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Posted by on Oct 14, 2012 in Business Plan | 3 comments

Your Business Plan is Alive!

Your Business Plan is Alive!

Read enough about business plans and you will eventually come across someone who will tell you that a business plan is a “living thing”. I’m surprised how few people understand what this means.

First, lets clarify that your business plan and your business plan document are two different things. Your business plan is the analysis, decisions, and expectations you have for your business. The business plan document, on the other hand, is a way to capture all that. Bear with me because it’s important to understand the difference between the content and the document. You can extract an entrepreneur’s business plan by asking him/her enough questions about the business. A business owner, over time, will develop an understanding of customers, the industry, and competitors. S/he will also have plans for how to market, sell, produce the product/service, and manage money. The entrepreneur will also have expectations (financial and non-financial results) for his/her business. Over time, the business owner will better understand his/her business and will then adjust the plans and expectations. This process is the “living” part. It’s like a child that learns and adapts to life as s/he grows into an adult.

It helps to document it, but it’s the process of learning, doing, and adapting that we need to focus on.

 

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