One of the most important and, tragically, commonly misunderstood truths about business planning is that the plan is a plan whether or not it’s a document. The plan itself is about the heart (which is strategy) and the flesh and bones (what’s going to happen, when, with whom, and how much), regardless of what form it’s in.
Form follows function. It isn’t a full formal business plan document until you need it to be. Before that, it’s still your plan. And if all you need is a pitch presentation, or a summary, or an elevator speech, then that doesn’t mean you don’t want planning. Your pitch or whatever is based on your plan. You just don’t do the full formal plan until you need it.
That’s just the beginning of this 10-minute online recorded Web presentation I did a couple of weeks ago for Global Entrepreneurship Week.