WHY PLAN?

A team of four people in a modern office setting. Three are seated on a blue sofa with open laptops, while one stands pointing at a whiteboard covered in sticky notes. They appear to be engaged in a meeting or brainstorming session. Exposed brick wall and a large lamp in the background.

Making money is not as easy as it may seem……

Each year, many businesses fail due to poor planning and funding, impacting dreams and communities. Whether new or experienced, neglecting key operational and marketing elements can doom even the most passionate projects. Effective growth requires understanding business strategies. Leaders who engage with these complexities can attract customers, boost sales, and build appealing brands for partners and investors. Planning is essential for growth, stability, and a solid foundation

Take the time to invest in and plan for your business’s success.

Architects reviewing blueprints on a table, with rulers and a calculator, focusing on design details.

Business Planning Outcomes

Defines specific, measurable, achievable, relevant, and time-bound (SMART) goals, which ensures that efforts are directed towards desired outcomes, and progress can be effectively tracked.

Ensures that individual endeavors align with the company's overall strategic goals, preventing resources from being wasted on projects.

Allows leaders to identify the resources required, including financial, human, and material resources, and allocate them efficiently.

Identifies potential risks and strategies to mitigate them.

Provides a framework for making informed decisions,

Facilitates clear communication among stakeholders.

Establishes key performance indicators (KPIs) to track progress and measure success.

Can convince potential investors and lenders that the business is organized, has a clear vision, and is likely to succeed.

Business Planning Statistics

Increased Likelihood of Starting: Entrepreneurs with a business plan are 260% more likely to actually launch their business.  

Higher Growth Rates: Businesses with written business plans have been shown to grow 30% faster than those without a plan. Fast-growing companies (with over 92% annual sales growth) often have business plans in place (71%).  

Improved Survival Rates: Approximately 70% of businesses that survive for five years have a strategic business plan. In contrast, a significant percentage of businesses without a plan fail within the first few years (e.g., 25% within the first two years, over 30% within the first three years).  

Greater Chance of Securing Funding: Businesses with plans are more likely to secure loans and investment capital.Venture capitalists overwhelmingly (around 70%) consider a documented business plan crucial before investing.  

Enhanced Ability to Expand: Business owners with a strategy are 129% more likely to continue working on expanding their company beyond the initial startup phase.

Sources

"7 Business Plan Statistics That Will Change Your Mind." Bryce Legal, brycelegal.com/insights/7-business-plan-statistics-that-will-change-your-mind/.

"Business Plan Benefits: Why You Need One." U.S. Small Business Administration, www.sba.gov/blog/business-plan-benefits-why-you-need-one. Accessed 7 May 2025.

"Do Entrepreneurs Need Business Plans? - Growthink." Growthink, growthink.com/content/do-entrepreneurs-need-business-plans/.

"The Importance of Business Planning." UpCounsel, www.upcounsel.com/importance-of-business-planning.

"Why Write a Business Plan? The Importance & Benefits." Bplans, articles.bplans.com/writing-a-business-plan/why-write-a-business-plan/.