You always hear that you need a business plan, but is it true? If you talk to ten experts, it’s likely that five will tell you “yes,” and five will tell you “no”. At the end of the day though, even if you don’t “need” a business plan, that is, a written document titled “Business Plan,” the exercise of putting one together will benefit you and your company in a wide variety of ways.
As you’re no doubt aware, business plans are typically associated with raising capital, particularly when they are discussed in the context of startups and other early-stage businesses. Once you move into the realm of more established companies, you’ll often hear business plan and “strategic plan” used interchangeably. The bottom line is, regardless of what you call the document, in order to create it, unless you’re going to sit in a back room and “business plan in a vacuum” on your own, you will work with your team to research and write the plan. In this work with your team, you will discuss the past, the present, and the anticipated future of your business. These discussions will force you to consider issues and scenarios that may otherwise not come to light in the absence of such a planning process. This alone has tremendous value.
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