Do you believe that you only need a business plan when you are looking for financing?
When you start your business, you are excited, you want to get started, and unless you need to bring lenders or investors, a business plan is the last thing on your mind. And even then, the plan is created, financing is secured, and the plan takes its place on the shelf, never to be opened again.
However, all businesses need a business plan, and that plan needs to be a living, breathing document that doesn’t just sit on the shelf and never get looked at. Your business plan is the roadmap for your business. It discusses all aspects of your business, from your mission and vision, to marketing and operations, to human resources and financials.
Now this does not mean your plan is static and never open to changes. This is why it is a living, breathing document. It is the basis of your business strategy and the roadmap to guide you. You must be reviewing your plan and make adjustments as needed. If you are not flexible, you will find that you will be left behind as things change. Just remember Blockbuster. Well, depending on how old you are, you might not even get that reference. Basically, Blockbuster had the ability to buy Netflix but Blockbuster refused. Now Blockbuster is no more (except for one store hanging in there). By not being flexible in their business strategy Blockbuster lost out on an emerging technology because they did not look to the future and were focused completely on the plan they had laid out.
It’s not just technology that changes. Look at the Covid-19 pandemic. No one could have anticipated what happened. Those businesses that did not, or could not, pivot and offer their products and services in a different way may not survive. But there were businesses that made significant changes and not only survived but thrived. Some businesses were already positioned for the online world, and some were able to capitalize on their industry. By having a plan that you review and adjust as needed, you can take advantage of changes that happen whether they are technology, social, economic, political, legal, or environmental.