole reason for creating a business plan is to gain financial backing then you are really missing the real reason you should create a business plan. I believe if you don’t plan for success, then you can plan on er 20, 2009 at 10:13 have to plan on what your business is going to do, but like you said, you can’t rely on it for financial backing. Many people think a business “plan” means a multi-page document with a ton of crap in it – however, the powerpoint you mention and excutive summaries are in fact business plans. Anyone who wants to go into business has to “do the numbers” so to speak and need a model – you have to know your competition and how you are going to market. I can’t keep it in my head – these are also my some business research and making notes, can be a business plan. Heck, even southwest airlines started with a buiness plan – yes, on a cocktail napkin but it was a can advise people not to write a business plan but some may take this as “don’t plan. Never raised money for a start up but did raise around 250k to grow a business i satrted in my early twenties. Short term (3 months) and i paid sraight up 18 take away from the experience and this post:People may be interested in investing in what you are doing… not so much in what you’re thinking about g numbers on the board, showing any sign of growth or positive cashflow gets investors excited i @ home business er 20, 2009 at 9:24 for the thorough insight joe… i’m happy to hear that your project went well. Discouraged, i decided to revamp my entrepreneurial , 12 months later i am going back to him with a very successful business, an executive summary and a need for money for a bigger office and an expanded payroll… no more 36-pagers – ever! Ve always wondered about this, i am a “budding entrepreneur” and i thought i was going to have to finally sit down and write a formal business plan; which was never going to happen, i don’t operate that way. My plans are most often by the seat of my pants with adjustments made on the you for putting so much thought into this post and to help me come to some sort of understanding and self agreement that it is okay to or not to do a business plan. Think everyone should do what works best for them when it is all said and er 16, 2009 at 6:50 your plans can be on a napkin for all people care… it comes down mainly to your ability to hustle and get yourself and brand out there. If something is working for you, don’t change er 16, 2009 at 11:43 not a big fan of business plans just go with my ways and what works out, works er 16, 2009 at 1:55 that work if it works for y0u. But when you become a big company i think we can all agree that you need a business plan inorder to get important investments. Think we are just redesigning what a business plan is or maybe i really am not sure what a business plan is. So you need some er 16, 2009 at 6:48 power point is really where you’ll need to put your efforts… if that’s what you consider a business plan that’s perfect fine er 16, 2009 at 2:28 pm. Think it depends, if you’re starting up a web venture then no, you probably don’t need a business plan, you just need a great idea and some kind of start on you’re starting a restaurant or a brick and mortar then yeah, you probably will need a plan to secure er 16, 2009 at 6:46 you need to present an idea to the bank (usually a b&m) then yes, it’s required… but for most web based businesses, it’s simply not necessary. Like “how many units of x, at y price, do i have to sell in z timeframe to make this business self-funding? The answer to that question, and all of the thinking that is necessary to make the (self-funding) equation work is the essential guts of a start-up business plan. But for most entrepreneurs, it’s about figuring out the combination of marketing, sales, product, and operations that get the business to basic mathematical exercise is not a “business plan” per se, but it gets the job done and focuses the mind on the important , great article! For almost every blog, a business card really isn’t necessary what so er 17, 2009 at 12:08 deck is a must. My, somewhat bankrupt, business teacher went on and on about how business plans were a necessity to get loans, investments and to get anywhere – how wrong they were. A friend of mine wanted to go into business with me and, whilst i was doing all of the hard work, he spent months writing a ‘killer’ business plan, that i still haven’t seen! You’re not going to start up a shampoo company by having a ‘killer’ business plan. You’re going to start up a shampoo company by making some great shampoo and marketing it er 17, 2009 at 5:41 said it right luke… business plans are good, but it’s not what will make or break your chances on getting funding. You are taking the opposite extreme and neither position is ng a two-page executive summary and or a 20 slide ppt can be just as difficult and useful as drafting a 20 page business plan. Its kind of like someone who lives paycheck to paycheck, eventually you lift your head up after 5 years of struggle and you have gotten addition, your point about the future changing so rapidly it makes plans irrelevant relies on the assumption your business plan should be static. Have written several business plans, executive summaries, and a few ppt decks and found them very useful in getting me to focus on what it was i was doing and what the objective that equate to success, not yet, but did it further develop my skills, absolutely. Probably in the time to develop a plan and you will benefit from it no matter what the outcome of your current venture is, i er 17, 2009 at 5:43 for all your input but you need to understand that business plans are great… but they just aren’t necessary. 20, 2009 at 9:20 have a plan, understand your market, but it’s not necessary to form an organized formal report about er 17, 2009 at 7:13 the way the lesson i learned from being forced to write a business plan. Liked guy kawisoki’s position on this create your pitch first and them make a business plan around it that is what is more important is how you will present it.

