To Plan or Not To Plan, That Is the Question

So you have a great idea for a business, but now how do you make that vision reality?  Many experts say the first step when considering starting any business is to create a plan.  However, others believe it is really only a necessary evil to gain financing and investors.

As the popular NBC show, Americas Great Next Restaurant, has proven to us, a business plan can help both a company and potential investors to understand all aspects of their operations prior to opening. The show’s primary investors, Bobby Flay, equally famous for his celebrity chef status as Steve Ells is for his Chipotle restaurants, are no strangers to identifying talent and opportunity.  They are not just looking at if a restaurant can turn a profit but also the person behind the idea and their ability to successfully develop a concept.

A business plan can help a company to identify weaknesses in areas such as:  leadership and market feasibility as well as strengths such as: competitive environment and growth opportunities.  In a sense, it can help to determine if the idea you believe to be unique and great is truly worth pursuing.  It also gives you an opportunity to make adjustments and correct mistakes that can often result from under-planning.

The owners of the consulting firm, Growthink, have been helping entrepreneurs “successfully start, grow, and/or exit their companies” since 1999. Co-founded by Dave Lavinsky and Jay Turo, Growthink’s business plans have been featured in magazines such as Fortune, Businessweek, and Forbes.  The company not only provides services focusing on finding and securing investors but also “developing a strategic road map”.  They help their clients to set goals, make action plans, and gain a complete understanding of their business.  Probably the best summary supporting why a business plan is a good idea is their list of 20 Reasons Why You Need A Business Plan.