Business plans are still one of the most important documents any company develops.
It used to be that one of the first things the founding team of a start-up did was write the business plan. The thinking was that the company's business plan was written expressly for venture capitalists and was essential to raise money. However, it has become clear that venture capitalists do not expect — and will not read — a traditional business plan. Does that mean that the business plan is a useless, obsolete document?
I have a different, more pragmatic view of a business plan's value and believe it still is one of the most important documents any company develops. The reasons are varied and considerable, but the most important motivation to invest the time in writing the plan is the absolute need to clarify the corporate goals, objectives and plans of the fledgling startup.
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