My plans change constantly. Doesn’t this make a business plan redundant?

Hi ABDI,

I know I need to do a business plan, but we keep thinking of new things to do each year in our business, and it seems that by the time I would get around to writing one, it would be redundant? How do I get around this?

– Always Changing

 

Dear Always Changing,

My first question would be “what’s the ROI on all of the things you keep running around doing each year? How effective are these things in your overall business performance?”

The first step of developing a business plan is to get clear on where your business is going, and what you really want to do with it. What do you want the business to look like in 5 years? 10 years? How much money do you need? Often when we don’t have a plan, we go off on tangents that seem like a good idea at the time, but might not be aligned with where things are going, and what really needs to be done. Having a plan will keep you on track. You’ll find you actually have much more time available for ‘planning’ because you are spending less time ‘doing’ because you are more focused in where you spend your energy.

And keep in mind that your business plan needs to be fit-for-purpose. It might not need to be a full blown business plan that an investor needs to see. If you only need a 4-page plan that roughly outlines where you’re going, and how you’re going to get there, then that’s absolutely fine.

Better done than perfect!

ABDI

 

 


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