Some answers here indicate that execution is much more important than spending time developing a business plan. I would encourage you to not choose between a quality execution and a solid business plan. Instead, you should focus how these two points can work in conjunction to lead to a thriving business.
Here’s what a business plan can include:
- Clearly defines marketing and operational plans and milestones
- Establishes responsibilities and expectations of members
- Determines goals and how you plan to meet them
- Expresses clarity in a way that attracts investors
- Identifies the best way to reach customers
- Creates hiring processes for current or future employees
- Determines the expectation and ability to make profit
- Helps you anticipate potential challenges and how you can solve them
- Develops a strategy for competing in the marketplace
Developing a business plan will not only establish the foundation of your business, but it will assist in attracting funding and top talent to work for you. Without a solid plan, you will likely learn the hard way that there are many challenges that will come up. While a business plan is not a requirement, it can help you avoid common mistakes that start-ups make early on and pay the price for later.
It’s true that these documents can be long and incredibly detailed, but you don’t have to face this process alone.is in the business of helping entrepreneurs just like you. Our talented business attorneys have assisted over 1000 start-ups to get their feet on the ground. Invest in the structure of your business now, for ample success later. Contact us for a consultation.