Why Business Planning is much more important than having a Business Plan

Why Business Planning is much more important than having a Business Plan

click photo for more information
Why Business Planning is much more important than having a Business Plan
Your business plan sucks. Considering the fact that we don’t know each other and that I’ve never seen your business plan, you might think this judgement is a bit bold. Who am I to put in doubt all your hard work? Just hear me out. I have no desire whatsoever to question your plan or […]
0
740

Warning: Division by zero in /home/nobsbiz/public_html/wp-content/themes/covertgawkr/single.php on line 99

Your business plan sucks.

Considering the fact that we don’t know each other and that I’ve never seen your business plan, you might think this judgement is a bit bold.

Who am I to put in doubt all your hard work?

Just hear me out. I have no desire whatsoever to question your plan or the effort you’ve put into building it.

Investors and bank analysts are looking to judge your planning not your plan.

Click to Tweet

In fact, quite to the contrary, the whole point of this article is to shed light on the underlying truth. Your business plan is inconsequential when compared to your business planning.

Let’s start with an existential question. Why did you decide to build a business plan?

If you’re honest the answer almost certainly coincides with one of two options:

While these are perfectly legitimate motivations, why do you think banks and investors require you to present a business plan?

  • You're looking for investors
  • You're asking for a loan

The financial analysts they employ are far from stupid and they are well aware that even the most insightful and well thought out business plan cannot predict the future.

Just as you do, they know that your business plan is at best a fictional roadmap for the journey ahead.

So why bother?

The answer lies in the title of this article.

Investors and bank analysts are looking to judge your planning not your plan.

The most important aspect of your business plan is to demonstrate that you are capable of setting forth a credible plan for your business. The person reading your plan wants to see that you’ve thought through all the important questions, that you aren’t rushing forward without having considered all the important questions.

You see, while a detailed business plan is basically worthless, but the planning it takes to build it is absolutely priceless.

Any analyst worth his salt already knows that you aren’t a clairvoyant entrepreneur with a perfectly functioning crystal ball.

When they read your business plan they are not trying to decide whether it’s true, or not.

Really they are trying to determine whether it makes sense to risk their money on the person who has presented them with the business plan.

You are the objective they’re trying to judge.

Remember, they are going to be dedicating their resources to your project.

That means they must be confident that you are going to employ them wisely.

The single most compelling goal your business plan mush accomplish is proving precisely that you are a worthy candidate of their trust.

By showing that you have created a sensible, well thought out, decently presented business plan you are creating credibility in their minds. By elaborating a plan that takes into account the essential ingredients necessary to maintain a thriving business you are showing that you’ve done the planning.

In our next article we will go over the six essential questions your business plan must answer.

Meanwhile, answer the following question below in the comments section:

What is the most important section of your business plan?

Comments

Write a comment

General Motors is getting smaller but more profitable

click photo for more information
General Motors is getting smaller but more profitable
THE headquarters of General Motors (GM) tower over the other skyscrapers in Detroit’s city centre, a reminder that the carmaker still rules the American market. Yet GM’s domestic might increasingly contrasts with its position elsewhere in the world. Although most other carmakers see becoming ever bigger everywhere as the answer to the industry’s multiple challenges, […]
0
11

Growth hacking per le organizzazioni non profit

click photo for more information
Growth hacking per le organizzazioni non profit
Nello stesso modo con il quale le startup si concentrano sul growth hacking, ovvero il processo di identificazione dei modi migliori per far crescere l’azienda, le non profit possono fare lo stesso… Facebook Twitter Google+ Pinterest LinkedIn Buffer WhatsApp
0
12

Blogging for Startups: How This Blog Earned Us $750k+ Worth of Traffic

click photo for more information
Blogging for Startups: How This Blog Earned Us $750k+ Worth of Traffic
In this article, I explain how we built readership to this blog, and why blogging for startups such as ours is such a powerful growth hacking tool. Facebook Twitter Google+ Pinterest LinkedIn Buffer WhatsApp
0
16

Essential Tips For Money Management In Small Business

click photo for more information
Essential Tips For Money Management In Small Business
Ngtrend Network is the leading portal for investment and business guide ensuring growth and ful performace Facebook Twitter Google+ Pinterest LinkedIn Buffer WhatsApp
0
15

