In this sense, the business plan is your safety net; writing a business plan can save you a great deal of time and money if working through the business plan reveals that your business idea is untenable. The market is changing and as a result you could fall out of step.
A couple of years ago, I came up with what I thought was a terrific one. For his part, Bygrave doesn't think his research says business plans are a waste of time.
I recommend a mini review every three months to allow changes to be incorporated into the plan as needed.
Read More. In other words, the plan sits on your desk and is the driving force in your business. Recently someone asked me why they needed a business plan if they were getting all the funding they needed from friends and relatives.
And don't cram a lot of information on a single slide. His company's annual sales are nothing to sneeze at, but they are far less than Hackney expected in his plan. To use an extreme example to make the point, while you are planning how to make the world's best VCR, the market shifts to DVRs.
Business plans help you eliminate the gray area because you have to write specific information down in black and white. All answers are intended to be general in nature, without regard to specific geographical areas or circumstances, and should only be relied upon after consulting an appropriate expert, such as an attorney or accountant.
If the answer is yes, you have done all the research you need.