Many people aren’t familiar with the lean startup approach to planning the direction of a new business. Those who are in the startup phase of a business want to know do lean startups need a business plan? This concept was created to change the traditional way that companies are started and how products are launched. It involves learning how to take less time to develop products, experiment with more scientific ways to launch new companies and products, and finding new ways to measure how successful new companies and products are. This new concept was designed to allow companies in the startup phase to get feedback from customers and create products that they want.
Do lean startups need a business plan? When some business owners criticize a business plan they aren’t taking into consideration that the way that the traditional business plan was written is now an outdated process. Some people are under the impression that a formal business plan requires hiring a professional to work up a document that takes a considerable amount of time to create. This usually includes the owner of the business putting up a considerable amount of money upfront to create the business plan. They also think that there is no way to make changes to a business plan when the needs of the business change, which isn’t necessarily the case.
The question remains, do lean startups need a business plan? Many new business owners aren’t really sure if a business plan will help to make their business successful. However, lean business planning can be beneficial to a business in the startup phase. A business that’s just starting out should start with a specific plan outlining what the owner wants to accomplish, but it shouldn’t be written with stipulations that it shouldn’t be reviewed and revised when the needs of the business change.
When searching for investors, business owners ask, do lean startups need a business plan? The answer is yes. The business plan should not be the traditional document. It should be written to address 3 issues, building, measuring, and revising. When creating a business plan, the business owner should plan the direction of the business over a long period of time. As the business grows and evolves, it should be reviewed to decide if any changes should be made in how the business is managed. When the business plan is reviewed, revisions should be made as necessary.
To access a business plan template and learn how to set up a new business easily and quickly check out my New Business Start Up Guide.