CD International Enterprises, Inc. (CDII) Utilizes Global Contacts, Expertise to Break Into Blooming Cannabis Industry

click photo for more information
CD International Enterprises, Inc. (CDII) Utilizes Global Contacts, Expertise to Break Into Blooming Cannabis Industry
CD International Enterprises, Inc. (OTC: CDII) is a company based in the United States that is engaged in sourcing industrial commodities and providing business and management corporate consulting Facebook Twitter Google+ Pinterest LinkedIn Buffer WhatsApp
1
17

Cisco adapts to the rise of cloud computing

click photo for more information
Cisco adapts to the rise of cloud computing
WHEN John Chambers ran Cisco, the world’s biggest maker of networking gear, his hyperactivity nearly matched that of the high-speed switches and routers that made the firm’s fortune. He pushed Cisco into dozens of new businesses, from set-top boxes to virtual health care. He travelled the world preaching the virtues of connectivity. In interviews it […]
0
21

Easily Solve Project Management Disasters with Trello – Small Business Social Media Manager

click photo for more information
Easily Solve Project Management Disasters with Trello – Small Business Social Media Manager
Trello is a great way to Solve Project Management Disasters. Been using it for over a year and it’s working really well for us! Facebook Twitter Google+ Pinterest LinkedIn Buffer WhatsApp
0
20

Account-Based Marketing : Comment bien choisir ses comptes ?

click photo for more information
Account-Based Marketing : Comment bien choisir ses comptes ?
70% des entreprises BtoB cherchent à mettre en place des programmes d’Account-Based Marketing. Mais comment bien choisir ses comptes clés ? Facebook Twitter Google+ Pinterest LinkedIn Buffer WhatsApp
0
18

FEMA Van Buren Center to Help Missouri Flood Survivors

click photo for more information
FEMA Van Buren Center to Help Missouri Flood Survivors
Recovery Specialists from the Federal Emergency Management Agency (fema), U.S. Small Business Administration (sba) and Other Agencies Will be at the Center to Discuss Assistance and to Help Anyone Who Facebook Twitter Google+ Pinterest LinkedIn Buffer WhatsApp
0
21

Why the falling oil price isn’t hurting markets

click photo for more information
Why the falling oil price isn’t hurting markets
INVESTORS could easily get confused about the impact of oil-price rises on the economy and markets. The story seemed to be clear: high prices bad, low prices good. The two great oil shocks in the 1970s were unambiguously bad for Western economies—ushering in stagflation and transferring spending power to the oil-producing countries. In turn, low […]
1
19

¡Growth Hacking! ¿Cómo pretendes hacer crecer tu negocio rápidamente?

click photo for more information
¡Growth Hacking! ¿Cómo pretendes hacer crecer tu negocio rápidamente?
El Growth Hacking está tomando cada vez más fuerza en España y Latinomérica debido a los buenos resultados que ofrece como estrategia online para el crecimiento de un negocio. La comunicación digit… Facebook Twitter Google+ Pinterest LinkedIn Buffer WhatsApp
0
25

How artificial intelligence is revolutionizing customer management

click photo for more information
How artificial intelligence is revolutionizing customer management
A few years back, cloud computing transformed customer management, giving every small and medium business access to unified data and communication platforms without the need to make Facebook Twitter Google+ Pinterest LinkedIn Buffer WhatsApp
0
24

What Is a Growth Hacker and Why Does Your Company Desperately Need One?

click photo for more information
What Is a Growth Hacker and Why Does Your Company Desperately Need One?
If “growth hacking” is something that you “sort of heard of,” but dismissed it quickly because you thought it’s for bigger companies, let me correct you right now. You NEED a growth hacker, irrespe… Facebook Twitter Google+ Pinterest LinkedIn Buffer WhatsApp
1
23

Could growth hacking be the low-cost key to business success?

click photo for more information
Could growth hacking be the low-cost key to business success?
Described as a new way to do marketing, growth hacking opens up opportunities for businesses committed to experimentation Facebook Twitter Google+ Pinterest LinkedIn Buffer WhatsApp
0
22

