Functioning to save future frustration, the strategic alignment methods put in place within a business plan remove any ambiguity and describe who and what your company is, the products and services it offers, and the customer base it caters to.
However, if you intend to start up a corporation that may someday go international, employ hundreds of people, and get financial backing from the World Bank (or someone as financially strict), then you absolutely need a business plan.
But it’s not just about accountability and direction; several other benefits come with having a solid business plan that every entrepreneur can enjoy.
Conversely, businesses without plans in place can often become overwhelmed by failures that occur within the business and may potentially fail due to the lack of provisions and safeguards put in place.
With good planning comes clearly set expectations, results tracking, and goal-setting.