To Plan or Not to Plan, is that the Question?

Somewhere today, in a corporate conference room or a resort ball room, big things are happening. The top brass has assembled for the annual planning retreat. The CEO will pontificate a grand vision, the executives will present their comprehensive strategies and legions of number crunchers will take copious notes.
 
Returning to headquarters, the notes will be transformed into complex models and glorious presentations will be created. Each will be bound in three-inch binders and distributed to the executive team. Many meetings will be held with the staff to ensure everyone is aligned with the plan.
 
Thankfully, the binders will come to rest on the executive’s shelf to collect dust next to last year’s plan. It will remain there undisturbed until next year’s plan pushes it aside. Finally, everyone can return to business as usual.
 
If you run something smaller than a corporate behemoth, you can’t afford to waste time, money or people with such an exercise in futility. But should you have a business plan?
 
There are great arguments for avoiding the exercise entirely. Creating a business plan is hard work. It takes time - lots of time. They never work exactly as planned. If you get outside help, it can be very expensive. Even if you have a business plan, how do you implement it?
 
What are the benefits of developing a plan for your business?
 
The most important benefit lies in the planning - not the plan. Assembling your team to discuss where you have been, where you are, where you are going and how you will get there can be an unparalleled experience. Problems that have stopped the business from growing for years can dissolve in a matter of minutes - if the environment for the discussion is right. 
 
Well-conceived plans can also help the management team anticipate unforeseen challenges and enable you to cope more effectively with uncertainties. Considering potential challenges in advance allows you to respond to the challenge, rather than needing to react to it in the heat of battle.
 
Plans help business owners improve the performance of the entire business and quickly identify performance issues in specific functional areas. Properly implemented, they do help the people on your team align their efforts.
 
The more concrete visualization you have of the future, the greater your chances are for achieving it. A well-written plan can turn your desire for success into an intention. Once you have an intention to succeed, most of your perceived obstacles will dissolve. Intentions, backed by carefully considered plans, produce results.
 
People don’t plan to fail. They just fail to plan.