Make Selling Out a Breeze _ Many caterers end up selling their businesses if they retire or move on to other projects. A business plan that is up to date can really help when it comes to valuing your business for a potential sale. If your business offers a buyer a blueprint for managing the business and it offers solid proof that the business is making a profit then it could really help you to seal a deal at a favorable price.
No_one Reads Business Plans _ Besides yourself while you're writing it, who are you expecting to read your shiny new 80 page business plan? An investor might pretend they've read it all but the chances are they'll only read the salient points. They could have established these anyway with a five minute conversation with you. If you ever have time to read your plan yourself after you've written it then you're probably not spending enough time actually running your business. You can refer back to specific sections, but these will probably be outdated and obsolete just weeks after you've written them. If you do refer back to it, the optimism you had when you wrote it might inspire you, until you realise the path your business has actually taken is nothing like what you planned. This isn't a failure on your part to follow the plan, it's often a good thing. Let me explain why in my next point.