![]() ![]() Emphasizing Toolsįor this short exercise, I’m thinking in terms of tools. Forecasting has its place but it comes after the internal meat-n-potatoes are sussed out. Financial projections and potential market share? Not right now. ![]() I’m intentionally ignoring the prognostication that accompanies the standardized, formal business plan. Let’s ignore the guesses for awhile and focus on the practical benefits of crafting a business plan: strategy, clarity, prioritization, focus, etc. When it comes to business plans, there’s stuff you know and everything else that requires guesswork and a lot of research. It was a feel-good exercise at the time, but it hasn’t had much practical impact. Recently I read a Harvard Business Review article that summarizes it perfectly: my business plan was “precisely incorrect rather than approximately correct.” I’d rather have something simple and approximately correct than sophisticated and off target. I haven’t referenced my business plan since its creation. I read the book, used the material and completed a business plan over the span of a week or so. It’s one of those “action oriented” books that includes worksheets and exercises as you go. I didn’t write a proper business plan until I took my freelance design business from on-the-side to full-time.įor help writing my original business plan, I read a book called “ Start at the End” by Dave Lavinsky. ![]() I certainly didn’t have a plan when I started freelancing. I don’t have numbers in front of me, but I’m guessing that most freelancers, entrepreneurs and small business owners don’t write a business plan before getting started. ![]()
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