#millennials #businessplan #coaching #consulting #liveplan
According to The Young Entrepreneur Council (YEC) 2013, “Business plans are dead — or are they? For many entrepreneurs, the business plan is an outmoded document that gets created mainly for the benefit of VCs and bank loan officers.
Bootstrappers rarely think they need one to get by. But the fact is that a business plan — even just a one-pager with a few financial projections — can be a valuable internal tool. A roadmap for even the smallest or earliest-stage idea. It can foster alignment, set the tone for the business and even help you craft your brand messaging.
We asked members of the Young Entrepreneur Council (YEC), an invitation-only nonprofit organization comprised of the country’s most promising young entrepreneurs, the following question to figure out when (and why) a business plan is an asset, even if you’re not planning to raise one penny:
“What is one good reason to write a business plan even if you’re not going for a bank loan or venture capital?””
Visit Small Business Trends to learn more about the 10 Reasons listed below and what the YEC had to say.” Read more > 10 Reasons Why You Should Write a Business Plan
2. Gain a Deep Understanding of Your Market
4. Practice Makes Perfect
5. Confirm the Math
6. Iron Out Possible Kinks
7. Foster Alignment
8. Hold Yourself Accountable
9. Know Your Message
10 Establish Benchmarks