For new ventures, management is forced to consider all aspects of the prospective business, reducing the number of mistakes that will be made. Planning sets a direction for the business, focusing the business on where it is going AND not going, providing measurable goals to assess progress. Weaknesses in the management information system are highlighted. One of the most beneficial reasons for many entrepreneurs that are looking for funding is that a well-written plan makes the borrowing or capitalization process easier, and more successful. There are many common reasons why people will put off this planning process.
People find they lack the time to put into the process.
Some have a disbelief in the value of the process or belief that unwritten plans are sufficient. Others just lack the tools and know how of writing a business plan. The Planning Process Determine the objective of planning. Worksheets are helpful in assembling large amounts of data from various sources. Outline the plan and assemble information into plan segments.