Next, they must realistically analyze how they can finance these necessary resources. The most significant benefit of a business plan is in the periodic review of actual results. In financial terms, this involves comparing actual numbers to budget numbers. In marketing, it involves comparison of unit sales, department sales, penetration of targeted markets, etc. This feedback allows the person to assess what worked, what went wrong, and proactively make changes to move toward their goals.
Business plans are for larger, fancier companies.
Business plans do not have to be fancy documents full of charts and graphs. They have to be documents useful in communicating what the business person has in mind. As such, they can take the form of a simple outline with budgets attached. Obviously long term goals are necessary. Just as importantly, include interim goals that form the milestones of progress.