Two professors, Julian Lang and William Bygrave, from Babson College in the US have found that the business performance of businesses started, with or without business plan, was unaffected.
This finding is not entirely surprising, since I believed for a long time, that getting too hung up about business plans can be a great waste of time, especially if you are not in a position to evaluate all variables that make up small business success.
I still believe cash-flow forecasting, SWOT analysis and a simple business goal sheet are helpful as far as business focus is concerned. A full business plan however, in my opinion is often a waste of time.
Some people plan and plan, but never start a business, why is that? If you are looking for problems you will find them. ST.