Are you -- like 70% of 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. 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 business owners feel like once it's on paper, it can't be changed. Wrong! It 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.