I’m often asked “Do I really need a business plan even if I don’t need a bank loan?” My response is sometimes“Yes” and some other times “No”
One thing is for certain, it is not the destination that is important when it comes to writing a business plan, but the journey you take in writing it. Even when you reach the end you are not done.
A business plan is a living document that needs to be revised and updated frequently. I used to make it a point to spend at least a half-day per month in the library doing research to update my business plan.
Recently, I could not figure out why some of my efforts were not getting the marketing traction I felt they should. I made it a point to update my business plan, which I had neglected way too long. My intention was to update the plan so I could share it with other experts to get their advice regarding the lack of traction I was getting. However, in the process of updating my plan I had several epiphanies that I felt embarrassed I had not considered before.
Therefore, the simple act of following a methodical process that involves conducting research and examining current and/or proposed strategies in the light of new information creates a clarity only possible through actually writing the business plan.
