How Do You Use Your Written Business Plan?

Question

Ok, in my quest to over-analyze everything to the Nth degree, I have a question for those of you who have a written business plan and actually use it.

I have owned several businesses over the years and have written plans for each one.  After starting out like a house afire (maybe not a good analogy on this site), and writing a beautiful plan, I may or may not use it to obtain funding, and then once I was up and running I may or may not (mostly not) ever look at it again.

Already I have written a beautiful plan for flipping when I discovered I left out half of my strategy which is to buy and hold as well....plus now I want to go back and add the BRRRRRRRR to it!!

So, all of this leads me to ask if there are any of you who really USE a Bizz Plan.  I always envision myself updating it religiously and modifying it as I go forward, and making sure that all my key partners receive regular versions....and ....then....I.....kinda.....peter.....out.

Suggestions and examples of how you use your plan and times when it has proved beneficial for all the work you put into it would be motivating, educational and very much appreciated!!

Account Closed · Answer

Hi @Craig Bowen

I personally think that how in-depth you wish to get with your business plan would be up to you. As I am sure you know, the structure of your business plan will be dependent upon what it is being used for and who will be looking at it. If it's just you, is there really a need to go through every single detail time and again?

A coach that I currently have for my real estate business said one important thing to me regarding a business plan and that was, "it's just a road map and you will alter it as time goes on." Remember, to reach a location there are often alternate routes you may take and you may find that the current route you are on is not the best fit for you; all that truly matters is that you still get where you are trying to go.

One thing I do which is helpful for me is to set aside time for an annual review where I go over my business plan, my marketing plan, my company's financials, take a good look at the year to determine what worked and didn't work, and set my goals for the upcoming year in those respective areas. My annual review is extremely thorough, however, I do also have a fairly intensive semi-annual review to make sure that I am on track to reach my goals for that year and make any small needed changes.

I hope this helps!