Depending on what you read, writing a business plan is often described as highly impactful by some - or a waste of time by others. However I’m not convinced it’s an ‘either or' answer.
In my experience, it’s not the writing of a ‘plan’ per se that’s important - but rather the thinking and language that crystallizes ideas (and biases) during the process of writing it down.
Business templates like that provided by a host of financial institutions such as BDC or the popular Strategyer's Business Model Canvas are examples of valuable tools that induce needed clarity; I use a combination of these as a questionnaire for clients.
However, the document itself is not the magic wand, but rather the process of completing it. Designed to challenge and structure your thinking - in whatever capacity best suits your endeavour - is where the real value lies. Writing in any form pushes you to succinctly and clearly articulate, in this case, a vision, value proposition, differentiating factors, customers, and goals; none of these need to be perfect, they will evolve as you learn, obtain customers, and develop your business.
So back to my original question, which upon some reflection might more aptly read, “to think or or not to think?”. Well, that’s an easy choice now, THINK.
Not sure what the right process is for your current initiative? Check out a couple of these articles for and against the business plan and make your own choice; Entrepreneur Magazine -https://www.entrepreneur.com/article/198618 and Techpoint - https://techpoint.ng/2017/04/13/business-plan-waste-time/.
Alternatively, test your thinking with my questionnaire - http://bit.ly/mtngoatquestionnaire or illustrate possible gaps in your thoughts with a business canvas exercise - http://bit.ly/strategyzercanvas.