The Business Plan Fallacy

Updated: Apr 19

We've all heard it, to start a business you need to have a detailed, point-by-point business plan. What would you say if I told you that's not exactly true?

Old document forgotten in a dark window.

Sure business plans are fantastic, but it may surprise you that you don't necessarily need them. Unless of course you're trying to get financing from a bank or potential investors. However, if you're not planning on that, there's a good chance you'll spend hours upon hours pulling together ideas and numbers for you to look at it once, maybe show a couple of friends, and then shove it in a filing cabinet in a deep, dark corner - never to be seen again.

That being said, planning isn't all bad. In fact, if there's one piece of a typical business plan you should worry about and take time to piece together it's the marketing strategy portion.

A marketing plan is an operational document that outlines strategies for advertising and implementation of ideas to generate sales and reach a specific target market.

Unlike the full plan, the strategic marketing section is more than just a boring document, that honestly, you'll never look at. In fact, when you prepare your marketing strategy, you're not only providing a greater sense of focus and clarity to your business goals, but you're ultimately working towards more effective use of resources and consistency. Overall, a great marketing plan improves decision-making and drives your business towards higher levels of success.

A business owner using a lens to see clearer.

Let's dive a little deeper and see why marketing plans are number one in our book.