Yes, you do need to write a business plan

I like using quotes to remind me of important information.  For example Dwight D. Eisenhower said:

“In preparing for battle, I have always found that plans are useless, but planning is indispensable.”  

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There are many templates to help you write your business plan and even the simplest ones will walk you through important questions you need to answer about your business.  I used the SBA’s website to build my business plan.  But, writing a plan is just the beginning.  You must remain flexible and aware of changes that affect your business as you begin your work.  Having a plan will make sure you stay focused on the right actions to drive you forward as things change around you.

Your plan can’t predict the future and technology may force a change in your business plan.  In my industry new cloud based software companies Xero and Freshbooks are changing the game for bookkeeping.  Changes create both opportunities and challenges affecting your plan.  These accounting software companies have forced software giant Intuit to develop competing products even though there desktop software QuickBooks has huge market share.  I believe technology allows anyone to compete even against the largest businesses so make sure you keep on top of your industry and adapt your plan.

Changes can effect your plan

What changes are coming to your business?  You must remain alert for changes around you and revisit your business plan to determine how your business will react.  Don’t worry about these changes.  Instead ask yourself what opportunities do these changes create for my business?

Taking time write a plan for your business will force you to think.  And this will prepare you to respond to inevitable changes affecting your business plan.  No plan survives contact with the real world.  and being successful requires you to make adjustments. But this doesn’t excuse you from writing your business plan in the first place.

Planning for success

Planning is essential to entrepreneurial success.  Your business plan provides the base information you need to make decisions and prepares you adapt to changes that affect your business.   

Take the time to write a business plan before you start your business.  Notice what works, what doesn’t’ and what is changing around you.  Then adapt your business plan.  Writing a plan is the first step to lead you to success.  Adapting when your plan isn’t working is the key to surviving.  

Share in the comments below how your business plan has helped you react to changes in your industry.