When you’re busy, you always have to perform quick time-benefit analyses and when it comes to business plans, many business owners or leaders feel like the time spent will not provide commiserate benefit. Here’s the good news: it may not take as long to develop a good plan as you think.
The length of time it will take to write a business plan depends on:
- The complexity of your business.
- The complexity of the overall industry and market.
- First draft: this can be put down in 3-4 hours.
- Review: This is the time to make changes. What was right with the first draft, what was wrong, and has anything been missed?
- Final draft: All changes are incorporated into the business plan and the final draft is complete.
This can be done in a grand total of 10–12 hours from start to finish. It is, admittedly, a best case scenario. A number of factors can muddy up the works a bit, such as the number of people on the planning team, the status of the company (existing vs. start-up), or intricacies within your specific industry. Your timeline is distinctly your own, but developing a good business plan need not be a time abyss that sucks you in indefinitely.
Tags: business plan
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