According to a survey posted on SME Insider, 64% of businesses with a business plan subsequently grew compared with only 43% of those that didn’t have one.
So having a plan puts you ahead of those without one and increases your growth prospects.
Have you invested the time working ON your business (rather than IN it) to grow it quicker?
We always hear that a business plan is essential to a successful business. Yet 27% of businesses don’t have a plan.
Another startling statistic is that 50% of new businesses fail within the first three years. Could they avoid it if they have a well-thought out business plan from the start? Of course, there are other factors too such as the depth and breadth of management skills, competition, successful marketing, funding and so on.
Even for those with a business plan, how many actually follow it, measure performance against it, and amend the plan regularly or when necessary? Many fall guilty of making a plan only to have it buried in a drawer until it is dusted off the following year, when they go through the ritual again.
If we start with overall strategy, does your business have a clear end goal in a defined period of time? Is everything in the business aligned to achieving that ultimate goal and is everything and everyone pulling in the same direction? Is it clearly understood what it takes to get there?
In chess, after 4 moves, there are 71,852 possible positions.
After 40 moves, there are 10,000,000,000,000,000,000,000,000,000,000,000,000,000,000 possible positions.
And that’s on an 8 x 8 board with 32 pieces at the start.
Imagine how much more complicated our business world is.
And without a strategy and plan, how on earth will the player or business outperform against a competitor who has thought it out – even if just a few moves more?
If you would like help putting in place a clear strategy and practical business plan which enhances your success, please give us a call on 01235 838543 for a free, no obligation, initial consultation.