The best thing to do is click and readbut here are some of my favorite points emphasis is mine : 1. A business plan can give you control over your business Developing your business plan helps you to step back and look at what's working in your business and what you can improve on.
Organization The biggest reason to write out a business plan regardless of any financing option concerns is that it can help you stay organized and remain on track.
What are all those projections and forecasts for if they're not attempts to predict the future? How will you maintain them? They make it easy for anyone to start strategizing!
Key point to remember though is that the minute that your business plan hits the printer it is already out of date, so don't depend on it as your to-do list.
For many entrepreneurs, the business plan is an outmoded document that gets created mainly for the benefit of VCs and bank loan officers. There are several benefits to having a written strategy.
It should force you to do your own proper due diligence. However, simple math can make or break an idea. Unfortunately, many prospective business owners are convinced that their idea for a product or service is a "can't miss" proposition, and don't take the time to do the necessary research and work through a proper business plan.
A business plan helps you do this.