At McBride For Business, LLC we do a lot of planning: we work with a lot of our clients on plans and we see a lot of common myths. Here are three common myths that we see, and why they are simply not true.
#1 A Business Plan Will Go Stale. A lot of people avoid planning, because they think as soon as they write the plan down, the plan will be out of date. But, they’re missing the benefit of working through the process of writing the plan down, of thinking through the current situation and then having something in writing. You can always update it. Plans don’t change that quickly once you’re in business or moving forward. When they do, it’s a great opportunity to go back and think about the details.
#2 I Have It All In My Head. A lot of people don’t like to write plans down because they say they have it all in their head, they know what they’re doing. However, that can lead to a lot of risk, because others in your team may not realize what you’re doing. Certainly, outside investors and others are going to want to see things in writing. It is not uncommon for us to find business partners had different ideas on what the business plan was. You’ll want to make sure you have the plans written down in a form where other people can see it.
#3 I’m Finding My Business As It Goes. This is a common reason for not planning. People feel their plan is changing so quickly that they don’t have a chance to write it down. However, even quickly changing businesses should be written down, because you need to work through the details. Having things mentally in your head, particularly when there’s more than one person involved, can often lead to miscommunications and problems.
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Katy Smith.
About the Author
Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.rshawnmcbridelive.com), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at firstname.lastname@example.org or (214) 418-0258.
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