Resources > Articles

Stop Writing That Business Plan!

Stop Writing That Business Plan!

Whether you are a brand-new business, you’re in a growth stage and looking for venture capital or you want to launch a new product within an established business, you probably learned long ago that the first step is the creation of a business plan. But is that really the best use of your time? According to Gregg Scoresby, CEO of CampusLogic, in his recent Pragmatic Live webinar, if you’re thinking of the traditional,100-page missive, probably not. Here’s why you need to step away from the keyboard and stop writing that business plan.

No One’s Going to Read It Anyway


There’s no doubt that we live in a “Twitter society,” one in which anything beyond 140 characters doesn’t get read. Psychology Today says that “consumers are 39 percent more likely to share content if it’s delivered via video, 36 percent more likely to comment and 56 percent more likely to give that video a coveted ‘like.’” So knowing that, why would you waste time and money on a 30- to 50-page missive (the length suggested by the Small Business Administration. It comes down to this: Investors back people not plans.

Plans Change Constantly


Life is an up-and-down journey, as is running a business and launching new products. You might have a great plan, but what happens when things don’t follow as you expect them to? Even the best-written business plans are prone to fail when a monkey wrench is thrown in the way. Let’s say you do spend time on writing a business plan; you are still going to need to update it regularly. Nothing is static, and the plan for your business or product launch will change as well. According to Entrepreneur, your plan should be updated constantly. You have a series of problems that you’re trying to solve in your business, and if you’re updating your business plan consistently, you might miss the opportunities inherent in solving those problems.

Just Keep Swimming …


You’ve certainly heard that “if you fail to plan, you plan to fail”—and that can most definitely be true. But if you’re constantly planning and not making any forward motion, you’ll get nowhere. Business success is reliant on the fact that you keep moving. You need momentum in your business. There’s a reason Dory chants, “Just keep swimming …” in Finding Nemo: She knows that forward momentum gets you somewhere. She didn’t stop to figure out which way to go and how to get where she was going; she just kept moving. That’s the attitude you need to take with your business and product development: Keep building momentum.

When Opportunity Knocks, Will You Let It In?


It’s hard to be open to the opportunity when you aren’t even listening for the knock on the door. There are a lot of people out there trying to solve the same problems as you, and speed is one of the keys to success. If you’re busily writing and rewriting your business plan, you’re not moving forward (there’s that momentum thing again), and that great opportunity will pass you by as someone else capitalizes on it.

It’s All Made Up Anyway


Let’s face it: Your business plan is conjecture. You’re guessing at what’s going to happen because you’ve never done this before. You can’t guarantee any aspect of your business plan. What’s more, there’s no correlation between business plans and business viability. Your business plan is a hypothesis, a theory on what you believe will happen. While you can work with researchers and make some truly educated guesses, at the end of the day, they are still guesses. You have to test that theory in the running of your business or the development of your product, and if you don’t get started, you’ll never know what will happen.

Plan, but Plan Wisely


Certainly, if you’re looking to launch either a full-fledged business or a product plan within an organization, you need to do some legwork. You should know if the market is ready for your product, and you’ll need some inclination as to cost and viability. But don’t get bogged down in the minutiae and get stuck planning instead of doing. Create a quick and dirty business plan, skip that 50-page book and get moving.

Learn more about why your business plan is a waste of time and how to spark interest in a startup or product development by listening to Gregg Scoresby’s complete webinar at http://pragmaticmarketing.com/resources/Why-Your-Business-Plan-Is-A-Waste-Of-Time.

Author:

Other Resources in this Series

Most Recent

Optimizing product management budgets
Article

How to do More With the Same (or fewer) Resources in 2023 with Segmentation and Targeting Updates

Six steps to a data-driven understanding of your best-fit buyer. Improve the efficiency and effectiveness of your marketing programs by shifting your focus (and budgets) to best-fit personas and ICPs. 
Person working on project management software on a tablet
Article

10 Tools for Product Managers 

The right product tools can make it easier to manage your team, but there are hundreds out there—so how do you choose which one is right for you?
Purchasing on a mobile device with a credit card
Article

8 Distribution Strategy Examples For Product Teams 

A distribution strategy is a blueprint for how your company delivers its products to customers. Here are 8 methods and helpful examples. 
Magnifying glass emphasizing the word data
Article

Going Beyond Win/Loss Data

The true value of a win/loss program comes from unfolding the narrative behind that data. 
Article

Comprehensive Approach to Win/Loss Analysis 

Win/loss analysis is all about capturing intel about the buying process from the buyer’s perspective. And yet, so often companies struggle to understand why prospects make the buying decision they do.

OTHER ArticleS

Optimizing product management budgets
Article

How to do More With the Same (or fewer) Resources in 2023 with Segmentation and Targeting Updates

Six steps to a data-driven understanding of your best-fit buyer. Improve the efficiency and effectiveness of your marketing programs by shifting your focus (and budgets) to best-fit personas and ICPs. 
Person working on project management software on a tablet
Article

10 Tools for Product Managers 

The right product tools can make it easier to manage your team, but there are hundreds out there—so how do you choose which one is right for you?

Sign up to stay up to date on the latest industry best practices.

Sign up to received invites to upcoming webinars, updates on our recent podcast episodes and the latest on industry best practices.

Training on Your Schedule

Fill out the form today and our sales team will help you schedule your private Pragmatic training today.

Subscribe

Subscribe

Training on Your Schedule

Fill out the form today and our sales team will help you schedule your private Pragmatic training today.