Most experts says that elmost everybody who does or will operate a business needs a business plan at some point in the business life cycle. Lately, it also becomes more and more common for owners and property managers of commercial property to require prospective tenants to have a business plan. This gives them more security that the prospective tenants is serious and is there, or wants to be there, to stay.
All in all, there are a large number of reasons why all businesses need a plan:
A new business that starts from scratch or a new product
Expansion
The desire to go public
An intermediate review of your business’ position in the market
The need for a loan
Merger, consolidation, or joint venture
Strategic Planning
You are looking for private investors
Financial forecasting