In fact, very few companies are able to last without one.
There are definitely more benefits to creating and sticking to a business plan including being able to think through ideas without putting too much money into them—and, ultimately, losing in the end.
Although they're especially useful for new companies, every company should have a business plan.
Ideally, a company would revisit the plan periodically to see if goals have been met or have changed and evolved.
A business plan is a written document that describes in detail how a business—usually a new one—is going to achieve its goals.
A business plan lays out a written plan from a marketing, financial and operational viewpoint.
A good business plan should outline all the costs and the downfalls of each decision a company makes.
Business plans, even among competitors in the same industry, are rarely identical.
Usually, banks and venture capital firms make a viable business plan a prerequisite to the investment of funds in a business.
Even though it may work, operating without a business plan is not a good idea.