A business plan, as defined by Entrepreneur, is a “written document describing the nature of the business, the sales and marketing strategy, and the financial background, and containing a projected profit and loss statement.”

It will help you prioritize

Business plan is like a goal, it gives your business direction, maps out strategies to achieve your goals and helps you to manage possible challenges in the road.

By having a business plan, it will help you work out the goals you want to achieve, and the strategies to achieve them. This means you can focus your resources and energy on what you need to do, rather than spreading yourself too thin.

It gives you charge over your business

What most entrepreneurs doesn't know is that business plan helps you to step back and look at what's working and what you can improve on. Instead of worrying about the future, a business plan helps to give you a sense of control over your business and your livelihood.

It will help you get finance

Above all, business plan is vital to getting fund for your business. No investor will sit down and listen to you without a sound business plan. With a business plan, investors will see you as a serious entrepreneur who knows what he/she is doing or going.

Note: Business plan is like an interface of your business, don’t do it yourself if you can’t. As a matter of fact, I will suggest you pay a professional to help you come up with sound and promising business plan.

Please feel free to add your thought or ask any question concerning having a business plan, in the comment box.