On HBR.org's 'Best Practices' blog, Amy Gallo emphasises the importance of keeping your business plan flexible.
She observes: "People make business plans for all sorts of reasons – to attract funding, evaluate future growth, build partnerships, or guide development. Unfortunately, the vast majority of these plans are usually out of date by the time the printer ink dries."
Gallo says the problem lies in the fact that business moves fast, explaining that "the product's features morph, new competitors emerge, or the economic climate shifts".
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