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• W1488840851 abstract "ABSTRACT Most entrepreneurs and small company owner/ managers agree they need a plan. Pursued for an explanation, they allow that some form of a business plan, or company description and financial projections, has proven essential to establishing a line of credit, getting a loan, or attracting an investor. They often clarify their position by adding that the has little real value, and that indeed has been ignored since the loan was received, the line of credit was established, or the investor brought on board. The authors from their experience have elucidated this very important concept. INTRODUCTION Most entrepreneurs and small company owner/ managers agree they need a plan. Pursued for an explanation, they allow that some form of a business plan, or company description and financial projections, has proven essential to establishing a line of credit, getting a loan, or attracting an investor. They often clarify their position by adding that the has little real value, and that indeed has been ignored since the loan was received, the line of credit was established, or the investor brought on board. As we have studied and worked with thousands of entrepreneurs and their businesses over the last 20 years, this perspective has begun to make sense. Admonitions to aside, a business or financial plan that serves only as a resource solicitation document is just that! Created to accomplish that objective, is set aside so that tomorrow's efforts and undertakings may be focused on tomorrow's new objectives. So admonishing entrepreneurs with the importance of their plan accomplishes little and brings immediately to their minds a stale document that has served its purpose and, not surprisingly, has little contemporary relevance. The admonition to could gain an audience if we simply change the semantics of the conversation to planning. Adding the ing adds the notion of action . . . doing . . . which begins to gain a bit of a raised eyelid from the entrepreneur. General Eisenhower's famous dictum, it 's not the plan, 's the process of has a certain relevance here. He had in mind the discipline of figuring things out and a management team's give and take during that process, which gives this simple notion some credibility in the entrepreneur ' s mind. Unfortunately, that spark of credibility is satisfied in many entrepreneurs' minds with the follow-on notion that yes, that planning process was useful, and the next time we need to create a business or financial for our banker or investor the process will be more appreciated as a meaningful activity. Or, for the more humorous entrepreneur, is synonymous with the notion that planning by the seat of your pants usually means you end up with torn pants. Both such follow-on notions are sadly incomplete. IDEAS AND PERSISTENCE ARE NOT ENOUGH What's missing from this contemplation and discussion of the lasting value of planning, or even of a plan, may still be a matter of semantics. At the risk of oversimplifying something that may truly be profound, the issue may boil down to the word strategic and what means, or should mean, to the entrepreneur or small business when coupled to the word plan, or more importantly, planning. Most of us are familiar with common arguments-byanalogy in favor of strategic planning by small businesses. They often sound something like the following: No strategic plan? Would you travel through unfamiliar territory without a map? We've heard this one countless times, and sounds reasonable to us - but then we already believe in the value of strategic planning to small businesses. Many owners and managers of small businesses, on the other hand, are less convinced of its value. They object that the road to success isn't waiting, paved and marked, for the entrepreneur who remembered to bring the map - and they're right! And they're right again when they add that successful entrepreneurs start out with an idea, a concept, or an urge, and combine with persistence. …" @default.
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• W1488840851 modified "2023-09-24" @default.
• W1488840851 title "One More Time ... Should Small Companies Attempt Strategic Planning" @default.
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