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Reader Stories: The Business Plan: A Relic or a Necessity for Today's Entrepreneur?

From , former About.com Guide

Share your experience on business plans -- whether they're a relic of the past or fundamental to today's start-up. Are business plans necessary only if you need financing (venture capital, bank, government program), but not if you are self- or friends-and-family funded? In an age of instant information, is it just possible that business plans are ready for the time capsule? Weigh in with your views and experience.

A One-Page Business Plan Plus Mindmapping

Yes, I have a plan for myself as well. I refer to it monthly. Depending on the client, I suggest they keep it posted at their desk and keep one in their briefcase or bag so that they easily refer to …More

Build Your Plan from the Bottom of the Org Up

It's a continuous process administered through shared docs for marketing, sales, operations--that are updated constantly.Strategic planning and business plans are relics of the industrial era. They a…More

A Business Plan Sets the Course You'll Follow

Yes. It becomes part of your everyday perspective on your business and affects many levels of decision making. Sometimes you need to reference your business plan to keep a fresh perspective on your d…More

A Strategic Plan for the First 100 Days

Most businesses, successful or otherwise, don’t resemble the founders’ original conception or plan with any great fidelity. But, a thoughtful, detailed strategy will better prepare the au…More

Business Plan Gets Done, And Then Filed

We put in endless hours on our business plan, attending small business start-up groups, seeking out the insight of experts and the like when we were first getting started. In the end we do feel the p…More

Business Plans Can Make You a Billionaire (In Your Mind)

We annually review our 'guide' (it doesn't make sense to call it a plan) and make adjustments as needed. Often times, it is more of a reminder of what initiatives we did not fully explore in the prio…More

Bought Franchise Because of its Business Plan

The most important part of a plan is the strategy and operations sections. These should be used daily. The rest of the plan is pretty much only for securing financing.Strategy deals with: who is your…More

Do a Marketing Plan, Not a Business Plan

Don't have a business plan, but we refer to our marketing plan on a daily basis as it is the lifeblood of the company. It's our measurement tool and how we know if we want to continue with the same m…More

Business Plans: More Noise than Signal

We've pivoted our strategy in some way nearly every week since launch, so if we had drawn up a written plan before we truly understood the business and then felt the need to stick to it, we probably …More

Back from the Future Approach to Business Planning

We refer to our action plan on a frequent basis -- measuring ideas for actions against how they achieve the goals. Sometimes that changes the goals themselves. That is usually weekly or bi-weekly.Eve…More

This Entrepreneur Says Business Plans are 'Bollocks' (Which Means They're Bad)

We do not have a b-plan because we like to be lean and agile so we do not start doing things habitually, such that we neglect what's really important for our business and our customers. It's about co…More

A Business That Changes Too Fast for a Written Plan

We do not have a business plan. Our business plan is to offer value to our clients and we measure that through sign ups, word of mouth, and accolades. It helps us focus on our goals that matter most …More

Plans Sometimes Depend on Type of Business You Have

As my previous answer indicates, Assets International does not have a business plan nor have we ever had one. I therefore do not have a business plan to which I can refer, even if I wanted to do so. …More

Clarifying Ideas: A Benefit of Writing a Plan

The most important part of our business plan involves marketing. A day or two every week includes promoting our services to existing and new clients. We research and try out new media (particularly s…More

Elements of a Successful Business Plan

Weekly, in one way or another. For example, our competitive positioning and value proposition portions of our business plan are embedded in our marketing collateral and website. We review these mater…More

Today's Business Plan: Short and Outcome-Focused

Yes, monthly and more often if needed to review and reassure it is still viable. Yes it does get changed as information and results change. A good comprehensive plan is a great starter, but not neede…More

Coach for Women Over 40 Says Have a Vision, Skip the Business Plan

I read my vision statement almost daily and rewrite it twice a year. I use it to keep focused on actions that are in alignment with the life I want to have and the skills and talents I enjoy using mo…More

A Shoestring Success -- And Look Ma, No Formal Business Plan

We had no formal plan. We just did what we knew we were good at and let the business “plan” itself. By using skills that were inherently ours, we created a business on less than a shoestr…More

Just-in-Time Business Planning

We have an online business master plan with the financials updated quarterly or so.When we need additional funding, or apply for a grant financing, we formalize a full scale (classic) business plan d…More

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