Business Plan Myths

otro mapa de tendencias de la wet 2008  / web trend map 2008
photo credit: ottonassar

As the pace of change quickens and business planning becomes more vital, untruths and mythology about the subject keep coming up. I’d like to clear them up.

When people in business tell you that investors don’t read your business plan, this is about the biggest myth out there! Not only do they read all business plans but with today’s economic recession still a float they will be going through all business plans with a fine tooth comb.

Some fellow business owners may tell you that planning in business is a waste of time, this is another big myth. If they were successful without planning at all then chances are they just got lucky. Planning ahead, when done properly, is a great way to be ready for several different changes and scenarios in business that could come your way.

You may wonder if planning your business will cut into flexibility in the future, you need not worry about this. Planning and writing your business plan is just another way of having a guided map to look at from time to time. Nothing is really written in stone here and you can deter from the exact plan you had set forth if you feel that the current opportunity in front of you will pay off better then what you had planned.

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