Entrepreneur Magazine loves short business plans

The October issue of Entrepreneur magazine has an article by Marcia Layton Taylor that celebrates short business plans. It’s no coincidence that StratPad is featured in this article.

The article, “Short But Sweet”, highlights these key failings of the traditional 100-page business plan:

  1. The modern business landscape changes too quickly: in the time it takes to prepare a traditional business plan, the opportunity can be lost.
  2. It takes too much effort to create the old-style business plan: the time spent building the business plan could have been far more effectively used to start and build the actual business and refine the business model.
  3. Traditional business plans are too complicated: they act as a barrier not an enabler. Too often, entrepreneurs know how to create their business but don’t know how to create a complex business plan. Too much time, energy and money is spent on trying to build the plan – that is, if they even make the attempt at all.
  4. Long business plans can restrict vision and create inflexibility: this is the opposite of what entrepreneurs need. A new or expanding venture needs to be able to see a wide variety of potential business model solutions and feel free to act on them quickly.
  5. People don’t read them: “there is little value after the first few pages.”

Music to my ears.

The traditional business plan template was designed a half-century ago to serve the needs of larger organizations in a much slower-paced business environment. They haven’t ever really worked for small- and medium-sized businesses (SMBs) and they definitely don’t work now. The Entrepreneur magazine article hits the nails on their heads.

It’s fitting that StratPad is featured in this article. We believe in SMBs and we know from years of experience that a short compelling story, convincingly told, is the best way to raise money. That’s what StratPad helps you do.

Next: 4 advantages of a short business plan