Entrepreneurs often wonder whether a business plan is a prerequisite for launching their ventures. In my view, the answer is no. There are several reasons why I hold this opinion, including the actual purpose of business plans and the situations where they can prove beneficial. I'll discuss this topic further and share my thoughts on it.

 

What you'll hear on this episode:

[1:28] What is a business plan?

[2:34] Should you go through the exercise of creating a business plan, even if you do not need one?

[4:17] Performing a SWOT analysis as part of your business plan.

[6:10] Analysis by paralysis is not moving you forward

[7:19] What are some downsides of creating a business plan?

 

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* Related episodes:

Coaching Alone Can't Resolve Your Cash Flow Problem

A Hospice Care Doctor's Advice on Building a Wealthy Life with Jordan Grumet

The Importance of Communicating Expectations in Business

 

Tactical Resources:

5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh

Create a Custom Podcast Playlist: https://quiz.tryinteract.com/#/6303d4c525b1e80018d47cfa

Grow Cash Flow for Your Business: https://www.keepwhatyouearn.com/endless-cash

Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide

CFO Power Session: Text POWER to 860-609-6374

See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

 

Additional Resources:

Find everything you need at https://www.keepwhatyouearn.com

Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.