A business plan, a road map, a cookie recipe all includes the same basic format. 1 - an intended goal, 2 - details of how to accomplish the intended goal and 3 - measurable components to review the detailed instructions for success.
If you have a goal but no details and no measurable units, it is very hard to bake cookies that you have never baked before. Business is the same and a Business Plan is key to your success.
Knowing your plan, where you're going to take the company, how big, what customers, where your markets will be, and what services will you provide all are part of your recipe for success.
For example, as you move along your business will grow. You must review your plan to make sure that the growth fits your plan. Can you grow your business and still have it be what you wanted it to be when you started? Does it fit the plan? If not, you have to ask, “am I willing to adjust the plan?” It might be a much better end result but by reviewing the plan you are reviewing what you originally set out to do. Will you still have time for your kids or fishing? Will it require you to travel? Will it require you to get a loan for the bank that will require you to allow a note to be held on your house? Are you willing to take that risk? Will it require you to hire staff? The questions could go on for pages. But if you don't review them and you don't review your Business Plan you could someday wake up and wonder "how in the world did I wind up in this place."
It can change, remember it is YOUR plan.
Martin Stout is president of Go Roof Tune Up, Inc. See his full bio here.