It’s a good idea not no get stuck in the muck of business plan er 20, 2009 at 10:42 is the way to do it… since you shouldn’t expect any type of financial backing from a plan, focus on how to sell someone on how you can and will make them a ton of er 22, 2009 at 2:36 was the thing that was the hardest for me to get when i was building a business, instead of trying to raise capital focus on developing customers, even though we didn’t have a product. Think its good to have a plan/outline but its not completely neccesary to have a complete 30 page business plan with projections. I took a few entrepreurship courses and all of them stressed about how you need a business plan. The allmighty business god who will approve my business plan and say you can now run your business?? I was treating it like a job application thinking after i get it done i will have a business. You dont have to follow certain steps to run a business its actually the trailblazers/mavericks that are the most successful not the people that go by the er 20, 2009 at 8:30 am. 20, 2009 at 10:04 give you details on it, but the only experience or knowledge you’ll get is by actually putting it into er 20, 2009 at 10:22 … business god. Great way to put it… “you dont have to follow certain steps to run a business its actually the trailblazers/mavericks that are the most successful not the people that go by the book. Personally, i have to agree that you don’t necessarily have to write a perfect business plan. Yes it’s ideal, but what you need is a good presentation of your business plan how you are going to persuade them to approve your loan. Agree and not agree with the i hate it to sit down and write a business plan, i just don’t do it. It really is a bit of time wasting to do so as it blocks the creativity (and passion of the moment) to get out there and get you don’t have to write a business plan, a plan would just be fine. 50% of small businesses fail in the first 5 years because of lack of capital and lack of entrepreneurial experience. 22, 2009 at 10:55 it’s true because everyone thinks that they can start up their own business and make a lot of money… by putting in way too much into the business along with the “newbie” factor, most people just don’t end up making er 21, 2009 at 8:37 am. Plan is great to have to have your thoughts in order, but it’s nothing more than er 21, 2009 at 8:51 a plan does not have the expectation of changing tech, changing market conditions, changing legal landscape, etc built into it, maybe its a poor er 22, 2009 at 10:36 are very different expectations one can have when running a business, most of which are unpredictable. Stop blaming a piece of paper and start blaming yourself if your business doe’s not er 23, 2009 at 9:15 y… it’s what you do…not what you write on a paper. Take the responsibility by going out there and taking er 21, 2009 at 8:59 the red bull comment, they had a plan– the right plan: ““the business plan was very much about a soft launch, seeding the product with key people and opinion leaders”. This post reminds me of “the clock of the long now” — one of their conclusions about the shortening cycle of business was that it was basically evidence that we’re all headed towards some kind of singularity. You can’t expect anything more to come from it ss plan professional :December 26, 2009 at 7:06 may or may not be able to plan everything but i believe business plan would at least let you know what you are going to do and its a fact it can help you achieve your goals if developed properly and not just thinking about the er 27, 2009 at 4:38 pm. Business plan is a fantastic way to write down your ideas and take them out of your head and onto a piece of paper… but they certainly aren’t necessary to help you gain funding for a potentially large er 26, 2009 at 7:29 i started my business everybody told me to write a bp too, but i didnt, my question was what for? Things never roll out like u plan them cuz theres always the x factor that can hype or destroy ur business. Its way more important to follow ur goes for people telling u listen to him and her to get an advice, thats fine and alright, but its better to think for urself takes way more than a business plan to do business, aint the daily life everybodys business plan 😉. A business plan can’t really sell a person on what the results will be…. But only as pre-business phase, before you start rollin’, it defiantly answers some