Dear Brian and Alan (and other commentators)
Thank you for your reponses to my original blog, which suggests that business planning is pointless.
Alan; no it is not.
Brian; no it is not II
Had some time to think about it and I had the pleasure of being at the Leancamp organised by the Innovation Academy in UCD and Mary and Raomal of Thousandseeds. One of the subjects discussed was the business plan and whether it was pointless.
Brian Caulfield was very clear. “Not having a business plan is stupid” He also said that 80 page business plans are stupid too. Particularly, if the 80 pages are used as the documents to convince a venture capitalist. Shay Garvey was just as adamant; “excuse for lazy thinking” and an excuse by entrepreneur not to be held accountable.
The discussion moved on to presentation versus depth (and I think some of the formulaic approaches don’t do the business plan any service) and business planning as part of the hygiene factors (you have to have one), but not necessarily the way to communicate an opportunity.
Financial planning was seen as crucial and particularly the unit economics and the cash waterfall at exit.
The question was asked if the business model canvas was credible alternative (I think it is/thought it was).
Response; “It is about the story and the journey”. Which makes both the business plan and the business model canvass unsuitable? Deep sigh…… still confused.