I've been hearing recently that entrepreneurs, including social entrepreneurs, don't see the value in writing a business plan.
Well, studies from the Harvard Business Review are saying that writing a business plan makes your venture more likely to succeed.
But does it need to be 40 pages? Heck no. 20 pages? Nope.
That's why I recommend a 5 page plan, like the one created in our Social Enterprise Feasibility Study course, as a quick assessment of your idea, so you can start testing it with real customers early on, and start creating the impact you want to see.
A recent HBR article highlights the timing of WHEN to write your business plan, to be most viable for your venture:
- Entrepreneurs who plan are more likely to succeed. Source.
- "...the most successful entrepreneurs were those that wrote their business plan between six and 12 months after deciding to start a business. Writing a plan in this timeframe increased the probability of venture viability success by 8%." Source.
- "...the optimal time to spend on the plan was three months. This increased the chances of creating a viable venture by 12%." Source.
- "We found that the sweet spot for writing a plan was around the time when the entrepreneur was actually talking to customers, getting their product ready for market, and thinking through their promotional and marketing activities. Committing a plan to paper alongside these activities increases a start-up’s chance of venture viability by 27%." Source.
If you're ready to take the next step in developing your social enterprise idea into a plan, let's talk!
ABOUT THE AUTHOR: BETH PALM, MBA
Hi there! I'm Beth. I'm here to equip social entrepreneurs and change makers like you with the tools to change the world. As a jack-of-all-trades nonprofiteer and recognized social enterprise expert, I've walked the talk in this emerging industry. With over a decade of experience launching and managing social enterprises, I want to share my best tools, resources and knowledge with you.