Are you — like 70 percent of small business owners — working without a plan? Here are three myths that need to be dispelled about strategic planning for small business.

1. It has to be formal — Not so.
The value of a strategic plan for your small business is in putting the ideas on paper, creating action steps that will get you where you want to go and implementing those action steps.

2. I’m too small — Not so.
Even a one-person business can benefit from a strategic plan. A strategic plan can help you make decisions about time management and budget. You can use your strategic plan to help you determine whether to attend an event or advertise in a publication. It’s a check and balance tool.

3. A strategic plan is like a ball and chain — Not so.
It’s your plan. Too many small business owners feel like once it’s on paper, it can’t be changed. Wrong! Your plan should be an active document that gets reviewed and updated at least monthly, if not weekly. You’re the business owner, you wrote it, you know what’s happening in your market — adjust as necessary.

More on this topic:

1. The Business Plan Debate – Have One or Not?
2. Kick Start Your Business With a Five Day Action Plan
3. Getting Out Of Business Takes Planning and Action
4. 6 Ways Small Businesses Can Survive In A Crazy Economy
5. Perfectionism Gets In The Way Of Business Success