A business plan is important to keep you on track with your initial goals for business.
• You do not have a clear path. Without a proper business plan, you may run your business as it goes, soon you may find out you had run off track. You will forget your initial business goals and then do something new or have very different goals.
• You may miss an opportunity. Investors or banks for business financial support or loans mostly require a business plan. If you do not have a proper business plan, you will not gain the viewer’s interest to invest or provide loans for your business.
• You may fail to prevent a failure. With less information, you may neglect a part of which contributes to great success of your business. When failure is approaching, reviewing an improper business plan will not help you to cope well with it, as you are not able to adjust the situation as soon as possible.
• You do not have an ability to foresee the future. Practically, business plans help you to start up a business with predicting the future and benefits your business may bring. If you do not have a proper business plan, you would probably not have a habit to think of the business in the long term rather than just seeing them in the short term.
• Your business will experience slow growth. People think having a business plan may restrict them from thinking out-of-the-box or having freedom to do as they like. However, without a business plan, how would you know your potential of bringing greater success to your business?