Build a Bedrock Foundation

This is from Six Startup Tips Every Business Needs, by Michael Potter, on Achievement Radio. One of the tips is "Establish a Strong Business Plan," as follows:

It’s surprising but even today, many people still think that developing a strong and dynamic Business Plan is a mostly-academic exercise that has little practical place in the market today. But nothing could be farther from the truth.

A well-crafted Business Plan should be the bedrock foundation of your business. It encompasses your vision, your message, your organization, your marketing, and even your financing. Without a written and specific Business Plan, a capital loan application has little credibility. However, with a Business Plan that is specific and well thought out, lenders have a much better picture of what you have in mind, and frankly, so do you.

You see, most business owners get what I like to call ‘Widgetitis’ - meaning that they get caught up in their widget concept and get so involved in its development that they ‘underwhelm’ potential Lenders when it’s time for the financing to get the business along its path.

That's well written. I agree.