Traditional “business planning” falls under the “500 Pound Gorilla” umbrella. How long do we sidestep a problem (The 500 Pound Gorilla) before someone finally does something about it? As business plans go, it has been decades of the same approach. No one really understands formal business plans yet we continue to write them. Somewhere someone deemed the 2 inch thick document we call a formal business plan the defacto standard despite the fact it's purpose rarely gets exercised. From personal experience representing many clients, formal plans only serve to make the bankers feel good, even though they typically can’t understand them. Remember that the bank isn’t operating your business -- you are. Your business plan has to work for you personally - not the banker fewer than 5% of plan authors (entrepreneurs) will ever meet.

“Formal” plans are cold, sterile and really provide little fuel to motivate the user. A business plan is written first and foremost to give you an opportunity to make mistakes and air out ideas on paper, before opening your wallet and to give you a map to follow. None of us would hop on a plane to journey cross-country without at least a compass and a map or a major road to follow. Going into business requires the same discipline, you need a guideline so you can get to the place you want to go quicker, sooner and safer.

Many struggles in a business could have been avoided or at least minimized had the entrepreneur walked through the planning stages. Writing a plan commits your mind to a vision which is incredibly powerful. Be sure to plan out your business step by step and iron out the kinks. Ask some people you trust to take a look at it and shoot holes in your idea. It is often tough to take but better it happen now when you have little wrapped up into your idea then later when you hit the pavement for real.

Now go and make it happen – strategically, methodically and with a clear vision.