5 misconceptions about business planning

If you've visited my website and looked around, you already know that this quote by Joshua Marine is one of my all-time favorite quotes!

I’ve been in business for over ten years and I have to honestly admit that my journey to success has not come without hard work, perseverance, courage, focus, strong support, and lots of passion. 

That passion has led me through tunnels, over mountains, into valleys, and taken me over many a bumpy path. No matter how much I planned for what might be, there were still unexpected situations. 

However, because of the business planning I do on a continual basis, I've created a strong and solid foundation for my business --- one that has been able to weatherproof my journey. 

It’s about creating a vision and then creating the actionable steps to get there.

If you're on the fence about what business planning can do for you, then this blog post is for you.

I want to share with you five of the biggest misconceptions around business planning that I've found over my years of talking to others and working with my clients.

1. I don’t need a business plan because I’m just me!  You need to have a business plan even if you are a solopreneur.  That business plan is going to be the base and your roadmap to all things business.  It doesn’t have to be 87 pages long but it should contain, at a minimum, information on marketing, financial, and operational plans.
2. Business plans are too complicated!  They don’t need to be complicated but they do need to be thorough.  All information contained in your business plan is for safeguarding your path to success.  The more detailed, the more clarity you’ll receive.
3.  But my plans change all the time!  Sure, I can see that might happen, especially as people get clearer on their business vision, when they rebrand, or when they start taking on team members.  That is exactly why you need to keep your business plan updated. Revisit that plan every quarter or, at the very least, once a year, to revise as necessary.
4.  I wouldn’t even know where to begin!  It can be a bit confusing.  With business jargon and other business-related questions, the average solopreneur isn’t expected to know all of what goes into a business plan.  That’s why I’ve created a business plan outline that I work through with my clients. It’s something that helps you start thinking about the types of information contained in a business plan and guides you in gathering the needed information.  
5. I just want to work on reaching my goals!  I know how exciting it can be working towards your goals but, without a business plan to guide you, the path can get pretty muddy very quickly.  A business plan acts as a planning tool from which you choose your goals. Then the next step is to take those goals and break them up into manageable, smaller chunks that can be achieved quarterly, monthly, weekly, and daily.​

Have any of those thoughts ever popped into your mind but you weren’t sure what to do with them?  If they have, rest assured that you are not in the minority.  Almost every one of my clients and many of my colleagues never had a formally written out business plan.  

According to an article in Investopedia, one of the four most common reasons that businesses fail is due to inadequate business planning. 

Many solopreneurs, in fact, fail to create a written business plan.  I know that you've probably read many times over that business plans are unnecessary.  I challenge you to think of your business plan as a way to bring your vision to life and as a plan for the future.  It's a crucial element, even for solopreneurs. 

​Business planning is just the first step of creating clarity around your business goals.

There’s plenty of other great steps too but remember, it is about taking one small step at a time, not getting overwhelmed, and not getting caught up in the process.  Finding the right people to support you in your journey is one key. Some others keys clarity, confidence, and focus on the smaller, manageable steps.

By creating your foundational business plan, taking the time to map out your goals,  and listing out the steps you need to take to reach those goals, you and your business will be happily and securely on the path to success.

Make business success your Number One Goal!  You can start today by downloading this free workbook designed to help you plan and prioritize the action steps to take in your business. ​

FREE WORKBOOK