It is the blueprint for your business. Someone who wanted to build a home does’t just grab their hammer and start hammering nails together on boards. They need to plan out the layout and measurements with blueprints to ensure the house is built properly, if not… that is just foolish, none sense.
The only difference with building a home and a business. The business is not static. There are always changes to be made when needed. It is not just a single document you spend putting together when you start your business and then leave on the shelves to collect dust. Having a business plan for any kind of business will have different objectives as the business develops.
Having an updated business plan during the growth phase is useful for raising or forecasting additional capital to expand. If your decide you want to close down or to sell your business, your business plan may include a timelines and a strategy to transfer to a new owner or the dismissal of the company.