Why would a company that helps people prepare business plans make such a counter-intuitive statement? Well, to be honest, no matter how carefully people research and strategize, they will never be able to define the future 100% accurately…and the same is true with business projections.
So why bother? Realistically, professionals (especially financial investors) who regularly rely on business plans expect probable imperfections in the details, yet they fully appreciate there is no better approach to create a starting point and map a route to a projected business future. They also realize it’s not just the 5 to 50 page, beautifully printed and bound business plan that’s vitally important; rather, it’s the step-by-step planning process that’s paramount. Whether the person or team responsible spent days or weeks to complete their business planning process, valuable new insights became obvious along the way and consequently the details of their planned trajectory were progressively refined.
An Ongoing Reference Tool
Irrespective of how a plan was ultimately prepared, the designers of the plan now own a reference tool for the ongoing management of their business. By the very same process used to create the plan, it should be used as an ongoing benchmark to gauge and recalibrate their progress, no matter if starting up or maintaining an existing enterprise. Any investor or business partner who doesn’t have oversight of the day-to-day business management would expect nothing less and you can bet they will be referring to their copy of the plan as their own business monitoring tool.
Just Get Started
So, knowing a plan developed today will be inaccurate (wrong) in the future is not a very good excuse to avoid preparing one, is it? Don’t worry about the process, just get started. The insights will manifest and the right details will fall into place. You’ll appreciate having your own reference document to guide you, and you’ll be able to make necessary adjustments whenever you need along the way.