Is the traditional business plan on death row?
22nd September 2017
Traditionally, if you were thinking about launching a startup business of any kind and you wanted your bank manager to take you seriously, you needed to undertake the task of writing a fully comprehensive business plan. Today, the startup landscape has changed dramatically, so much so that traditional business plans are now likely to be out of date before you even print them. This is primarily because a truly thorough business plan will take a long period of time to detail. This means that the business plan, as we know it, may find itself left on the proverbial shelf.
Systems dynamics, some may argue, is a very ‘geeky’ subject right now but it is something people are talking about and I believe it will become the future of business planning. People are less patient today and everything in business is about real-time and immediacy.
For example, the future for business plans is in real time forecasting e.g. those ‘what if’ scenarios that span across complex relationships and are managed by the management who are enacting the start-up or current business. Forget long-winded business plans that you’re unlikely to pick up and read again, but what is vitally important is the business model itself and the associated forecast.
Signing up to a free tool like BizKit will allow you to build your first three year forecast accurately and in line with your business model.
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