It becomes easy to communicate your ideas to the people you interface with, who in turn can give you better ideas or complement the ones you have. Collect all the material to one place. Having a business plan makes it possible to have all your ideas and plans in one place. It becomes easier for you refer to it and to use it to develop your business. You become a more committed business person and even others people, like your prospective financiers, can easily regard you as a serious business person.
Strategic Planning & Goals: The first step is to identify the key company goals which will be the over_arching direction of the plan. These goals should be focused on three areas: financial, growth initiatives and alignment to the company's vision/mission. This provides the overall direction of the company by establishing high_level goals that will be achieved by tactical initiatives. The overall plan should be 1 to 3 years with measurement mileposts monthly, quarterly and annually. While the plan is put in place at the onset of the year, it should be constantly re_forecast with actual results throughout the year.