Are Business Plans Overrated?Posted by Jessica Oman
While I’m clearly a proponent of writing a business plan for every venture, the timing of the plan is key. It’s important to work through your idea first, and make sure you have a viable business before you jump into writing the plan. Do a feasibility study (we’ll help you if you need it). If it turns out your idea stinks, don’t write the business plan. The business plan is not the tool that will make your business succeed. YOU will make your business succeed.
Wait a minute, Jessica. Are you selling business plans and then telling people they don’t need them?
Yes and no. Don’t run out and hire us to create your business plan if you haven’t clarified your idea. If you need help clarifying your idea, we’ll consult with you first, and work on the business plan with you later.
Also, it’s unlikely that your business plan needs to be seventy pages. If it hurts when you drop it on your foot, it’s probably too long. The length of your plan needs to be suitable for the audience who will be reading it; for some people, that’s a couple of pages. For others, it’s thirty.
So, are business plans overrated? If you pounce on them too soon, write them first and assess your ideas later, then they are totally overrated. But if you know your business is feasible, and you need funding, investment or just an internal guide to keep you on track as you launch and grow, a business plan is a valuable tool.