Question

Why is a business plan important to the success of the business

Answer 1

A business plan is important to the success of a business.
A business plan is important if you want to forecast revenues
and expenses. A business plan is important if you want
to attract investors. In other words, you can show your business
plan to investors and raise funds through bank loans and equity
financing.
A business plan entails a business strategy, a marketing strategy,
and a financial strategy. A good strategy can help your business
succeed. Moreover, a business plan entails a SWOT (Strengths,
weaknesses, opportunities, and threats) analysis that is important
for succeeding in business.