While some research has found that companies with completed business plans are twice as likely to grow their business, busy entrepreneurs might be reluctant to dig in and revise theirs when circumstances change.

A business plan is a vital document for your company, even if you work alone or have no plans to show it to outsiders. Articulating and writing down your business goals can help your company succeed. It gives you and the rest of your staff something to strive for and refer to during challenging times and helps ensure everyone is on the same page and working toward the same vision.