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Business Plans. The most important decision makers



Good Morning. The real value of creating a business plan is  not in having the finished

prod
uct in hand; rather, the value lies in the process of researching and thinking about 

your business in a systematic way. 


The act of planning helps you to think things through thoroughly, study and research if

you are not sure of the facts, and look at your ideas critically. It takes time now,

but avoids costly, perhaps disastrous, mistakes later.



I always ensure that entrepreneurs I consult have thought through and written about
their businesses enough to understand what it entails. 

It typically takes several weeks to complete a good plan. Most of that time is spent in research and re‐thinking your ideas and assumptions. But then, that’s the value of the process. So make time to do the job properly. Those who do never regret the effort. And finally, be sure to keep detailed notes on your sources of information and on the assumptions underlying your financial data.

I get frustrated messages from entrepreneurs who I lead through this exercise most of the times. Too much valuable time spent in research, too much to write, too many parameters to handle. Too much time to get rolling. 

Businesses are like buildings. The architects and the builders need to plan and draft each level of this building for it to have a strong foundation. That is the value of business planning. 

So, let me lead you through the process of business planning in the next posts. In the meantime,  where ever in the world you are, ensure you have consulted a local business formation department of your local governance to know what legal denomination of a corporation would suit your business requirements the most. Have a good rest of your day!

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