So it’s not a hurdle. It’s not a business plan document you have to finish before you do something else. It’s an ongoing process, a regular management tool. You do it because you want to run your company well, move towards the future in an orderly fashion, dealing with change without always just reacting to change, sometimes proactively leading with change.
Business planning, particularly plan-as-you-go business planning, is the best way to control your own destiny. With a good planning process, you set your long-term goals and the steps to achieve them, then track progress carefully and watch changing assumptions and make corrections as needed to move toward your long-term vision. You move as quickly as possible or as slowly as necessary.
The opposite, not planning, leaves you and your business much more likely to be victims than drivers. You’re much more likely to be reacting to the latest phone call, the latest problem, than managing a plan that makes you proactive.
Think of it like navigating to a desired destination, making any necessary course corrections along the way.
You do it for yourself, for your company, whether or not there is some business plan event that requires it. Do it because you care about your company and you want to do it better. Control your destiny.