If you ask this old hand in the business planning business, the short answer must be, You do! Naturally I'd say that, since my company sells business planning solutions. But having worked with a cross section of our quarter-million customers, I have a fair idea who needs a business plan. Read on and judge for yourself.
Any person dreaming about, thinking about, talking about or in the process of starting their own business, needs a business plan, as much as a going concern does, to set goals, budget resources, and stage actions to hit targets in a timely manner. Any individual or organization that risks sweat equity or other capital to start and grow a business, needs a business plan to think through everything the business needs to maximize its market opportunity and minimize risk. Any entrepreneur who needs a tool for anticipating barriers to enter, for pro-acting and reacting to competitive and other changing market conditions, for refining strategies and optimizing resources , and for managing threats and opportunities going forward, needs a business plan.
Any entrepreneur that applies for grants or loans or investment funds, or seeks to form a strategic partnership with other entrepreneurs, or to organize a supply chain and/or sales chain, needs a business plan to help the prospect grasp the entrepreneur’s vision of success and evaluate their own opportunity and risk.
If any of these examples match your situation, the short answer is true.