Is it really mandatory to have a business plan.

[Axis]

Although it may not be mandatory for a business owner to have a business plan to be able to run and establish a business, and no doubt there are some businesses today that make reasonable amount of profit and realize reasonable amount of revenue which do not have business plans. But it is expected that as a business owner you should be on the safe side and make sure that your business have a business plan in order to provide a sense of direction and a sense of accomplishment for your business motives as well as strategies in achieving goals and objectives.

The business plan of a particular business organization plays a very important role in adding to the overall operation of a business. Has already implied it can be a guideline to business success.