Business plans are mostly about organizing, formalizing, and committing to a specific plan_of_actions. Such a document generally presents the objectives, strategies, analysis, and a detailed roadmap for implementation. Underlying a plan_of_action is comprehensive analysis of historic, current and proposed results all supported with assumptions. If anyone doubts the interest in business plans, a Google search returns more than 62 million and Amazon list more than 77꺜 titles concerning this subject.
I have been putting together business plans for over 25 years and it is clear to me that the strength of its core rests solely on being able to execute the plan. Each year I approach business planning as an opportunity, rather than a burden. I would rather invest the time up front in mapping out the upcoming year, than leaving it to chance to dictate my strategy. While this may force me to think strategically as well as tactically, preparing a detailed business plan in advance enables me to identify the challenges in advance of actually facing them.