Business plans: are they a waste of time or essential?

Q: I frequently read and am told about the need for a business plan. Why should I bother when I know...

Q: I frequently read and am told about the need for a business plan.
Why should I bother when I know where my business is going?


Any document is basically only worth bothering with if it is prepared for
a reason.


A strategic plan should provide the management team with a stated goal for
the business and how it is going to be achieved. This is unless the team
consists of one (ie. the principle) and then you may not wish to
bother.


Even if you do not have an actual document, it can be useful to share