Things have changed., a business plan is still a must for some scenarios and some reasons.Yet, some may also think that pitch decks and clever presentations may he displaced them.
This is a brief 1-3 page document that sums up your business and plan, and gives viewers enough info to decide whether they want to see any more data or not.
Like a pitch deck, it it’s good enough it can be sufficient to get lenders and investors to choose to work with you, and work through the details in the process.
The big problem with business plans is that entrepreneurs often get bogged down in them.
Getting lost in rehashing and dragging out a business plan for a year or more can cost your startup the optimal moment to get to market and the best funding opportunities.
Too many founders have also tried to cram the equivalent of a business plan into a pitch deck, only to find it is a hindrance to getting the results they want.
Harvard Business Review (HBR) says “the real key to succeeding in business is being flexible and responsive to opportunities.
Can you scale customer acquisition cheaply and measurably?
”An executive summary is a different document again.
Every entrepreneur and startup company needs a plan.
Before deciding exactly what that looks like and how to create it, there are some critical questions to answer and factors to understand.