Planning, Startups, Stories

Tim Berry on business planning, starting and growing your business, and having a life in the meantime.

Has a Business Plan Saved Your Business life?

Many thanks to Lora Kolodny for this question she asked me in a comment to my post here yesterday:

But I have to ask — any other cases? Has a business plan ever saved your (company’s) life? (cue song: Last Night a DJ Saved My Life)

Yes, many times. With apologies for what might seem like tooting my own horn, it’s a real question, and it deserves a real answer. So these are real saved-by-business-planning experiences I’ve lived through first-hand.

And again I feel like I should apologize because there’s so much about my company in this; but Lora’s point in the comment yesterday was very important:

People think plans are just for “beauty pageant” purposes, or certain kinds of competitions that are varying in worth. I like that you shared this example of where you were required to pony up a plan in the real world beyond competition and awards shows: “We did that to get the merchant account initially, to set up a commercial line of credit with a bank, and when we were looking at possibly taking on investors.”

So I’ve taken that literally and given these examples because I believe that every company should have not just a business plan, but a planning process that starts with a business plan and continues through the rest of the company’s life, with regular review and constant change. And the examples I know best are ones I lived through.

0 responses to “Has a Business Plan Saved Your Business life?”

  1. […] is a waste of the time you could be using to actually run your business. Of course, we know several reasons why that falsehood is, well, […]

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