If you’ve started a business, you may or may not have written a business plan. After all, writing one is a long, tedious process and takes up time you could be spending marketing and selling. So why should you take a week out of your hectic schedule to put together a business plan?
The largest misconception among entrepreneurs regarding the importance of the business plan is what value it adds to the venture. The truth is that the plan itself only adds minimal value. The actual process of researching your market, industry and competitors and planning your marketing and implementation plan is the important part.
You may believe that you have every little detail laid out in your head, including Plan B and Plan C, but unless you have written a detailed business plan, you don’t. The time and effort you put in researching and planning now will pay off later down the line when you avoid disastrous roadblocks and are able to speed through your implementation plan because you anticipated every little aspect of the plan and synchronized everything as efficiently as possible.
Eventually, whether it is to compete in a competition or secure funding from an investor, you will need a written plan. If you reach that point in your venture, it is safe to say that the business is fairly successful up to that point. If you already have a plan put together, you can easily update it and submit it to the necessary parties. If you chose to overlook the value of a business plan up until that point, you are going to have to drop everything you are doing and throw one together quickly.
This will force you to put off important projects and due to the hectic circumstances, you might end up with a sub-par business plan that does not get accepted into a competition or attract funding from investors. So please, do yourself a favor and write a detailed business plan very soon.