Business plans have long been a critical document for new businesses. Are they still relevant? If so, what best practices and data can help you create a winning document that will help your business get the funding you need and ensure your venture lasts?
Before digging into the best way to craft a business plan to help you crush it, and spending hours or numerous dollars on commissioning one, do you even need one?
A decade ago anyone you approached with a business idea without a plan would have laughed and shooed you away. Even your friends and family, or the most aggressive angel investors. Things have changed.
A business plan is still a must for some scenarios and some reasons. Yet, some may also think that pitch decks and clever presentations may he displaced them. Every entrepreneur and startup company needs a plan. Before deciding exactly what that looks like and how to create it, there are some critical questions to answer and factors to understand.
What’s a Business Plan for?
Just because it is the status quo should never be a line in the vocabulary of a startup founder today. Traditional business plans can be big beasts of a project that suck time, money and mojo at a vital moment. Don’t do it unless you know why and what you are trying to achieve with it.