Reasons For Writing A Business Plan

And technically, if you’re not seeking money from outside sources, you don’t a business plan to show others.But the real reasons to write a business plan have nothing to do with other people: They have to do with you.Even if you’re not actively seeking financing, what if an opportunity arises for someone to invest in your startup or otherwise help you launch?

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Doing some pre-startup homework and crafting a business plan now will make your life post-startup so much easier.

Entrepreneurs generally focus primarily on the “big idea”—less on its execution.

When you think about “writing a business plan,” what comes to mind?

I know—it’s not exactly the most exciting part of launching a business.

Once you’ve got a business plan in place, it’s a good idea to regularly review and update it to: Developing your business plan helps you to step back and look at what's working in your business and what you can improve on.

If you have employees, the planning process can be a good opportunity to seek their feedback on possible ideas and improvements.In fact, as “lean startups” proliferate and entrepreneurs conduct business in hoodies and flip-flops, the business plan may seem as outdated as a horse and buggy.Entrepreneurs buzzing with excitement about their great new business ideas rarely want to sit down and spend weeks or months writing a business plan.Take a look at Finance for more information on applying for finance.A complete, thoughtful business plan is one of the most valuable tools in helping you reach your long-term goals.Would you rather uncover a major flaw in your business concept during the planning stage, or when you’ve already spent money on a location, inventory and hiring?By spotlighting possible obstacles, your business plan lets you plan how to work around them.It gives your business direction, defines your objectives, maps out strategies to achieve your goals and helps you to manage possible bumps in the road.Preparing a business plan will help you work out the goals you want to achieve, and the strategies to achieve them.As an impatient entrepreneur myself, I totally relate to this reluctance.Particularly if you’ve worked in an industry for a while—for example, you’re a software engineer and want to start your own software company—you may feel it’s redundant to write a business plan.

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    True Story My Worst-Ever Business Plan Consulting Engagement by Tim Berry. In more than 30 years with business planning, my worst-ever business plan consulting engagement was for a startup that should have been funded but wasn’t. It was a good business plan. But the business plan process became the fatal flaw.…

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    The business plan is a living document that should be updated periodically to reflect changes in the company vision and cash flow projections. As a living document, it also serves as a guideline for cash flow management, identifying funding resources and projected outflows for the business over a period of several years.…

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