A business plan is essential for all businesses regardless of size, and once one has been written it is also important to maintain and update said plan. That being said, it is important to realize that whilst writing a detailed plan is useful and a good foundation for any successful business, it will not necessarily make the business a success or guard you from all disasters. If you keep up to date with business plan it will prove a really useful tool throughout the lifespan of your business. However, if you grossly over exaggerate profit margins or your budget then your business plan could also lead to failure. Stick to the figures and be realistic and your plan should hold you in good stead in the turbulent business market.
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 You can refer back to specific sections, but these will probably be outdated and obsolete just weeks after you've written them.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.