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The Six Disciplines Blog

Friday, April 11, 2014

Plans Are Nothing – Planning Is Everything

The importance of business planning is frequently misunderstood.

Here are 9 commonly-held myths: about business planning:

  1. Most small and new businesses don’t need business plans.
  2. You need an MBA to write a convincing business plan.
  3. Business plans are only necessary when you need to raise money.
  4. Business plans need to be long and address every last detail.
  5. Writing a business plan makes your business less flexible.
  6. Writing a business plan takes too much time.
  7. All the details of a business plan are just too confusing for a first-time business owner.
  8. You can get funding on the strength of a great business plan alone.
  9. If you’ve already launched your business, it’s too late to write a business plan.

BOTTOMLINE: As Dwight D. Eisenhower once said, “Plans are nothing; planning is everything.” He wasn’t actually saying that plans are worthless, of course. So what did the war hero and former President mean?

It’s the process of planning that is most important: where you consider opportunities and challenges and ways to meet them.

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Since 2005, the Six Disciplines blog offers posts about performance excellence, strategy execution, business coaching, leadership development, innovation, and business process improvement. This blog has received prestigious awards for leadership and management and has been syndicated by several major media sources.