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If a company doesn't have a specific plan then, for me, isn't a company but a joke. You can't expect to bring positive results without any arrangements before you start. Success isn't going to drop from the sky! Every job needs a vision and the ways to achieve it. So every entrepreuner must have an idea and a programme in order to reach his/her target. And it's better for me to be written down and from time to time review and check them.
An approved business plan is necessary for business success mainly because it clearly communicates what needs to be done by whome and when. It also facilitates assissing effects of any deviations on all participants and deciding how to effecctively handle such incedents. I would rather have the business plan written and approved. This might be spared for small plans handled by one person.