Top 5 Myths Of A Business Plan

Written by Josh Hines on May 30, 2013 under Startup Business Plan Blogs
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A business plan is created to do more than help you obtain funding. Your business plan is a roadmap for you business and should be updated regularly as your business continues to grow in order to make it a success. Without a plan you'll for anything.

Top 5 Myths Of A Business Plan

Many times when you talk a business owner that just got out of the business because their idea failed will most likely say they didn't take the time to create a business plan because they felt as though it wasn't necessary for their business venture. Business plans are created for a wide range of reasons, from funding, investment purposes to goal setting and a structured vision of the company. All successful businesses take the time to create a business plan in order to get them going after the goals and hold themselves accountable.

Business plans are a very time consuming process but in the long run will limit the time needed to make judgement calls and decisions in the future. Regardless if your business in non-profit, start-up or for-profit; every business should have a business plan.

5 Myths Of A Business Plan

Business Plans Are Only Needed To Get Funding

Business plans are used to show your vision to potential banks and investors to gain capital, but this is not the only real reason they are made. Business plans help to keep an businesses focused and confident in the world. As you continue to grow your business and bring in more people, the business plan will outline the vision and goals of the business and will keep everyone striving to accomplish the same tasks. A business plan provides structure and direction for a business and is a medium that should be kept up to date as the business continues to change over the years and as it continues to grow and has more funds and resources available.

Business Plans Are Only Needed For Start-Ups

Even though business plans are mainly used in the business start-up stages, business plans are written for every level of business. Business plans are an ever changing document that is kept up to date in order to keep any business on task and organized and should be revised frequently in order to make sure the business is firing on all cylinders and effectively managing the team and providing for the businesses' customer base efficiently.

Business Plans Limit Your Flexibility

Business plans are not a set in stone document that can't be alter of changed, it is a living document that only provides and direction of a company and keeps it on task and moving towards a common goal. A business plan is not meant to limit you by any means, it is meant to keep you focused but open to changes and innovations in order to achieve those goals faster and most efficiently.

Business Plans Require Specific Formatting And Software

There is no "required" format or software needed to write a business plan. Business plans should be written specifically to each business using them and what is needed to be highlighted in order to reach the business owners goals. There are simple business plan outlines that you can follow but are not necessary in order to create your business plan road map.

There Is Too Much Uncertainty For A Business Plan

The purpose of creating a business plan is to limit the uncertainty of a business process and goals. if you go into business without a plan you will fall for anything will inevitably fail. The best preparation for tomorrow is the right use of today. Making a plan for tomorrow and the next 5 years of your business will keep you on track and focused on making your business a success.

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