One of the most frequently asked questions I get about business planning is:
“But I only have a small business – do I really need to prepare a business plan?”
My wholehearted answer is always “Yes, Yes and Yes!”
First, understand that any sized business without a plan is moving in the dark. There are no long-term goals, no real target. Any supposed goals you set for the year are actually parts of a giant to-do list because they are not coordinated toward a big picture that you need to work toward if you want to achieve your business dream.
Imagine going on a holiday without a plan, and just buying the first ticket that pops up. What would you pack? What currency would you bring? Where should you stay?
What do you want out of your holiday? If you wanted to go shopping but your unplanned ticket takes you to a remote beach resort, you’re not going to achieve your goals.
But just put the common sense of having a plan aside. People say to me, to justify their lack of a plan – “but it’s too hard, I’d rather just do it.”
Apart from “Do it? Do what exactly?” I show them how it’s not “too hard”, that it is a simple step-by-step process.
You just need the formula.