4 advantages of a short business plan
Yesterday’s post highlighted the failings of long business plans. What advantages, if any, do short business plans provide?
First, a short business plan is much less daunting, much less of a barrier to the typical entrepreneur or SMB. A short business plan can be created in hours, not weeks. And the entrepreneur can write it herself without expensive consulting assistance.
Second, it’s easier to treat a short business plan as a living document that can be updated every three or six months as the business model unfolds. Entrepreneurs, by definition, seek to rapidly improve and optimize their business model. A business plan should provide guidance, not expect rigid adherence.
Third, and perhaps most important of all, a short business plan will actually be read. After all, why write it if nobody’s going to read it?
Finally, short business plans get to the point. Well written and quickly read, the plan helps the audience make a quick decision. Here’s a great real-world example of this: Bill G., a UK StratPad user in Italy, wrote me yesterday to say:
“I want to thank you and your app for providing me with a tool that enabled me to get to yes with my board of directors on a plan that has been floundering, for now 4 years. After my presentation I was enthusiastically informed that this was the best plan they had ever received, and without further discussion, they unanimously approved it on the spot….completely out of their character! This was entirely made possible by the focused and succinct brevity achieved via StratPad.”
Isn’t that what it’s all about?