February 22, 2008, 10:56 am
Importance of a business plan
Nhlanhla Damoyi wants to know if business plans are relevant today. Have you written a business plan for your business? Was it beneficial?
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Nhlanha,
Yes, they are relevant to day. Of course, if you're looking for funding, from a VC, Angel, bank, or an SBA funded loan, you won't get the time of day without having a 20+ page business plan.
However, if you're not getting funding they are just as important. Many of us go into business and we really want to be the employee, doing what we enjoy doing, whatever that is. However, we forget that we have to run the business, too. So a business plan will help you run your business and keep you accountable to your new boss — you! But you don't need a 20+ page plan to do that. Do a search online for the One Page Business and Performance Management System. I'm sure that you'll see it's as relevant today as any plan and beneficial to keep you on track and focused, too.