Having an operating plan is not only important, it's essential. If you don't have an operating plan then luck is the real CEO of your business and you're an employee. I personally hate depending on luck.
This is an overview of financial planning and analysis that all businesses over one million in revenue should be pursuing. Each item on each step needs and will soon have its own explanation in separate publications/blogs from TWP Consulting. An absence of any of these steps can result wist missteps in handling cash flow, under-costing of products, missed market share, and general lack of business direction and growth.