It will probably take several weeks for you to finalize your business plan. The process of forming the business plan forces you to conduct research and to critically analyze the assumptions you have regarding your products, services, and the expected performance of your firm.
The process of forming a business plan is an excellent opportunity for you to analyze your firm’s strengths, weaknesses, opportunities, and threats (as I wrote before, MBAs call this SWOT analysis). Knowing these elements will allow you to fine tune your business plan so you can take advantage of your strengths and opportunities while at the same time mitigating your weaknesses and threats.
The process also requires that you analyze and become familiar with every part of your company. Prior to starting the process, you may have only been concerned with sales or operations (it’s a safe bet that accounting and finance was not on your radar). By "digging into the details" of your product or service, sales and marketing, operations, management, and finance, you will be able to see how each part needs to work together in order for your company to perform at a high level.
When done properly, forming a business plan requires a great deal of work. However, be assured that your work will pay dividends. A construction adage is that you should always measure twice and cut once. A business plan requires a similar, up front effort in planning to reduce mistakes and waste in implementation.