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In my experience, they are key to helping you think through your business and keep you on track.
Venture capitalists and angel investors focus on four parts of the plan in particular.
For a company to grow and succeed, it has to be offering its customers products and services that have clear, demonstrable--even obvious--superiority to what is available from its competitors.
Investors look at whether the management team presented a reasonable forecast for revenue and profit growth.
When they see projections that seem unrealistic and unattainable, the management team immediately loses credibility in their eyes.
They need to be clear and reasonable while being exciting from a ROI standpoint.
Business plans are critical to the success of any new venture.
Show the problem the customer has that you will be solving.
It must be a significant problem or difficulty that the customer is anxious to solve very soon.
If you can show the reader that you already have customers lined up ready to purchase your products or services, this makes your case more convincing.
Investors want to align themselves with management teams they believe have the capability of successfully executing the strategies outlined in the plan--and be good stewards of the capital the investors put into the company.