Benefits of Writing a Business Plan
You can expect some good payoffs from writing down your business plan, even if you find putting one word in front of another as excruciating as rolling boulders up a hill. Whether you're writng a business plan or a novel, the writing process forces you to fine-tune your ideas.
Before you begin writing, however, you should already have done the following: Defined your business purpose; assessed your business environment; charted your strategy; detailed your company capabilities; designed your marketing plan; and untangled your finances.
The next step is to assemble those raw materials to formulate your business plan and write. In doing so, you'll find yourself
Making good ideas even better: Putting your plan into writing makes it easy to see which ideas don’t hold water and which ones look even better when you take time to develop them.
Developing a plan of action: Like many entrepreneurs, you may have dozens of ideas rattling around in your head. Organizing them into a written plan forces you to think about how they fit together and which ideas should receive priority status in your action plan.
Avoiding unnecessary mistakes: Your written plan is the first serious test of your business venture. If your business doesn’t make sense on paper, what are the odds that it will pass muster in the fiercely competitive world of business?