Planning Works

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 is substantive evidence that a business idea is viable. Bad or risky 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 lower risk of wasted efforts, or poorly spent funds.

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 80% after five years.

THE GOOD NEWS

Research indicates that with comprehensive business planning, especially if it is augmented by minimal business training or coaching, practically reverses the trend with success rates approaching 70% over 5 years.