By Peter Justen –
One of the debates I hear most often revolves around the need for a Business Plan. Love them or hate them…everyone has an opinion. I’ve heard VC’s say they never do anything without one, and I’ve heard them say they are a waste of time.
My opinion? Yes. No. Absolutely. No way. Without a doubt. Maybe.
I think it all depends on what you are going to use it for. I’ve seen hundreds (and written dozens) of business plans over the years and I can’t think of one where everything went according to the plan that was so carefully written. So why bother with them? Simple. I think the highest value to be gained from putting thoughts to paper lies in helping the writer think through their models.
Top 5 Reasons to Write Them
1. Make mistakes on paper before you make them with dollars. It’s a really good exercise to really think through your business model. (more…)