1. Business & Finance

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

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

From David Sears

Name, title, company, website 

David Sears, CEO, PrintResource

Describe your business 

Commercial Printing

Do you have a written business plan? 

Not as they are typically thought of. My pet peeve is that they are a complete guesstimate when utilized for raising funds (give me an Excel spreadsheet and 1/2 hour, and I'll create a financial plan showing how any company can make billions). That said, business plans can be a very useful vehicle for brainstorming, strategizing, and ensuring that employees and management are held accountable.

If you have a business plan, do you refer to it often? 

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 prior year.

Advice 

See a href="www.theideastartup.com">The Idea Startup for the only online, collaborative business plan software I know of.

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