When you choose not to decide. You have already made a choice.
According to the Small Business Advisory Councils’ own research, new-start businesses have only a 50-50 chance of success. Even worse, pre-existing businesses in today’s economic climate have a less than one in five chance of ever achieving economic profit for their owners. A lack of planning is ranked high on the list of why these businesses fail.
Conversely a recent study of Australia’s fastest growing businesses revealed 60% had a business plan, and those businesses recorded a growth in profits that was 69% faster than competing businesses without a plan.
Therefore, this data suggests that simply writing a business plan increased the chances of success by a factor of five.
Not planning is like going on a treasure hunt without a compass, expecting to fly solo without taking lessons or doing the same thing each year and expecting different results.
Disclaimer: The views expressed in this article are those of the Writer. The information is not meant to be exhaustive. Readers are responsible for making their own inquiries and assessments as to the truth and accuracy of all the information given and should seek advice from professionals. No liability (in contract, tort or otherwise) will be accepted for any loss or damage incurred as a result of reliance upon any material contained in this publication or any information or advice provided in this publication or incorporated in it.