Physically putting a business plan together requires you to translate your thoughts about how you're going to run your business and how it will perform into a format that is dictated, in large part, by the business you're in and the expectations of your audience. While most business plans share a similar structure and contain similar information about a business, your business plan will be distinguished by those characteristics that are unique to your business. Y our business plan will provide focus for your business, on the profit projections, assist in driving profit enhancement and will create a basis for setting priorities and allocating scarce resources.
Planning reduces the chance of failure.
Research also shows that businesses that properly plan are significantly more likely to be more profitable and more likely to grow. A business plan can be - A reality check when you first examine the feasibility of your business idea, which forces you to consider all factors relevant to your business. A vehicle for tracking the progress of your business. A blueprint against which you can adjust operations in order to achieve your goals. A starting point for future planning.