Question of the Day: How much more likely is a business to launch if the founder creates a business plan?
Thinking of skipping the business plan to save time? You might want to think again.
Answer: A business with a business plan created is 260% more likely to launch
- Why do you think having a business plan increases the likelihood of a business launching successfully?
- Why do you think investors are more likely to invest in a business that has a well-structured plan in place? How can a business plan instill confidence in potential stakeholders?
- Consider various types of businesses, such as technology startups, retail stores, or service-based companies. Do you think the significance of a business plan varies across different industries? Why or why not?
Behind the Numbers (BusinessDIT):
Insightful Business Plan Success Statistics:
- Entrepreneurs with business plans are 260% more likely to launch.
- A business plan increases the chances of growth by 30%.
- Approximately 70% of businesses that survive for 5 years follow a strategic business plan.
- 71% of fast-growing businesses have plans.
- Compared to businesses without a written plan, those with one had a 7% higher likelihood of experiencing high growth.
- One study found that only 35% of business owners who were surveyed had finished a business plan.
- Simply put, business plan finishers were twice as likely to succeed.