Part of Your Business Plan Needs to Involve Drastically Changing It Leaving room for evolution and quick-pivot adaptation in any business plan is essential to success.
By Mary Fran Bontempo •
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Who doesn't love a good plan? The idea of well-thought-out strategy — a step-by-step roadmap leading to that all-important outcome — is enough to get managerial engines revving as you embark upon what will certainly be a successful journey. There is a carefully constructed plan, right? The result has got to be a win.
Not so fast.
Entrepreneurship 101 requires the creation of a business plan, yes. As the U.S. Small Business Administration (SBA) notes in a 2018 article, "You'll use [it] like a GPS for how to structure, run, and grow your new business." But a strategically structured roadmap — including start-up costs and material, marketing and administrative expenses, as well as expected outcomes and goals — is just the beginning.
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