Do You Really Need A Business Plan?

Great thoughts on business plans from the great Northwest. SeattlePI writer Susan Schreter responds to the question: “I’m at the point where I have to decide if I should hire employees or farm out certain work to independent consultants. Also, please don’t ask if I have a business plan because I’d rather spend my time making money than creating documents I don’t have time for.”

Here is a part of her Inside Entrepreneurship column:

Yogi Berra once said, “You’ve got to be very careful if you don’t know where you’re going, because you might not get there.”

Unfortunately, during the past 15 years or so, business plans have morphed into a marketing tool to raise money. Entrepreneurs just don’t bother to prepare them until a potential grant provider, lender or investor requires the document as part of the selection process. It’s too bad, because useful startup operating plans or business plans are built around a clear understanding of the founder’s desired business destination. And this destination is not vaguely defined as “to make a lot of money” or “to be my own boss.”