I consult and train on business plan development. Like most others who do this, I encourage those I assist to make their business plan a living document. Revisit it often. Review and update regularly. That makes a lot of sense in today's world, but the reality is, most of the time these end up in a drawer collecting dust. They are useful because they help a person think through their business venture. Having to articulate something in writing is very good for that. Additionally, the process of writing a plan creates buy-in when the whole team is involved, not to mention the fact that it helps ensure that partners are on the same page. And, the most common use for a plan I've seen is to secure funding from a lender or investor. So, the plan is written and accomplishes much of the aforementioned things.
But, do they revisit it frequently? Is it fluid? Does it get updated? No.
Rarely, if ever do most small business owners actually update their plan. The version they took to the bank is the last version ever drafted (until they need another loan).
Do they operate according to the plan? Maybe. But, for the most part, the plan is placed in a drawer and collects dust.
I've found that one of the valuable uses for the Business Model Canvas is helping a business keep their plan fluid. Helping them think through changes and make changes to the plan is best done when they have a visual tool that makes it simple and easy to think through adaptations, changes and improvements. The business model canvas keeps the business planning process alive, even after the business plan document is stuck in a drawer to collect dust.
What helps you maintain perspective of your company's direction and keep the plan current?
But, do they revisit it frequently? Is it fluid? Does it get updated? No.
Rarely, if ever do most small business owners actually update their plan. The version they took to the bank is the last version ever drafted (until they need another loan).
Do they operate according to the plan? Maybe. But, for the most part, the plan is placed in a drawer and collects dust.
I've found that one of the valuable uses for the Business Model Canvas is helping a business keep their plan fluid. Helping them think through changes and make changes to the plan is best done when they have a visual tool that makes it simple and easy to think through adaptations, changes and improvements. The business model canvas keeps the business planning process alive, even after the business plan document is stuck in a drawer to collect dust.
What helps you maintain perspective of your company's direction and keep the plan current?
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