As a business strategist, I frequently run across start-ups and multi year businesses who neglected the process of developing a business plan for themselves. Most folks consider business plans only when a lender or investor requires one. Many of the comments submitted in this thread provide excellent advice. As I read through them, I see that the majority of the comments would be addressed during the business planning process.

A business plan includes thinking through your marketing strategy, not just the tactics. A good plan can help develop a solid foundation for the operational strategy and would include developing a mission statement, your pledge to the stakeholders (clients, vendors, staff, investors, etc.). You must define your legal structure, your marketing strategy and tactics to be used. This is where all the math is done as well. A quality, thorough, scenario driven sales and cash flow forecast will inform the business owner of the effects of when, how and where to spend.

In my early days of starting businesses, I despised the requirement of business plan, forecasts, etc because I thought my business idea was enough. NOT TRUE. Sales, Marketing, Accounting, Management, Vendor Management, HR, Leases, Taxes, Taxes, Taxes, and so much more is required to operate a business successfully.

The process of planning can make the difference between success vs. constant struggle.