- Market Metrics Inc. - http://www.marketmetrics.ca -

No business plan? That’s like Ready, Fire, Aim!

Developing a business plan takes effort, and many entrepreneurs prefer to just jump in and get started. We understand why. It feels good to be doing something and seems like it will save time.

Unfortunately, execution without strategy usually yields poor results. Remember the Charge of the Light Brigade? The British cavalry didn’t even know where they supposed to attack, and charged right into a three-way crossfire from a heavily-armed enemy.

On the other hand, strategy leads to better execution. Studies consistently show that businesses with business plans do better than those without.

In case you aren’t persuaded, consider these 20 ways your business can benefit from preparing a written-down, thought-through business plan.

So prove that you’re serious about your business. A formal business plan shows all interested parties — employees, investors, partners and yourself — that you are committed to building your business.