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When incorporating a small business, many entrepreneurs will be required to write a business plan, especially if they are hoping to secure capital by signing on with a bank or other creditor.
The flaw in this step, however, is that a business plan is generally built upon assumption. It is not that it is impossible to write out well-crafted content. Plenty of entrepreneurs have done it in the past and will continue to do so in the future. The problem, for a newly formed startup, is that there is no way for a company to know what the future will hold.
"Writing a business plan as a start-up is that it will be based on one assumption on top of another," John Warrillow wrote for Inc. Magazine.
"If your first assumption is flawed, then the whole thing is useless," he added.
Instead of putting all of his or her time and effort into a business plan, an entrepreneur should instead focus on the overall business strategy. What goals should the company achieve? How will it get there and in what time frame? Focusing on these benchmarks will help a business see success better than any business plan ever could.
This article is brought to you by Vcorp Services – Vcorp offers executives, attorneys, accountants, and entrepreneurs an extensive suite of services including entity formations, state filings, document retrieval, tax-exempt filings, UCC filings and searches, 501c3 filings and more. www.vcorpservices.com
The flaw in this step, however, is that a business plan is generally built upon assumption. It is not that it is impossible to write out well-crafted content. Plenty of entrepreneurs have done it in the past and will continue to do so in the future. The problem, for a newly formed startup, is that there is no way for a company to know what the future will hold.
"Writing a business plan as a start-up is that it will be based on one assumption on top of another," John Warrillow wrote for Inc. Magazine.
"If your first assumption is flawed, then the whole thing is useless," he added.
Instead of putting all of his or her time and effort into a business plan, an entrepreneur should instead focus on the overall business strategy. What goals should the company achieve? How will it get there and in what time frame? Focusing on these benchmarks will help a business see success better than any business plan ever could.
This article is brought to you by Vcorp Services – Vcorp offers executives, attorneys, accountants, and entrepreneurs an extensive suite of services including entity formations, state filings, document retrieval, tax-exempt filings, UCC filings and searches, 501c3 filings and more. www.vcorpservices.com
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has helped form thousands of new businesses including: LLCs, S-Corporations, C-Corporations,
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compliance with federal and state regulations.