You may have completed a business plan when you started your business. Was it a good idea then? Yes, of course otherwise you would not have been able to show yourself and maybe the bankers that you would achieve a reasonable amount of success in the first year that there would even be a second year. So why don't you keep planning, annually or better yet every 90 days.
The process of business planning is, in and of itself, a worthwhile pursuit as it forces you to remove yourself from the day-to-day activities and think of tomorrow's income.
A business plan is a roadmap for the business " a document that provides vision, goals and benchmarking. It creates momentum and provides an opportunity for a reality check " what worked last year, where the gaps are, and what next year is going to look like.
Business planning is important because it provides focus on tomorrow's income it will create a benchmark so you can recognise and acknowledge your wins as well as the areas you need to work on.
Business plans make owners and teams accountable. When the year has been mapped out, you can get on with running the business, rather than thinking about it.