7 Crisis Management Secrets for Your Small Business from a Two Star General

click photo for more information
7 Crisis Management Secrets for Your Small Business from a Two Star General
There are similarities between the techniques you need to run a successful small business and being a military leader. Both require discipline and an unwavering commitment. Small Business Trends sp… Facebook Twitter Google+ Pinterest LinkedIn Buffer WhatsApp
0
25

Stop ‘growth hacking’ – you’re embarrassing yourself

click photo for more information
Stop ‘growth hacking’ – you’re embarrassing yourself
People want to believe in the latest social marketing shortcut tools because they don’t want to put in the work Facebook Twitter Google+ Pinterest LinkedIn Buffer WhatsApp
0
24

Google Posts for small businesses moves to Google My Business

click photo for more information
Google Posts for small businesses moves to Google My Business
Google has moved the management location of Google Posts and the company hopes to expand Posts to more businesses and organizations. Facebook Twitter Google+ Pinterest LinkedIn Buffer WhatsApp
0
24

Consensys Introduces Omega One

click photo for more information
Consensys Introduces Omega One
Share with: Despite massive growth in crypto markets, exchanges remain illiquid, fragmented, costly to trade on, and open to theft by hacking. Consensys’ latest Blockchain product Omega One claims to Facebook Twitter Google+ Pinterest LinkedIn Buffer WhatsApp
0
24

Growth Hacking is Checkers, and Integrated Marketing is Chess

click photo for more information
Growth Hacking is Checkers, and Integrated Marketing is Chess
Three questions to ask yourself to ensure a growth hack is worth the investment For more on growth hacking, be sure to check out our preceding post, Growth Hacking: the Good, the Bad, and the Facebook Twitter Google+ Pinterest LinkedIn Buffer WhatsApp
0
10

Leadership secrets from Lego

click photo for more information
Leadership secrets from Lego
Jorgen Vig Knudstorp has been Lego’s “master builder” of the company’s turnaround since 2004. At the time, Lego was losing $1 million a day. Now it’s the world’s most profitable toy company. Facebook Twitter Google+ Pinterest LinkedIn Buffer WhatsApp
1
30

“Basic economy” class is winning over flyers

click photo for more information
“Basic economy” class is winning over flyers
GULLIVER wrote last week about American Airlines handing indignant flyers a notable victory. The carrier rescinded a plan to take away an inch of legroom from economy-class seats on new planes, following a public outcry. Such concessions are rare. Airlines generally worry about how customers vote with their wallets not how they grumble with their […]
0
27

American energy firms are enjoying a bonanza south of the border

click photo for more information
American energy firms are enjoying a bonanza south of the border
Supply chain in action A CHEMICAL engineer at Pemex, Mexico’s state-owned oil company, opens a tap atop a maritime platform in this offshore oilfield in the southern part of the Gulf of Mexico. She decants a jar of heavy Mexican crude that comes, hot to the touch, from 3,500 metres below the seabed. It looks […]
0
28

Take Your Business to the Next Level with Marketing Automation Software

click photo for more information
Take Your Business to the Next Level with Marketing Automation Software
Marketing your small business, whether online or off, is a time intensive process. As your business grows, managing lead capture, nurturing, converting and relationship management become too big to… Facebook Twitter Google+ Pinterest LinkedIn Buffer WhatsApp
1
28

Complaints against America’s airlines are rising

click photo for more information
Complaints against America’s airlines are rising
LAST year, Bob Fornaro, the boss of Spirit Airlines, talked of the effort his firm had made to reduce the number of customer complaints. The ultra-low-cost carrier, dubbed the most hated airline in America by Bloomberg, had long been ranked as a primary purveyor of passenger pain, regularly propping up lists that rate airline service. […]
0
26

German deep discounters go big in America

click photo for more information
German deep discounters go big in America
Rummage sale AMERICA’S economy is enjoying its third-longest period of uninterrupted expansion since the 1850s. So it is at first glance puzzling that Lidl, a German deep-discount chain whose sales soar when times are hard, is entering the market now. On June 15th Lidl opened nine stores in Virginia, North Carolina and South Carolina. Up […]
0
29

The Greatest Marketing Growth Hack of All Time (Hint: Cupcakes)

click photo for more information
The Greatest Marketing Growth Hack of All Time (Hint: Cupcakes)
Facebook Twitter Google+ Pinterest LinkedIn Buffer WhatsApp
0
28
load more posts