By Mildred J at August 26 2019 02:50:12
Do not try to write your business plan in one sitting. As I mentioned in the beginning, for a traditional brick and mortar business, it could take in excess of 100 hours to compile all of the information needed into a comprehensive but yet understandable document. For online businesses, probably not that long. But your final product should be well thought out, well documented and easily understandable.
I have been putting together business plans for over 25 years and it is clear to me that the strength of its core rests solely on being able to execute the plan. Each year I approach business planning as an opportunity, rather than a burden. I would rather invest the time up front in mapping out the upcoming year, than leaving it to chance to dictate my strategy. While this may force me to think strategically as well as tactically, preparing a detailed business plan in advance enables me to identify the challenges in advance of actually facing them.