good questions; should you get involved in such a business? But the problem is that people expect unrealistic things from creating plans like the one we’re talking er 29, 2009 at 1:53 blog neil. As someone who didn’t really have any entrepreneurial experience and decided not to write a plan, i could say i successfully bootstrapped my business into earning close to six figures in our first year. Therefore, i can attest that running a business does not need a written r, it depends on who the person is…if you are great at adapting to the times and practicing flexibility you will do great without a plan. But if you are someone who needs a roadmap then writing a plan with a couple mentors and peers would help your business immensely. I will pass on the business plan…my time is better spent nurturing relationships and providing value to my community. I just did a blog post about the concept of free, instead of developing a business plan i would recommend creating your encyclopedia of er 31, 2009 at 12:24 for you parham… you’ve been able to accomplish something with your business that probably 99% of entrepreneurs fail to do. Savings accounts :December 30, 2009 at 9:51 ss plan is also important of course it might not help you succeed if you miss to do it but plans serves as er 30, 2009 at 5:12 … as guidelines it’s great, but people can’t expect it to be the reason why er 30, 2009 at 2:08 pm. Think what many here seem to be confusing is a formal business plan versus ongoing planning. Knowing your mission and what direction you want/need to go in are what’s i would advocate for ongoing planning in a business. That just simply means recording your business ideas, categorized, somewhere for potential use sooner or later in your business. Those that do see it that way may actually benefit from writing a plan of their own because if they are lost enough to assume funding will come from a document, then they may actually realise what way they should be guiding their business whilst they are writing the plan. Know your trying to give advice and save people time but don’t you think its a little irresponsible to post an article stating that you shouldn’t write a business plan when you have “never written a business”. For most of us and especially relative new comers to business, a business plan provides a way of checking your progress as well as a list things to done (meaning you won’t be sitting around thinking “hmm what can i do next? Remember were using computers right now so once a plan is written it doesn’t mean it’s set in stone, it can be changed and updated as you gh there are no stats proving a business plan helps, are there any to prove the small amount of time needed to write one will produce more for your business in the long term? No, and i think you need to realise any tool in business, or the world, is only as useful as the person using er 30, 2009 at 4:57 challenge abe that you may or may not understand is that people spend days, weeks, months trying to create the perfect business plan to pitch to investors… through my experience as well as the experience of many of my friends who have started up several different successful companies, a business plan just wasn’t what helped the investors decide to move forward or not. Agree that the business plan isn’t everything, and look, i’m definitely not a fan of them either. With that said, it is still very beneficial to have a plan of attack going into the business. I’m pretty sure stats show that more people fail when they don’t have a business plan than those who er 30, 2009 at 4:47 should, if you don’t already know what your going to do and actually do it… what else will you pitch the investors on. Think what many here seem to be confusing is a formal business plan versus ongoing y 3, 2010 at 5:06 , you’re probably right on that… most people are confused with creating a formal plan with just the idea of overall y 4, 2010 at 4:00 am. Business plan is not to predict the future but to know what to do if some events will happen. It is impossible to predict all but surely we can predict that some troubles can y 4, 2010 at 8:09 problem is that people form business plans in efforts to get investors to fund the company. I’ve dealt with many start ups and not one was chosen because of a spectacular business y 4, 2010 at 6:55 a professional who has written business plans in the past for clients for a living i think its a cause & effect issue.

