“Don’t Waste Time on a Business Plan” Doesn’t Mean Don’t Plan
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I’m afraid the current “don’t waste time creating a business plan” mantra is doing unintended damage. It’s leaving the impression on first-time entrepreneurs that they don’t need a plan of any sort. What I think advisors and investors are trying to tell them is that the 30-50 page written business plans of yesteryear that include long-range financial projections, exit strategies and extensive market research aren’t expected anymore, so don’t waste your time creating such a physical document.
They are also trying to tell entrepreneurs that they barely know if they’re going to make it another 9 months, so why spend too much time detailing what the company will look like 3-5 years from now? The investors are right but the entrepreneurs aren’t hearing it that way.
In order to get funded you’re going to have to come up with your “story”, which includes all of the typical content that’s included in a pitch deck and more. The pitch deck is in presentation format but it essentially follows an abbreviated outline of the old-day business plans. So if you have a solid pitch deck you’re already half way there and you do need a plan.
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