Are?strategic business plans?overrated?? Anthony K. Tjan, author of?Hearts, Smarts, Guts, and Luck, argued recently in the Harvard Business Review that successful businesses aren?t?birthed from a plan as much as from the heart.
According to Tjan:
My colleagues and I interviewed and surveyed hundreds of successful entrepreneurs around the globe to better understand what it takes?to be an entrepreneur and build a really great business. One of our most striking findings was that of the entrepreneurs we surveyed who?had a successful exit?(that is, an IPO or sale to another firm), about 70% did NOT start with a business plan.
Tjan goes on to say that the chief marker of business success was a clear sense of vision and purpose rather than a precise business plan.
? He argues that while plans are important, many
start-ups make the mistake of building a plan on ideals rather than reality.? For example, they may grossly overestimate their potential market and underestimate how much work it will be to get a small portion of it.? He argues that new businesses need a clear vision, well defined focus, and good understanding of their business model more than they need a precisely defined plan.? As businesses grow, they must continue shaping their plan to reality.? Good financial planning is not a substitute for a well-defined vision.
Erika Anderson, writing for Forbes, concurs.? She adds that businesses need mission, vision, and planning to succeed.? Mission is the overall sense of purpose?the unique thing that your business offers no one else can do.? Vision takes that sense of purpose and adds the details:? what does a business with this mission look like, provide, and do?? Financial planning is the road map showing the final destination and the markers along the way that prove you are on the right road.
At?B2B?CFO?, we call the people who define the vision and mission for your organization ?finders.? Finders have the passion and drive to start businesses but may find themselves overwhelmed and frustrated by the day-to-day demands of keeping that business running.? B2B?CFO? services can help keep you on target with the goals and vision that put you into business in the first place.? We can help you develop a strategic business plan that frees you to do what you really want? to do:? turn your vision into reality.Contact us?to learn more about how we can help you improve performance and profitability.
Source: http://www.matthewscottcfo.com/2012/08/20/vision-or-strategic-business-plans-answer-both/
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