Why Write a Business Plan?
So you’ve got a brilliant idea for a new product or service. You feel energized, inspired, and ready to forge ahead. Your first challenge: Write a business plan.
You may be thinking: “Why should I bother taking the time to draft a formal plan? Shouldn’t I just get going already?” If you’re working at a large company and your boss asks you to put together a plan before you move forward with a new product extension, you may feel equally frustrated. “What’s the point of this busywork?,” you might think. “Why can’t I just take the plunge?”
Don’t fall into this trap. Writing a business plan for internal or external ventures is beneficial in a variety of ways, including gaining buy-in and generating enthusiasm for your idea, ...