When staring into the void of building a new business most entrepreneurs are excited by the prospects their idea will create- however they soon discover the real challenges that come with starting a new venture. 

If you are starting a new business or already in business, it's critically essential that you come to terms with the importance of a business plan. Whether you’re looking for more credibility, or to open business accounts for loans and credit, or even looking for venture capital- your business plan will be an imperative part of your growth process. 

So, do I need a business plan for my business? Yes, you do.  

Well, you may ask; how exactly is a business plan connected to the success of my business? Or, how is a business plan supposed to help me fight through the competition in the market? These are important questions, and I will be answering them shortly. But before we begin, let's take a quick look at what a business plan is. 

What is a business plan?

In simple t...