The battle begins: Starting to think about a business plan

Every year, universities and MBA programs in Canada, the US and around the world hold business plan competitions. There’s even an inspiring new movie about them. For entrepreneurs with big dreams, the business world’s version of Battle of the Blades brings together competitors who aren’t just out for the cash prizes, seed financing or pro bono business services. They’re looking for feedback from experienced and successful businesspeople who were once in their shoes. Because if you’re serious about making your business dream a reality, a creative original business plan can make the difference between success and failure.


Not that a plan is the be-all and end-all.

In preparing for battle I have always found that plans are useless, but planning is indispensable.” – Dwight Eisenhower, US President, 1953-1961.

As General – and then President – Eisenhower understood, you want to write a business plan not because you expect everything to go according to plan, but because the process of planning helps you:
1.    Organize your thoughts and ideas
2.    Be realistic about the financial future of your business
3.    Understand the life/work implications of your choices
4.    Anticipate problems and develop proactive solutions
5.    Discover the real value of your offering
6.    Communicate better with your partners, staff and suppliers
7.    Focus your efforts

Whether you want to meet with potential investors or a property manager about leasing office space, a good business plan is a necessity. It shows that you’re serious about your business, and that you have a vision and roadmap to make it succeed.

In an upcoming post, I’ll offer more details about getting your business plan started. In the meantime, you can learn more by clicking “Your Small Business Plan” from our partners at BizLaunch.

What questions and concerns do you have about writing a business plan?

By Adam

November 23, 2009