Should the document be "living breathing?"  In the past, I have heard consultants say you need to create an original that way you can go back and compare you changes,if any, to the original to see the progresssion. Maybe you could just clarify that point a little further.

Also, whats the best approach to take when you have multiple type A, entrepreneur types who all have different visions for the firm, to get a 1 page business plan developed? Thanks.

Caleb Brown

•  Their business/marketing results fall short of their expectations.
• Inconsistent results with the advisor left scratching their heads wonderings how come it works -- some times.
• Company pressures.
• Feeling frustrated, overwhelmed, or as if they’re spinning their wheels
• Putting out fires all the time.
• Management (or Administrative) Team problems – or no team!
• Knowing they need to learn how to delegate
• Not sure whom to hire and if those hires should be full time, part time, employees/accountants
• Wanting to market smarter because they’re tired of doing it their way.
• They’re loosing their passion in doing what they’re doing even though it’s what they always wanted to do or loved doing.
• What used to work just isn’t working and they don’t know what to do.
• I need an exit or succession strategy before it's too late.

I once heard it said that if you don't create a written business plan, you have by default accepted this unwritten business plan: "Work hard. Make as much money as you can. Do it again next year. Hope for the best."

Unfortunately, that means you let the business happen to you rather than make things happen in your business. You abdicate responsibility for the outcome. (Actually, that works well for those suffering from low self-esteem. "I didn't do as well as I might. But, I had no control so it's not my fault." But this goes off-topic.)

Are you suggesting that we review the business plan every week? Or, do we review the tracking system we created, pulling the business plan out for adjustment when our results stray from expectations? How long should we accept meaningful variance from expectations before we make a change?

I enjoyed reading your "unwritten" business plan scenario.   I'd never considered that some stay in "victim role" when they don't write their plans!  That's a really interesting excuse to add to my list of "reasons why I havne't created my plan yet" list.  

Based on the comments from clients creating a plan and then executing it, dramatically raises a person's confidence level and then they raise the bar.  It's difficult to stay in victim role AND be confident about your abilities at the same time!  Thank you for that keen observation  :)
 
Based on my experiences, everyone has a business and marketing plan.  It's either a bunch of "stuff" running around inside a brain  -- and every time you need to make a decision,  you basically go swimming through a brain with lots of spaces for the bits of information you need and then try to get everything you need to make an informed decision.

OR it's written down in a formalized planning process OR it's in a dream board format.  One multi-million dollar business owner  has 6 white boards in her conference room -- always right there when she and her staff have meetings. 
As for reviewing the business plan, yes, especially the first year I recommend it and the ideal client profile are reviewed each week.  In fact, when my clients complete their plans, I send it to them in  what I call the "no excuses" frame -- it has a stand to place on their desk AND it has a loop to hang up on the wall :)   The ideal client profile, they also create on one page, and that get's hung up near their desk, too.

Why review it often? Well, when you create your first plan, it’s based on the information and work you do at the time.   The objectives and strategies (for example) are THE most important elements that will help you become the most successful. 

But as soon as it's created, a GIGANTIC amount of space becomes free in your brain :)  And it's usual to hear and see things that "could" be part of your plan.  And the way you determine if it belongs in your plan is this....  You look at your plan and see which objective or strategy you're willing to remove to put this MUCH BETTER item IN the plan.  

If it's determined that this new "thing" is not worth putting in your plan right now,  I recommend writing the idea down and putting it in a pentaflex folder labeled “ideas”. Then you don't have to remember it, it's somewhere filed where it belongs for now.

That said…

Once you create your plan its time to create two tracking systems, – basically a performance management system or scorecard or dash board – whatever you want to call it; it’s a system.  You monitor each of your objectives (the one-page® process has you creating a maximum of 9 objectives …  and also monitor each of your action plans and the “to do list” you created for each of them.  

You then update your numbers and projects each Friday (my suggestion) before you leave for the weekend.

Because you’re watching it that closely, you’ll start noticing things that are working perfectly just the way they are… AND you’ll catch what isn’t working and more quickly adjust (change) what’s not working.

So once you create a plan using a process like the one-page plan®  what you created becomes a living breathing plan. 

AND…

What I find is that the first plan changes the most often because it’s user is much more focused on the key elements that will help them be successful and has to adjust the numbers (upwards) and add new tasks (because the tasks are completed earlier than the writer first thought) 

Plans for subsequent years change less frequently unless something "big" happens within the company -- like it changes direction, is bought out, add new employees, etc. etc.