Imagine hiring an architect/contractor to build an expensive mansion. You've had good recommendations on this person, and are ready to move forward.
The construction team shows up to start working on the house. "Mind if I look at the plan?" you ask. "Oh, we don't have one," they reply.
"Did I hear right-- you don't have a plan?" you echo. "That's right. We don't need a plan."
I don't know about you, but I'd be looking for a new architect. One with a plan.
The reason being, even though this team may know what they're doing, I don't. And as the person financing the project, and ultimately left with the good or bad results, I'd like to be in the know.
Is it any wonder that VCs, angels, and lenders want to see a business plan of some kind? Of course not. And yet, there is a myth that persists, that a business plan is unnecessary.
Just to fuel the fire, here are two blog posts, one anti-business plan and the other pro-business plan.
While a new business will change tremendously throughout its development, and inevitably strays from the original plan, that doesn't seem to be a valid an excuse for not having plan of some kind.
Perhaps a formal, written plan isn't the best for your endeavor, but neglecting to determine your goals and priorities seems like a risky start.
If someone approached you currently in your business, and asked, "Mind if I look at your plan," what would be your reply?
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