Five excuses for not creating your plan for success:
Question: What excuses have you heard and what is the remedy?
- Creating a business plan can be hard work and require delayed gratification towards early success. Fact: There are ways to minimize the workload and feel great about the process. The great value is in the process of discovery, not the end result.
- The business plan process can be intimidating and underestimated in its importance for long term success. Fact: Information is power. A professional can help you in that process at every step where it can be fun and exciting.
- You can secure funding from investors without a proper business plan thus no plan is needed. Fact: Who would loan you money without knowing exactly where you plan to spend it and how you plan to repay it? If you put your family home or something else of great value up for collateral, yes, many lenders will lend you money. Not because they believe in you as an entrepreneur but because they plan on taking your nice home when you fail. They are counting on it!
- A plan holds you and your leadership team accountable. There are many distractions along the way to entrepreneurial success. Fact: A great plan is one of the best tools to avoid losing sight of the true goal. Having the long term vision and the map to get there greatly increases your chances of success.
- Measuring success is scary. What if you do not meet your goals? Fact: A comprehensive plan provides your and your team with a 3-5 year plan of operation. That plan can help avoid potentially catastrophic disagreements between partners. Setting expectations now helps you understand where you are in years to come.