How important business plan to the owner

Business plans are dead — or are they? For many entrepreneurs, the business plan is an outmoded document that gets created mainly for the benefit of VCs and bank loan officers. Bootstrappers rarely think they need one to get by. A roadmap for even the smallest or earliest-stage idea.
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Are You a Small-Business Owner or an Entrepreneur? The Difference Is Important.

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How to Write the Management Team Section of a Business Plan | Small Business -

While some owners may be tempted to jump directly into startup mode, writing a business plan is a crucial first step for budding entrepreneurs to check the viability of a business before investing too much time or money. The purpose of a business plan is to help articulate a strategy for starting your business. It also provides insight on steps to be taken, resources required for achieving your business goals and a timeline of anticipated results. For existing small businesses, a business plan should be updated annually as a way to guide growth and navigate the expansion into new markets. Your plan should include explicit objectives for hiring new employees, market analysis, financial projections, and potential investors. But a business plan can bring clarity to the process of whether to buy or lease and help determine the optimal amount allocated to those assets. Marketing and market potential are important aspects of a plan for aspiring small businesses.
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How to Write the Management Team Section of a Business Plan

While one day a founder might be taking care of CFO responsibilities, like figuring out how to allot company funds and obtain outside financing, the next day he or she might be hitting the phones and cold-calling for sales leads. Up to a point, it behooves small business owners to be resourceful and handle the lion's share of the work. But before it's too late and their companies lose out on its market timing, entrepreneurs need to hire in order to grow, even if that means taking on more costs. Mashable spoke with HR and career experts to find out the most important hires a small business can make. Image: Flickr, Electrolux.
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Why write a business plan? If you wanted to build a house, you wouldn't walk over to an empty lot and just start nailing boards together. Yet, unlike a house, a business isn't static. We often make the mistake of thinking of a business plan as a single document that you just put together when you're first starting out and then set aside. Something to check off the to-do list and be done with.
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