Part III: So Who Needs a Business Plan?

who needs a business plan?

So Who needs a business plan?

These days, if you are seeking financing of any form, you probably require one. Do you need a business plan to ensure the success of your business? I would say no. Don’t get me wrong, business planning can be a very valuable exercise. For some personality types (you know who you are!), a business plan is a requirement to ensure that they have thought through their business idea. These entrepreneurs are generally rash, and have likely entered into risky arrangements in the past. If this sounds like you, and you are considering investing personal funds into industries which have high capital costs, you would do well to stop and prepare a business plan.

For others, I would say that a business plan is no more than a checklist item to get your business launched. This is not to say that all business planning is bad. Rather, like reading literary classics in school, this is a checklist item that you need to get through the system. Some will take pleasure in preparing these, for others the term “business plan” evokes visions of weeks, or even months of pain.

Entrepreneurs like this may choose an app to build their business plan. After all, putting together a 25+ page document from scratch can be daunting. My own experiences with software and as a consultant led me to create SME Gurus and BizMula – two solutions that really simplify the process without losing sight of the value behind the thought process of writing a business plan.

What it really boils down to is this: why did you start thinking about a business plan: Was it a requirement from a lender or an entrepreneurship program? Did a friend or mentor recommend one? Did you just hear about it and think it was a good idea? Or are you just unsure of launching your business idea, and want to do your homework? Then you need to ask yourself, what kind of entrepreneur are you? Do you need a plan to help keep you on track, or can you plan on the go?

Regardless of your choice, don’t brush over this question, as it could be the difference between success and failure.

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