The Traditional Business Plan Is Dead – Say Experts

Strategic Growth for Enterprise (SGFE) published a discussion entitled “The Business Plan is Dead,” highlighting the need for businesses to switch from the traditionally tactical business plan to one that is strategic.

Entitled ‘Is The Business Plan DEAD!’ The article asks the question, “Is the traditional business plan dead or just not structured correctly?” Most business plans are tactical in their approach and rarely deliver as expected. But what if businesses could develop a strategic business plan for growing your business, not confined to a specific year but measured by achievement of goals and not arbitrary timelines.

What if the same revenue and cost could be calculated? The business would then be geared towards reaching this goal each time. The last decade has given rise to a modern-day entrepreneur with a new type of business format that has begun to form. Terminologies such as agile, test, learn, and experimentation has given rise to radically new ways of starting a business. 

Businesses are moving away from traditions and starting to explore innovative ideas. Does this mean the traditional approach to building a business based on a plan is dead? Is all that’s needed is a landing page, advertising budget, and hypotheses? This is not the case. If the business planning steps are applied correctly, the entrepreneur will have a tool that sheds some brilliant light on how the business works from the bottom-up, how it can succeed, and what will lead to failure.

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Shekhar Varma, Strategic Growth For Enterprise Consultant, says, “Firstly, we need to understand what ‘lean development’ actually means; what it isn’t about is just rushing into headless “doing” mode at the expense of all else; making a lean approach correctly requires considerable planning, preparation, and resources. Ultimately lean is about gaining deeper market and customer insight, faster and cheaper. It is applied more easily to some markets and business models than others.”

“Secondly,” he continues, “we need to understand the value a business plan brings. I have built more business models that I’d care to remember, and my mantra, once one is completed, is simple – the only thing we know for sure about this model is that it’s wrong.”

A business plan is not meant to be “right” in the sense of being a perfect predictor of the future; instead, its value lies in the process of gaining a better understanding of the market, the numbers, and the key drivers. 

Shekhar, one of the consultants at SGFE, said. “I recommend a good place to start a new business plan is to understand where the people in the business spend their time. Is it on activity that generates revenue, or is it time spent on operations and admin? How much time is spent on strategy.”

Finding the right mix for the business is a giant leap forward in focusing on sales and real short-term gains. Operating without a plan is like flying without navigational instruments – it’s only advisable for superheroes. “So as a new year begins, the question is: How will 2022 be used to grow your business?” added Shekhar.

About the Company:

SGFE – Strategic Growth For Enterprise is a Growth Consultancy service operated by a family of business coaches, entrepreneurs, and consultants. SGFE works with several national and international SMEs and international enterprises, spanning several industries to implement successful funding, growth, and exit strategies. 

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