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Does Business Planning Work?
Time after time, statistics indicate that for numerous reasons, businesses that fail to plan have substantially higher failure rates than those that build a solid foundation of research and analysis before launching.
Some of the reasons for heightened success include:
1. A business plan provides substantive evidence that a business idea is viable. Poor or unduly risky business ideas are effectively screened out by the process.
2. The act of business planning is a form of self-selection. Someone who has the commitment and perseverance to complete this involved task is likely to exhibit the same fortitude in their business.
3. A business plan is a means of determining the most effective and efficient method of running your business, rather than relying simply on trial and error. The net result is a substantially lower risk of wasted resources with accelerated sustainability.
THE BAD NEWS
North American Statistics indicate consistently that on average over 45% of businesses fail within their first three years of operation. That number rises to 75% after five years.
THE GOOD NEWS
Research indicates that with a comprehensive business planning, especially if it is augmented by minimal business training or coaching, the conventional 25% success rate approaches 70% over the same 5 years.
That's an increase of 180% for new businesses that prepare properly and do their research before starting.
STATISTICS PROVE THAT BUSINESS PLANNING WORKS!
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