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5 Reasons to Double Down and Draft a Business Plan, Plus Tips for How to Do It

November
24, 2020

6 min read

Opinions expressed by Entrepreneur contributors are their own.


These days, you just don’t hear that much about business plans. The feeling from some corners of this industry — entrepreneurs and investors—seems that business plans have lost their snap, but I simply don’t agree.

There are plenty of good and necessary reasons for savvy entrepreneurs to invest time and energy to write a memorable . Here are my top five.

1. A well-thought-out business plan is a roadmap that becomes a living, breathing document for turning your vision into a real company with paying customers 

Your business plan is the opportunity to demonstrate crisply that you understand your market, that you can solve a big problem for your customers and that your solution presents a that decision-makers will buy. 

a business plan is like catching a fish or painting a room. Most of the work is in the preparation. Ask questions. Drill down on the competition. Become a relentless scenario planner to identify likely outcomes and points of failure. From day one, be disciplined about collecting, protecting and organizing what you learn.

The genesis of your plan might well be scribbling on scratchpad or a Sharpie sketch on the back of a program from a slow game. Your plan’s foundation will be hard evidence of market validation from surveys and interviews with actual customers. The proof of the solution will be technical validation from impartial technical reviews and pilot prototypes. How you’ll achieve it will be demonstrated through the experience and credentials of you, the founding team and your advisory board. 



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