Looking to waste time and energy? Write a business plan.
Once upon a time, writing a business plan was considered an integral part of launching a new venture – a standard component of “Entrepreneurship 101”. But times have changed and somewhere along the way drafting a business plan became something of an empty practice exercise drawing attention and effort away from the real actionable activities and results. At least, so argues Dharmesh Shah, Founder and CTO of HubSpot in a recent post for his OnStartups blog.
While Shah doesn’t think business plans are completely useless (just mostly so), he provides six reasons why your time may be better invested elsewhere, say on your actual business, for example. In addition to considering business plans to be time-sucks that no one will actually read, Shah suggests that there is also a dangerous element to becoming overly dedicated to a plan that, once committed to paper, is static and quickly becomes out-dated. His suggested alternative should you feel compelled to write something down? With its interactive, easily updatable, and user-friendly format, Shah considers a company blog to be extensively more valuable.
For more on Shah’s thoughts on business plans and more productive alternatives, read his full post here.
Related Content from OpenView:
Every argument has two sides, and for the pro-side of the business plan argument you’ll want to check out OpenView’s conversation with business planning expert Tim Berry. Regardless of your stance, it’s important to bring a sense of urgency to any planning or management. Read this post from the OpenView blog on why doing something today is more important than trying to perfect it tomorrow.