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This pioneering Babson study examines whether writing a business plan before launching a new venture affects the company's subsequent performance. Interestingly, the analysis revealed that there was no difference between the performance of new businesses launched with or without written business plans. Unless a would-be entrepreneur needs to raise substantial startup capital from institutional investors or business angels, there is no compelling reason to write a detailed business plan before opening a new business.
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Long but interesting. I'll admit I skipped to to results.