Should you write a business plan in 2024?

The landscape of business has completely changed. You don’t need to spend hundreds of thousands of pounds in expensive MBA fees before starting a business.

People are creating huge brands from their bedrooms, with zero budget.

So, is there any point in creating a formal business plan in 2024?

Do people care? Who are you even going to show? It’s more about your social media following and personal brand these days, right?!

Well, your online presence is a huge asset in this day and age, but I would like to tell you why an “old fashioned” business plan is still essential to your company’s success.

What is a business plan?

First of all, many people don’t even know what a business plan is! It sounds like some boring doc that is for stuffy corporates in suits.

I’m here to tell you that a business plan is appropriate for everyone who is running a business.

So, even if you’ve already been in business for years and you’ve never written a business plan before… it’s not too late!

A business plan provides a clear roadmap for your company’s future. It outlines the visions and the goals for the business and documents the strategies of how you’re going to get there.

So, even if you just wrote your business plan for yourself, it’s completely worthwhile.

I made the stupid mistake of not writing a business plan for my first business and it left me in a serious pickle!

Therefore, here are all the reasons why it’s essential to write a business plan in 2024.

Reasons why you need a business plan

To prove you’re serious about your business

If you ever want to get investment, or people to join your board, then they often ask for a business plan. Most professionals are not going to back someone who hasn’t carefully thought out their business from start to finish.

If you’ve ever seen an episode of Dragon’s Den, you will know how serious investors take planning!

To encourage you to do proper research

It takes a lot of research to put together a strong business plan and this is often a step that people miss out.

Doing competitor research and market research is one of the most valuable things you can do. You learn so much about your industry, your customers and potential solutions by doing this research.

To establish business milestones

Since your business plan should lay out what you want to do and when, you have a great way of tracking your progress.

Are you on schedule? Are you hitting your goals? If not, why?

It’s a great way to assess progress quickly and address issues early.

To determine financial needs

There are always unexpected costs when you run a business and if you’ve just delved into it, you’re often in for a big shock.

Your business plan will include detailed financial projections and will help you budget for different areas and make a plan for where you will obtain funds to make the business work.

To understand where you need help

Part of your business plan will include the team. Who will be helping you achieve these goals? Whether it be full-time staff, consultants or board members, you need to determine who will make your business a success.

So how do I make a business plan?

Essentially, there are 5 main areas in a business plan, but these can be broken down even further into detail.

The Overview

This should actually be created last, as you will need to determine everything else before summarising your business and what want it to achieve.

Your Goals

What do you want to achieve? Who is your business for? How will it change the world and why is it needed?

Your Service/Product

What is it that your business actually provides? Who for?

Market Research

Where do you fit into the current market? Who is doing something similar at the moment? How do you compare? Why is your product/service better?


What is the financial model of the business? How will it make money? If someone was to invest, when would they get their money back and at what rate?

Of course, there’s so much that goes into every section and all their sub-sections, but this is the essence of what it entails.

Business plans should not be rushed, but it should be an essential part of your business journey.

If you want any help creating a business plan, this is something I have been offering to all our clients.

Combining what I’ve learnt from the MBA and crafting hundreds of plans and pitch decks over the years, my business plans have been extremely effective. Feel free to get in touch for more info.