Have you written it?
It is easy to imagine that entrepreneurs have well written plans of their businesses before they start or during their operations. Nothing could be further from the truth. Interestingly, a majority of people find it easy to speak about their plans than to write down about them, and yet, there is no investor who would even think of funding a business whose plan is not well articulated on paper.
Call it a road map if you wish but the greatest beneficiary of a business plan is the entrepreneur himself. Amongst its many benefits, writing down a plan helps the entrepreneur to stay focused and to see details that he would otherwise have overlooked. The main point is not necessarily the number of pages a plan consists of, but a mere direction to the way forward of the business. It’s the best way of coming out from the phase of ‘thinking about it’ to ‘acting about it’.
An entrepreneur running a business without a business plan is like a professional who doesn’t have a curriculum vitae, (C.V). Just like a professional keeps updating his C.V to reflect new responsibilities and positions, so should an entrepreneur update his business plan to reflect changes in the market or economy.
Sharpen the entrepreneur in you.