Writing and researching for your business plan gives you the chance to: learn about your industry, market and competitors write down exactly where you are in the market and where you're headed identify challenges you may come across and work out strategies to avoid or overcome them understand your business finances, including managing cash-flow and determining your break-even point set specific goals, timeframes for achieving them and how you'll measure performance make sound business decisions that focus your activities, maximise your resources and give you a competitive edge.
Something to check off the to-do list and be done with. Anybody beginning or extending a venture that will consume significant resources of money, energy or time and that's expected to return a profit should take the time to draft some kind of business plan.
Creating a plan with expense projections, revenue forecasts, and more can help a small business remain committed to its long-term goals. Why do I need a business plan?
Bootstrappers rarely think they need one to get by. Deal with displacement. You also need to identify the key questions to answer, like "What features do customers really want?
You'll want to plan in more detail if you're raising capital or taking on a lot of risk—like investing your savings, leaving a job, or supporting a family. To some extent, you can create your future rather than simply trying to predict it by the decisions you make.