I’ve just gone through an excellent panel discussion with angel investors who don’t read business plans. “The less information the better,” they said. We want to see a one-page executive summary, period. They don’t read business plans. The catch here is that you, the founder, need the planning for yourself, to get things straight, not just to show investors.
Really, please, understand that planning is about running through the business opportunity, setting the strategy, determining the focus, setting the steps, and management.
Therefore, don’t get discouraged when you hear angel investors don’t want to read your plan. That doesn’t mean you don’t need to do your plan — and I don’t mean the document, I mean the ideas and the steps and the cash flow — it just means you need to do it well enough that you’ll be able to communicate it in very few words.
“They should have a business plan, but don’t bring it to the meeting.”
The angels don’t read the plan, but you, the founder, you do. One of the angels interviewed in this session quoted Dwight D. Eisenhower, referring to the preparations for the D-Day invasion of Normandy in 1944, with “plans are useless, but planning is essential.”