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But whoever is handing out the money usually wants to see something in writing that shows you have thought through the scenarios that might lie ahead, whether that be expansion, trimming the business to generate stronger cashflows, whatever. But on balance i am in agreement; the traditional ‘telephone book’ business plan is a waste of time unless your business happens to be writing them for someone 🙂. Even though i’m not a business plan guy either, i do write down objectives and goals so that i can keep my small business on track and i have a stick to measure with. It can also help organize ideas in the beginning stages of a business, but the promise of business plan = success, funding, etc. I mean all of this is true if you are just writing a business plan to simply have one. In addition, a business plan may be dug up years later and a concept originally ditched can be what revives a dying more importantly, whether the business plan itself helped your friends obtain venture capital is not really the issue, were they even seen by a vc without 0ne? You’ll always come up with new for meeting with vcs, the majority of them will meet with you if you don’t have a business y 8, 2010 at 5:18 am. They are definitely fine for taking info out of your head and on to paper, but don’t think it’ll help you achieve some type of business plans :January 8, 2010 at 9:56 r reason is that entrepreneurs don’t feel like they have the time to waste on a business plan. They feel their time is better spent working hard and putting in long hours to ensure the business y 12, 2010 at 10:16 y… an entrepreneurs time is best spent work their asses off trying to make y 9, 2010 at 12:59 e stuff man! Was about to sit down for 2 weeks and just write out the business plan, but never did, i just kept working on the y 12, 2010 at 10:19 i’m glad you spent your time wisely! If you jump into something that you are passionate about, i believe you can have what about the people with poor ideas – businesses that should have never pursued? Don’t think you need a business plan, but having a vision documented and a set of steps needed to realise that vision is helpful when starting up. Think neil’s basically right — 80% of the time a business plan is a waste of time. Read more here:January 18, 2010 at 10:14 for sharing that gk, we’ll definitely check it y 14, 2010 at 5:20 ss plans are great if business was static and we know markets change so a plan should only be a frame to work within you must be willing to take risks and y 18, 2010 at 10:18 …. 17, 2010 at 11:29 someone who has writing my share of business plans both academically and as an exception for various business that where i served as an executive, business plans are generally, overrated for most people and situations. The business world has surely y 21, 2010 at 7:57 … you’re right, it definitely y 21, 2010 at 8:04 ss plans just tend to take you off track with what’s really y 28, 2010 at 12:50 ss plans, in my opinion too are a waste of time. People should concentrate more on setting up the business at some small scale y 30, 2010 at 10:13 , at least being able to take the thoughts out of your mind and putting them on paper helps y 30, 2010 at 5:47 depends on who you you are an average entrepreneur and do not know much you must make a business plan so won’t be homeless or something. Also if don’t have money you need a business plan to impress your you are talanted entrepreneur or genious. You can make a huge profit without making a business y 30, 2010 at 9:53 the business plan is really only valuable for you to take the info out of your head and throw it on ry 1, 2010 at 3:42 reneurs should have a strategy. Or a business ry 6, 2010 at 9:39 should definitely have a strategy, but just not spend to the time trying to create the perfect business entrepreneurs :February 2, 2010 at 10:30 is easy to have a business plan when the project is based on one or two specific ideas or usps. However, i do not agree with the emphasis on elevated pitches in the business plan. I wish the fund managers were looking for substance and not the other hand, it is difficult to develop a clearcut business plan for projects that are based on a large number of new ideas or have much bigger business potential. 21, 2010 at 7:50 you help enough people get what they want, you’ll get whatever it is you lifting training :March 4, 2010 at 12:26 i didnt write one for my business i have if i was going to create a company i would. I need to lay out how im going to higher people to do all the work so the business becomes 4, 2010 at 7:02 ’s great to get organized and stuff, but to have a business plan and think it will help you get investors for the company, think again. Saw a video that was uploaded to one of your blogs and i was wondering if you could help me remember which it video had tips on how to draw lots of traffic in to a brand new 18, 2010 at 1:45 business plans should be wrote for the purpose to raise capital. 23, 2010 at 8:21 y… you’re “plans” should consist of you just being action age | web design :June 7, 2010 at 10:44 neil. I’ve been self employed in one way or the other since 1995, and have had businesses ranging from car audio fitment centres through to signage and even balloon decor. The one thing in common here is the total lack of business plans, except for one enterprise, where the business plan was presented to secure funding, and promptly steered away from 😉. Agree a plan will give you direction, a business however won’t guarantee you 14, 2010 at 11:16 am. Never did a business plan for my internet marketing and im doing fine making a few hundred a week with no invest, no website, no nothing! 