•   Compendent
  • Business
  • Home & Garden
  • Wellness
  • Nonprofit
  • Life
  • Blogs We ♥
  • Contact
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Hide Search

Do You Really Need a Business Plan?

by Compendent ·  3 min read  ·  September 27, 2019

Do You Really Need a Business Plan?

When you first start a business, there is so much to do. You have to figure out which products and services you’re going to offer, how you’re going to market them in a way that resonates with your target audience enough to make a sale, the methods you’re going to use to keep your books, and so much more.

With this never-ending to-do list, it’s not uncommon for up and coming business owners to question whether you really need to do a business plan. Can’t you just make these types of decisions without having to write everything down in complete paragraphs and an organized order?

Some Say No

Some business experts say that the answer to this question is undoubtedly no. This is especially true if your new venture requires outside funding because your potential investors are likely going to want to see a detailed plan that outlines exactly what your company will do, how it will do it, and how it stacks up to the competition before laying down any cash.

Another reason you may want to create a business plan is that going through the process of deciding exactly what you want your company to look like, as well as the steps you’re going to take to get it there, will give you some clarity. This clarity can help you make the right decisions for your company, enabling it grow and expand in the years ahead.

Not to mention, by forcing yourself to sit down and look at every aspect of your new business, front to back and top to bottom, you’re more likely to notice whether some of your goals are too lofty or if there is something you may have forgotten. You may even develop a few new ideas or innovations that you’ve never thought of before.

Others Say Yes

On the flip side, other professionals in the business world feel that a business plan isn’t always a necessity when you’re first starting out. For example, if your new company is going to consist of you being a solopreneur (a one-person company) that provides clients a service on a freelance or contract basis, there may not be a lot of moving parts to account for.

Certainly, you’ll still want to develop processes and procedures for how you’re going to handle things such as following up with prospects, submitting invoices, and keeping track of expenses. But in instances like these, you may not find a lot of value in sitting down and deciding every aspect of your business up front.

Additionally, if the whole idea of creating a formal business plan feels so overwhelming that you’ve actually put off starting your business simply because you haven’t quite figured everything out, maybe it’s time to set this notion aside and forego the plan so you can at least begin to take steps forward.

A Middle Ground

If you can find the value in a business plan, yet don’t quite feel ready to write one up, you do have another option. And it is an option that involves finding the middle ground.

Instead of getting hung up on devising a perfect business plan right from the start, why not get the nuts and bolts of what your company will do and how you’ll do it first, then do a formal plan later? By waiting until you’re a little further along in the process, you will have a clearer image of what you want and how you intend to get it. This will make the plan much easier to create.

Again, you may not have this option if you have investors who won’t agree to move forward with funding until they see a formalized plan. But if this isn’t the case for you, you get to decide because then you have the luxury of choosing whether writing a business plan is or is not right for you.

Filed Under: Business Tagged With: business advice, business plan, small business

Primary Sidebar

RECENT POSTS

Top 5 Myths You Still Believe About Real Estate Agents

March 9, 2023

Emergency or Sinking Fund – What’s First In A Church Budget?

March 3, 2023

Church Budget Checklist Essentials

March 3, 2023

Top 8 Tips for Church Budgeting

February 24, 2023

Communicating The Church Budget

February 24, 2023

Recent Posts

How A Real Estate Agent Can Help You Find the Best Deal

5 Ways to Boost Your Retirement Savings

7 Bathroom Trends to Avoid in 2023

Church Budget: Living Document or Stone Tablet

Why Church Budgets Are Not Based on Tithing

Related Articles


6 Ways Entrepreneurs Can Be Better Teachers

6 Ways Entrepreneurs Can Be Better Teachers

5 Benefits of Using a Financial Software for Advisors and Professionals

5 Benefits of Using a Financial Software for Advisors and Professionals

How can an SEO company help you get more Medicare leads?

How can an SEO company help you get more Medicare leads?

Top Tips to Help You Develop Your Business Voice

Top Tips to Help You Develop Your Business Voice

Why You Should Create a Customer Journey Map

Why You Should Create a Customer Journey Map

Four Effective Techniques to Trade the Silver Market

Four Effective Techniques to Trade the Silver Market

Why You Should Create A Diverse Workforce

Why You Should Create A Diverse Workforce

4 Cybersecurity Tips for Small Businesses

4 Cybersecurity Tips for Small Businesses

How to Search for a Mentor

How to Search for a Mentor

Founding Sponsors
AV Programming Associates Christina DeBusk Greenlock Capital Long Beach Architect Ms Sparky Electric San Diego House Painters Purrfect Serving Canned Cat Food Cutters Smith Farms Custom Furniture VitalChurch Ministry
Scroll

© 2023 Compendent.com. All Rights Reserved.
Web Design by Modmacro℠

Sitemap  |  Advertising