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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.A decade ago anyone you approached with a business idea without a plan would have laughed and shooed you away.
If that’s all you need, and you don’t plan to raise money, apply for loans and don’t intend on bringing in partners, then you certainly don’t need a 25lb manuscript. In fact, Brian Chesky (found of Airbnb) is famous for his one-page business plan for global domination.
If you are planning to go to a local bank for a business loan, or are approaching your sphere of influence for backing who you know is accustomed to seeing legit business plans, then you know you probably need to create something that they understand in a format they are comfortable with.
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.
Business plans and pitch decks are two different things. Yet, one is for presenting and specifically for getting funding from angels and VCs.
The other is more organizational an internal in nature.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.Yet, the point is that most aspiring business owners aren’t even trying to match up their goals with what they think they are supposed to be doing.You should have a plan in order to get yourself organized, to ensure you have some type of viable commercial potential, you have focus and hopefully aren’t going to run out of money or starve before you get going.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.Just because it is the status quo should never be a line in the vocabulary of a startup founder today.Traditional business plans can be big beasts of a project that suck time, money and mojo at a vital moment.The business plan outlines in specific terms the financial objectives of your business, and how it will position itself to achieve those goals in the context of the current market environment.In addition, the business plan is an indispensable tool to attract business capital.