23, 2010 at 10:25 are right that the business word has changed but don’t forget that we are doing business in this changed world and we know what is changed and how to deal with these 25, 2010 at 8:23 need to learn to adapt and 9, 2010 at 2:48 am. This is when you can start seeing your actual 10, 2010 at 8:47 solely the concept kevin johnston :July 16, 2010 at 6:06 buy from people they know, like, and trust, coupled with a remarkable product or service… none of my clients have engaged with me, and asked for my business plan/s, all they want is value/results…. That comes down to your rapport building skills and sales mcdougall-collins :July 16, 2010 at 7:29 one good thing about a business plan is that it gives a potential business owner a look at expenses. They did not allow for site maintenance, and expected the sales person to , they had a business plan! Internet startups evolve and change too quickly for a biz plan to be e for the most part, writing a business plan is 17, 2010 at 10:09 …. In it is discussed the business plan centered on key competencies that is the linchpin of the organization. Without the focus it may be scattered results and a tattered looking 17, 2010 at 10:09 point is that as far as investors go, you can’t expect them to help you just because you have bardos - ideaeconomy :July 16, 2010 at 8:44 my younger days, i must have written 40 or 50 different business plans for some good and many terrible ideas. The biggest problem with writing plans is that you are spending your time writing business plans and not building your business. Have seen so many people (including myself) spend hundreds of hours writing business plans and many hundreds more trying to raise money, while at the same time, doing almost nothing to build the online business requires so little capital to get started now that there is little reason to chase investment capital until you have gotten a few , many people seem to mistake a business plan for business planning. It is important to have clear goals and an understanding of the market but you definitely don’t need to follow the static plans of a document that is likely to be dated by the time you are course, every business plan is full of completely made up financial projections. Percent of the market is a bunch of meaningless your business plan and go and get your first few customers. You might find yourself not needing that business plan in the first 17, 2010 at 10:07 , very great insight, thanks for providing that! I agree with you in the sense that you need to pull the trigger and take action and change 16, 2010 at 9:20 g business plans is just predictions about an unseen future. Thats the reason i scrapped business plans and started to get into real 17, 2010 at 9:15 am. 6, 2010 at 3:36 ly business plan can be helpful in the long run, but i also agree that it is kind of waste of time for the current situation. I typed into google something like, “i hate writing business plans” and this came up.

It was hell doing it, but i ended up learning a lot more about myself and my potential business by writing it. You need to know your business inside out, not someone you finish writing your bp, you’ll be armed with a navigation tool. Think it’s funny that i rank for “i hate business plans” and it’s also funny that you wrote that into google ;). I just personally don’t think its ry 24, 2011 at 10:20 starting an business we have to plan first then proceed next nice article about 8, 2011 at 9:01 , it is very necessary to have some plans before starting a business because without plan you can’t achieve your goals. Have created several online businesses first and created the plan second for additional guidance and direction. A business plan is not a document that you refer to every single day, while ignoring your day to day business growth. But most importantly, the real value of writing the business plan is not for the document itself, but in that it forces you to think about your future endeavor from every angle. I have started a dozen small business – some semi-successful, some failures – and none involved a business plan. I am now working on a new business that i’m passionate about surviving and thriving and i am creating a business plan for the first time. A solid business should last a lifetime, and i think the week or two it takes to carefully plan your operations is worth each minute. And as my business evolves, so will my business 22, 2012 at 9:59 it works for you then great, stick to 17, 2013 at 7:40 am. Most write short plans along the course of their journey, pivoting rapidly and getting some stuff right and some wrong. Business plans are for those people who do not understand entreprenuers yet want to capitalise on their creativity and feel that getting the plan out of the entreprenuers head onto paper is a sure way. I don’t get the whole plan thing and have had my fair share of ‘consultants’ writing business plans for me that become their works of art and the businesses grow or die irrespective of the plan. I have burned money forked out with an awesome plan, and have developed an awesome product without a business line for me is……. Ve been on my laptop for hours, trying to complete a business plan that i’ve been working on for over a year. I know what i want, i have several niches to incorporate into this “planned business” and i really need to be spending this time actually putting in work on my business. 