Last week I found myself in conversation with a budding entrepreneur. She was brimming with ideas and enthusiasm and wanted my help creating her business plan.

Crafting a business plan is an exercise in introspection, in anticipation, and in strategy. And it was in this context that my mind wandered back to a podcast episode by Adam Grant. The episode featured an insightful conversation with Hamdi Ulukaya, the founder and CEO of Chobani, the brand that reshaped the yogurt industry in America.

During their chat, they discussed how business planning is a useful exercise, but business plans are not always helpful. It might sound paradoxical, but when you dig deeper, it makes complete sense.

You see, business planning is an exercise that broadens your horizons and prompts you to consider multiple scenarios, obstacles, and opportunities. It prepares you for an ever-changing future. Conversely, a plan, rigid and unyielding, often narrows your viewpoint. It draws lines that may confine your perspective, limiting your ability to explore the many dimensions of possibilities.

Successful entrepreneurs strike a balance between dedication to a plan and flexibility. They adhere to the plan but adapt it as the situation evolves. They regularly review and revise their business plans, staying open to feedback and advice that could inform adjustments to their plan.

Business planning is a dance between focus and openness, between adherence and adaptability.

Many research studies have found that entrepreneurs who create business plans are more likely to find success and avoid failure. However, the trick is not in strictly adhering to these plans. Rather, it's the fact that these entrepreneurs have dedicated time and effort to anticipate the future, its challenges, and opportunities. This prepares them for the inevitable shifting sands of the business landscape.

This was the experience of Hamdi Ulukaya. When he first started out, he drew up a business plan, as a requirement to secure the old factory he sought to purchase. Six months after launching, that original plan had fallen into obscurity, replaced by a reality that was only a fraction of what they had anticipated. And yet, they had thrived. They had managed to break free from the potential limitations of a rigid plan.

Learning from his experience, it becomes clear that when a business starts or grows, planning is important. However, it’s crucial to never feel chained to the plan. The ability to remain open to change and be flexible in your strategy, decisions, and vision are equally significant.

In my role as a consultant, I often find myself in conversations with business owners who bring a wealth of experience to the table. These encounters are always a profound learning experience for me, as every entrepreneur's journey is unique and filled with wisdom.

My role in these conversations is to complement their experience. I add to their perspective, sharing insights and knowledge from a broader base of experience.

I aim to give entrepreneurs and leaders of organizations a new lens through which they can view their own journey, helping them analyze their experiences better, and enabling them to identify patterns, opportunities, and pitfalls they might not have seen otherwise.

This is exactly what I offered the passionate entrepreneur I met last week. With her, and others like her, my goal is to guide them in their business planning process, not by giving a rigid roadmap, but by emphasizing the importance of being flexible and adaptable, of staying open to changing realities.

And so, as we move forward into another week, I challenge all the entrepreneurs and leaders of organizations out there to take a closer look at your approach towards business planning. Do you view it as a rigid roadmap that you must adhere to, or do you consider it a guide for your ongoing business journey, a tool that needs to be flexible enough to adapt to changing circumstances?

Remember, the most successful business people are not only good planners but also flexible thinkers. They understand that business planning is not just about drafting a plan but is also about preparing for different scenarios. Maintaining this balance can be a dance. It requires an openness to revise the roadmap when needed.

This week step back, reflect, and recalibrate your approach toward business planning, if needed. Be strong in your planning but flexible in the execution.

And if you need any assistance along the way, we’d love to help. Free, 30-minute consultations are available.

Best wishes, Lauren