![]() I developed a similar view over my 20+ year financial career, during which I have analyzed well over 10,000 different types of companies. However, this article delves into the data to conclude that writing an excellent business plan is time well spent. The business world has long debated the importance of business plans, and most involved understand the “soft” arguments. That’s a mistake, as there is strong evidence demonstrating that business plans generate positive returns on time and money invested. We often hear about business plans in the context of early-stage companies, but constructing excellent business plans is difficult and time-consuming, so many entrepreneurs avoid them. Outlined reports and outlined business plans are not generally subject to the same level of reader scrutiny.The written author needs to support all conclusions with facts and logic to prove that they are not "making it up" or relying upon popular "myths.". ![]() The process of writing forces the author to ask introspectively how they reached their conclusions and each of the sub-conclusions along the way because they must explain their logic to a cynical reader.Written business plans are superior to those just "outlined." ![]()
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