- Business Plans are for YOU more than investors and the banks. While its necessary to have a business plan if you are soliciting investment funds or a loan, the business plan helps YOU the most as a business owner see your overall business strategy in writing. I update my business plan once a year…and I haven’t solicited for any money ever.
- Business Plans are GREAT as reference points. Listen, your business plan WILL change at least 3 times during the course of a year. Circumstances change, personnel change, priorities change. So a business plan is not the “Bible” of your business, but acts as a general guide for your overall business strategy.
- Business Plans force you to focus and think. A study says that humans have at least 10,000 thoughts a day. Having a business plan forces you to think and focus on your business and memorialize it on paper. This helps you weed out that “random and non-sustainable thought” you may have had during the day and hopefully focus on the most viable parts of your business.
- Business Plans show you mean business. This is true for outside parties as well as to family and friends. How many times have you been at a gathering and someone has this “great idea” but hasn’t put it on paper or had their idea fully vetted? Would you invest $1M in a business that doesn’t have details on paper? I wouldn’t.
- Business Plans protect you. This is where the lawyer hat comes on. Business plans should have a comprehensive section on risks where you lay out every conceivable risk with your business. This becomes helpful and protects you when you go to solicit funds because it’s a “CYA” on risks with investing or loaning to your business. If done right, no one will be able to say “You didn’t tell me……”
Best Professional Regards,
Dar’shun N. Kendrick, Esq./M.B.A.
For the Firm
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