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Business Plan

I've been in business for myself just about a year now. When I first got started I was all hot and heavy on developing a business plan. I never did finish it. That doesn't mean I didn't benefit from working on it though.

Has everyone else written a business plan? Should I go back and finish what I started or are those really just to get your thoughts straight and on paper? - by Widgets
Has everyone else written a business plan? Should I go back and finish what I started or are those really just to get your thoughts straight and on paper?
If it was me I'd finish the business plan. I've written and continue to update my business plan. I like to think of it as a business map. ;) - by Mikey
IMO, it's a good idea to go back and finish the business plan. I update my business plan at least once a year. - by Houston
Thanks for the input. ;) - by Widgets
For me, it's good to finish what you've started. I'm planning for a restaurant business. I think it's a very good business because people never stop eating. - by shinningstar
My business plan is a dynamic document that I use to adjust my strategy based on what I find works and doesn't work. For this purpose, it's a management tool. When the time comes where I need to provide one for funding, or some similar purpose, it will be easy to convert into an external document. - by Coda1108
Great encouragement from everyone and I agree keep working on your business plan. For me it is a living organism that has been designed to grow. Years ago when I started a business which I sold I put the plan etc in the filing cabinet and forgot it was supposed to be dynamic and a living organism.

Now days I encourage others to be like me and make sure you have Mentors built into your business plan. They could be someone you are modelling or your accountant, lawyer, insurance broker and so on .... but make sure you have someone outside of yourself to "kick you up the butt" if you tend to lose focus.

They can be annoying at times because they hold you accountable to your word .. but hey ... that is why I build them into my business plan.

Here's a thought! In your business you have a marketing plan right? Then it makes sense to stay on your plan.

One of my mentors put it this way ... Don't just work in your business, work on it! I guess he means working on my business plan.

Great question ... Then once you develop because of your mentors then you can mentor others ... in learning you shall teach and in teaching you shall learn.

My mentors call that leverage!

Keep up the good work, enjoy your business and thanks for your question... It is really thought provoking, well done!.
Chris - by teknacool
I’ve written a few and I continue to develop my current plan every year as things change, I just wish I used it more during the year.
I guess it really just sets the course and keeps us on track... who am I kidding, I need to use it more, that’s a discipline I need to work on. - by Tony Dunne
Having a business plan is important....but only if you use it as a guide and update it and revise it as you go along. - by Paulette Halpern
Your business plan is going to be useful in a number of ways.
First and foremost, it will define and focus your objective using appropriate information and analysis.
You can use it as a selling tool in dealing with important relationships including your lenders, investors and banks.
So,Prepare a complete business plan for any business you are considering. - by amuthanjrv
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