Why keeping business plans simple may help business owners

Some prospective Maryland entrepreneurs get bogged down when they are trying to write their business plans for their new ventures. It is fairly easy to lose sight of the big picture when writing a business plan, and many people tend to get lost in the details.

When a business owner is just starting out, it is a good idea to focus on keeping the plan as simple as possible. The obvious focus should be on the big details, such as the goals for the company, existing competitors, the direction the business owner wants to go with the company and other such details.

One reason some business owners make their initial plans too complicated is that they dislike the feeling of uncertainty. They try to plan everything away. The key to understanding how planning should work is to keep in mind that the future by its very nature will always be uncertain. When people over-plan, they may hamper their businesses, stifling creative direction that needs to happen when certain contingencies arise.

It is understandable that many prospective entrepreneurs are intimidated by the idea of business planning. Most people have never written business plans until they are actively in the process of starting their new ventures. Some owners may find it helpful to seek the advice of attorneys who have experience in providing advice and counsel to start-up company owners. Legal counsel will likely have reviewed and edited many of these types of documents, and they will remind their clients that business plans can not only provide a blueprint for owners but can also be necessary when seeking outside debt or equity financing.

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