Here's exactly when you should write your startup's business plan - Business Insider

Beyond the mental challenge, producing a detailed plan consumes valuable time and resources that could otherwise be used to bring your new product or service to market.

"It's pretty clear that if you plan, it pays," said Professor Francis Greene in an interview with Business Insider.in the startup sequence. One thing that makes some of the greatest novels so compelling is adherence to reality, and the same goes for a good plan. The best plans are rooted in a credible reality and have had their assumptions as thoroughly fact-checked as possible.

But don't take Greene and Blank's literary comparisons as being dismissive of plans. Both experts are staunch advocates of thoughtful planning. They just know that plans need to be made at the right time, and for the right length of time.Greene's research found a similar sweet spot for how long to spend writing your plan: about eight weeks. Spend too much or too little time, and you may just be wasting your effort.

One critical reason you need a plan is so that you can better understand your financing requirements before you tie up your own cash in the business or begin asking other people for money.Green said that synchronizing your strategic planning with your business development helps you stand a better chance of

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