Misinterpreting the Business Plan

The majority of people misinterpret the purpose of a business plan.  For most, it is an exercise is outlining their brilliant ideas, proving their business concept or perhaps a tool to raise funds or attract partners.

Business Planning, Not Business Plans

Perhaps business owners should begin to view business planning as an ongoing process that throws off occasionally a document called a business plan.  Therefore, it is a process not a result, nor is it a document.  It is certainly never a finished document (unless and until your business fails, and it is the last business plan written.  Then, that is a finished business plan!).

The ideas and decisions that come from business planning should be viewed as the game plan (or trip plan or battle plan or plan of action) with the written business plan simply documents for future use. 

A good business plan specifies goals, strategies, deadlines, responsibilities and the expected revenues and expenditures of a business over a period of time.  It should be the mundane workings of a business which are used to track the wondrous, exciting growth of your business venture.

Isn’t that what why we are entrepreneurs, to go out and make our mark on the world?

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