1. Think of it as the blueprint for your business and a roadmap to success. It helps guide your decisions and provides better clarity on different aspects of the business from operations and product design to marketing and finance.
2. A well-designed business plan lays out the vision of growth and the steps required to reach there. But it also serves as an important communication tool that attracts talent and financing for your business as it grows. While many business owners are tempted to jump into the startup directly, it is a good idea to write a business plan to check the viability before investing time and money.
3. A business plan serves the purpose of articulating a strategy to start a new business. It also provides valuable insight into the steps to be taken and the resources required to achieve business goals along with a timeline of expected results. The business plan for a company changes over time as the business grows and the objectives change. During the growth phase of a company, the business plan proves especially helpful at forecasting and obtaining capital for expansion.