When is the best time to develop the business plan?
For start-ups, developing the business before you pitch it to the investors or banks is better. It would be best if you had enough time to establish a solid plan.
Operational businesses must have their business plan updated at all times to ensure they catch market opportunities or address risks. For example, what happens to your business when the interest rates (cost of borrowing) increase? You need to revise your plan to face this scenario and what tactics are required to reduce the impacts, make more revenue, etc.