12, 2013 at 10:31 article points indeed very true, there are too many things you can’t predict in business. I had been making excellent progress getting my product idea ready to market, but people along the way kept saying “you need to have a business plan,” so for weeks now i have been at a stand still trying to get a business plan together, to present it to, “i don’t even know who yet”. I will chuck the business plan idea and put together my own portfolio on what one should know to decide on investing in me, my product and my vision. 13, 2013 at 9:06 g a business plan may help you refine your own ideas, especially if you think by writing like i do, but completing it is not necessary in my opinion. Going through a check list of known points of consideration is a good idea especially for a first time entrepreneur, and in that a business plan template will work quite well as a list of questions. Especially hate the thought of putting in financial planning into a business plan and including an excel sheet with it. Who in their right mind would look at the business plan when the excel sheet is much easier to follow? Looking forward to hearing much more from your mind cancel sproutmake better entrepreneurs shouldn’t write business neil patel on december 15, 2009. Looking forward to hearing much more from your mind cancel to write a business ss planning is essential for the success of any business. A business plan provides direction, keeps you on track and is usually a requirement when you seek finance. Read why do i need a business plan to find out how writing a business plan can assist your you've read before writing your plan and conducted research into the feasibility of your new business you're ready to write your have a number of free templates and tools to help you get section is based on our free business template and guide and steps through the various areas and information you need to include in your business plan. Your business plan may vary from this depending on the type and structure of your when writing your business writing your business plan and before you start using it, consider the following:Do your research - you will need to make quite a few decisions about your business including structure, marketing strategies and finances before you can complete your plan. They will be looking for the whole not attempt to complete your business plan from start to finish - first decide which sections are relevant for your business and set aside the sections that don't apply. Business enterprise centre, business adviser, or accountant) to look through your plan and provide you with vs. Expected figures - existing businesses can include actual figures in the plan, but if your business is just starting out and you are using expected figures for turnover and finances you will need to clearly show that these are expected figures or your summary last - use as few words as possible. Errors will only detract from your professional image so ask a number of impartial people to proofread your final to include in a business plan? Business plan provides direction, keeping you on track and is usually a requirement when you seek finance. Depending on your business type, your plan could include the following sections:Title page - this describes what the plan is for and includes general information on your business. Find out more on what to include in the title page of your business ss summary - a one-page overview written after your business plan is your business - this is typically called the management plan or operations plan. It covers details about your business including structure, registrations, location and premises, staff, and products/ your market - this is the marketing plan. This section should also cover your key marketing targets and your strategies for delivering on these your future - this section covers your plans for the future and can include a vision statement, business goals and key business your finances - the financial plan includes how you'll finance your business, costing and financial projections. For example: copies of emergency procedures, maps, resumes, or financial you have finished your business it regularly. As your business changes many of the strategies in your plan will need to evolve to ensure you business is still heading in the right direction. A business plan is a blueprint for how your business will run and reveals what future direction your business will take. Having an understanding with third parties when distributing a plan could be enough protection for some businesses, however others who have innovative business practices or products or services may wish to go further and sign a confidentiality agreement with each person to protect their innovations. It may also be a good idea to include some words in your plan asking the reader not to disclose the details of your ad our free business plan template or mybizplan app to get started! Plan template and your business plan with our free mybizplan app available for android™ and for your feedback. If you have any ideas on how we can improve, we'd love to hear provide your comments in the feedback might also be interested p your business tand the importance of business planning, including how to develop a business plan, marketing plan, protecting your intellectual property, and planning for emergencies and succession planning of your financial management is essential when starting your business and for the expansion of your business. Getting your finances in order means your business can work more efficiently and puts you in a better position when seeking funding for guides can help you with starting a business.

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