Are business plans a waste of time?

This month’s Ask An Expert with Whitsundays Chamber of Commerce and Industry asks: Are business plans a waste of time?

Some Chamber Board members responded.

Melinda of Melinda Louise Media believes that business plans are key to success. It provides a framework for strategic direction, identifies goals, timeframes to monitor growth and financial targets, and track progress. It can be revisited as the business grows and adapted to market and customer shifts.

Are they a waste of time?

“No way!” said Jannah of Scallywag Fabrication. “Often, it feels they are when you’re knee deep in customer deadline quicksand … but when you’re trying to win a job, negotiating supplier pricing, comparing competitors, planning your marketing, thinking about your goals, or just looking at future cash flow, you’re drafting your plan in your head. Just write it down!”

Kim of Hummingbird Refrigeration, Electrical & Air Conditioning said “Definitely not, so long as you treat it as a dynamic rather than static plan and regularly review it. Don’t overthink it!”

“You can’t drive a car without knowing where you’re going … that’s what a business plan is, the navigation map to the end point” replied Annette of PRD Whitsunday Real Estate.

Anthony of Airlie Beach Executive Services believes that business plans serve to reference the original idea, it’s important to be able look back and see how you’ve tracked.

Got a business question? Contact the Chamber to ask!