Yes. An article in Harvard Business Review July 2017 edition explained that researchers found that Entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical non-planning entrepreneurs. Also, they found that "business plans remain vital for external fundraising because it builds legitimacy and confidence among investors that the entrepreneur is serious. Further, it reassures staff, suppliers, customers, and other key stakeholders" The 13 slide business plan pitch deck outlined here is what has lead me to my success of starting, scaling and selling two companies (so far). If it can work for me there is no good reason it can't work for you as well.