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Business Planning: The Formal Business Plan Document

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by: Tim Berry
Updated: Monday, May 21, 2012 - 11:12
Created: Friday, February 12, 2010 - 01:21

I hope at this point I’ve made it clear that you don’t necessarily need to have a standard, traditional, formal business plan. Until you really need to show a plan to some outsider who needs, wants, or expects the full formal plan, you can just use your plan-as-you-go plan to reap the benefits and avoid the hassle of the document.

 

However, there are business reasons that force you to produce the traditional plan document. We call these business plan events. The more common business plan events are related to seeking loans or investments. Ironically, the bank loan manager, angel investor, or venture capitalist may not read your plan, but most of them want to know you have one, which means they want it to appear in their inbox or on their desk.

 

Approaching a business plan event without being ready to produce a traditional business plan is something like approaching a publisher without having an outline and sample chapter. You’ll look dumb if you don’t have it. So have it.

 

The good news is that you already have the core of your plan ready, so you’re a long way down the path from start to done. You have only to dress it up to make it a formal business plan. You know what you want to do, and why, so from here you spin it out from your core into the proper words. You already have the numbers, right? And you know your strategy, too, as well as your dates, and deadlines, responsibility assignments, and metrics.

Type: Community Blog