A formal plan can guide your business’s direction and decision making. (In fact, most potential investors will expect you to have a business plan ready.)Įven if you’re not seeking funding right now, a business plan can help your business. A formal business plan―complete with financial data and projections―gives you a professional document you can use to make your case. If you ever seek business funding (from, say, banks, angel investors, or venture capitalists), you’ll have to prove that your business deserves the money you want. Still too vague? Then let’s get specific.
For example, one 2016 study found that business owners with written plans are more successful than those that don’t. While some small-business owners don’t see the point of creating a formal business plan, it can have some concrete benefits for your business.
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