32.6% of the business owners believe leveraging business planning software is an efficient method to draft a perfect business plan.
Washington, Nov. 23, 2023 (GLOBE NEWSWIRE) — GoodFirms, a universally renowned B2B ratings and reviews platform, recently released its new research report-“Business Planning: Process, Principles, Importance, and Scope for Startups.” The research gathered some original input from the survey participants to study the process and elements of preparing a good business plan. This survey from GoodFirms on business planning highlights the driving factors, benefits, and challenges organizations face when drafting a business plan.
GoodFirms’ survey reveals that nearly 16.8% of the surveyed businesses still need a business plan, and around 70.4% already have a business plan with a documented strategy to define goals, objectives, a roadmap to achieve them, and a vision for the future. About 68.4% of the survey respondents believe that business plans are crucial and valuable for startup success in many ways.
Benefits of business planning as indicated by the participants are: 81.5% believe it helps to focus on specific goals, 73.7% say it improves marketing strategies, 63.2% think it assists in financial projections, 61.8% feel it eases funding, 59.1% assume it prioritizes business processes, 57.9% says it allocates resources wisely, 42.7% consider it to track achievements/milestones, etc.
The survey discloses the challenges that startups face during the business planning planning – gathering accurate market analysis (68.4%), getting the financial details on paper (63.2%), having realistic goals (57.9%), projecting/managing the cash flow (55.8%), starting to write the plan (53.7%), making the business plan interesting (31.5%), keeping the plan flexible (26.3%) and having an efficient contingency plan (31.6%).
According to GoodFirms’ survey, around 31.6% of businesses have already explored the application of business planning software for creating their business plan, whereas 42.1% of business owners are yet to use it.
GoodFirms concludes by indicating that by staying focused, adapting to the changing demands, and leveraging technological advancements like a reliable business planning software can create a significant impact on startups and small business owners to set milestones, track the results, and review and revise the business functions and thrive in the market.
Key Findings:
- A business plan is a roadmap that mentions the goals of the business and the path to achieve them.
- Along with serving as a roadmap to achieve the goals, a business plan is essential to attract investors.
- The introduction of dedicated software for business planning has made the process of business planning easy for small businesses and startups.
- The business plan software market is expected to grow at a CAGR of 7% between 2020 and 2027.
- Thorough market research and accurate market forecasting can help create an efficient business plan.
- 31.6% of the surveyed businesses have already leveraged the business plan software to create a business plan.But, a major percentage are yet to explore.
About Research:
GoodFirms Survey- “Business Planning: Process, Principles, Importance, and Scope for Startups” queried 570 small and large businesses to understand their views on the importance of business planning and the benefits they have leveraged.
To read and download more research articles by GoodFirms, click here.
If you wish to participate in GoodFirms’ future research studies, register your name and company details with GoodFirms.
About GoodFirms:
GoodFirms is a Washington, D.C.-based B2B review and rating platform that focuses on delivering rich, original, and in-depth coverage of IT products and services to the B2B service users. Both service seekers and service providers benefit from the reviews, ratings, and research insights delivered by GoodFirms.
CONTACT: Sophia Jayden (sophia@goodfirms.co)
