Is developing a business plan necessary?

There are a few things to consider here: Some businesses started off with just an idea or product and some money - the plan was to sell or make more money.
If one is serious about a business and to develop it further, a plan is beneficial.
It doesn't have to be an encyclopedia of every business move you plan to make, but maybe see it in terms of a guide.
If you give yourself targets and timelines, you will see: - If you have enough money to develop or expand your business.
- What is the competition - could it swallow up your business even before you start? - What profit would you like to make? - How much money would you be happy with for your family and you to live comfortably? - Budget helpful - Products and services could cost more than you envisaged and you may have to refinance.
- Absolutely make sure that there are no debts and all creditors are paid off.
- Plan helps you gauge if you can spend less or more.
- Rewards - helps you work out if can you get the Ferrari in3 years or1? Or whatever you have your mind set on.

Of course. YES.

My dear its very crucial for a lot of reasons: .
Set specific objectives for managers.
.Share your strategy, priorities and specific action points with your spouse, partner or significant other.
Your business life goes by so quickly: a rush of answering phone calls, putting out fires, etc.
Don't the other people in your business life need to know what's supposed to be happening? Don't you want them to know? .
eal with displacement.
.
.Decide whether or not to rent new space.
.
.Hire new people.
.Decide whether you need new assets, .Share and explain business objectives with your management team, employees and new hires.
Make selected portions of your business plan part of your new employee training.
.Develop new business alliances.
Use your plan to set targets for new alliances, and selected portions of your plan to communicate with those alliances.
.Deal with professionals.
Share selected highlights or your plans with your attorneys and accountants, and, if this is relevant to you, consultants.
.Sell your business.
Usually the business plan is a very important part of selling the business.
Help buyers understand what you have, what it's worth and why they want it.
.Valuation of the business for formal transactions related to divorce, inheritance, estate planning and tax issues.
Valuation is the term for establishing how much your business is worth.
Usually that takes a business plan, as well as a professional with experience.
The plan tells the valuation expert what your business is doing, when, why and how much that will cost and how much it will produce.
.Create a new business.
Use a plan to establish the right steps to starting a new business, including what you need to do, what resources will be required, and what you expect to happen.
.Seek investment for a business, whether it's a startup or not.
Investors need to see a business plan before they decide whether or not to invest.
They'll expect the plan to cover all the main points.
.Back up a business loan application.
Like investors, lenders want to see the plan and will expect the plan to cover the main points.
.Grow your existing business.
Establish strategy and allocate resources according to strategic priority.
You can find more information about growing your business with a business plan by reading " Existing Companies Need Planning, Too ."

starting a business without a plan, like visiting a new country without a map or guide

It depends on project complexity. I would always reccomend to run it, eventually in "compact" mode. So many times the output shocked Investors and Managers working with me. 8 out of 10 times simulated results were well below (emotional= expectations or resources needed to get to expected results were clearly heavily missing. In any case its a great exercise to take decision about GO/DON'T GO.

yes, to have a focus on what to do, how to do, when to do etc

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It is very necessary to plan for every level of the business.

Very necessar. Business Plan is the road map for company where can assess and evaluate progress against. It reflects leadership capacity and vision, and helps management plan resources.

yes, it is.

Think like this, what will happen if the company stops working for period of time?

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