Ask Don’t Tell Leadership: Why Do I Need A Business Plan?
Why you need a business plan!!!
Q: In last weeks column, you gave advice about starting a business, and you kept preaching about writing a business plan. I own a business, I dont have a plan, and Im doing just fine. Whats the big deal?
A: How do you know your business is doing fine if you do not have a business plan? This is like a runner stating that he is fast when asked his running pace. Quality and success cannot be measured without having benchmarks and goals. A business plan provides both, allowing you to compare your outcomes to your goals. Without a plan, it is all too easy to keep moving the bar for yourself.
In the words of Alan Lakein, Failing to plan is planning to fail. Business owners may neglect planning for a variety of reasons. They may dislike making decisions, or they may worry about how the plan will reflect their success. An owner may feel anxious about documenting (and making official) job descriptions, lines of authority, budgets, and marketing plans. An entrepreneur may dread such control measures, feeling that a business plan is just like having a boss! If you...
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