You can go a whole day without a plan, but it is impossible to run a business without one. This is not far-fetched because, with business, the scale of the impact that your decisions will have is bigger.
A business plan is a comprehensive document that shows essential details about the path a business will take towards success. It highlights the strategies to be used across all stages and levels. It also identifies possible hurdles the business can face and how to solve them.
The major benefit of having a plan is that it gives you clarity for your goals and makes it easier to stay focused. When you are working with a team, this becomes even more important because members of the team can review such documents from time to time to be sure that you all are on the same page.
As your business grows, you might need partners or investors to come in and a solid business is an indispensable asset. This will help you to project your business with clarity and make them see why they should be involved in your business