32.6% of business owners believe that leveraging business planning software is an efficient way to create the perfect business plan.
WASHINGTON, Nov. 23, 2023 (Globe Newswire) — GoodFirms, the world-renowned B2B ratings and reviews platform, recently released a new research report.Business Planning: Process, Principles, Importance and Startup ScopeThis study collected unique information from survey participants to study the process and elements of creating a good business plan. This business planning study conducted by GoodFirms highlights the drivers, benefits, and challenges organizations face when creating business plans.
According to GoodFirms research, nearly 16.8% of surveyed companies still require a business plan, and approximately 70.4% already have a written plan that defines their goals, objectives, roadmap to achieve them, and vision for the future. It became clear that they had a business plan that included a strategy. Approximately 68.4% of survey respondents believe that a business plan is extremely important and valuable to a startup's success in many ways.
The benefits of business planning demonstrated by participants include: 81.5% think it helps them focus on specific goals, 73.7% think it improves their marketing strategy, 63.2% think it helps with financial forecasting, 61.8% think it makes it easier to raise money, and 59.1% think it's effective We believe that there is. They prioritize business processes, with 57.9% saying they allocate resources wisely and 42.7% believing it's to track outcomes/milestones etc..
The study found that the following include gathering accurate market analysis (68.4%), obtaining financial details on paper (63.2%), having realistic goals (57.9%), and forecasting/managing cash flow (55.8%). The challenges faced by startups while developing a business plan have been identified. %), started writing a plan (53.7%), made the business plan interesting (31.5%), kept the plan flexible (26.3%), and created an efficient contingency plan (31.6%).
According to a survey by GoodFirms, approximately 31.6% of companies are already considering applying business planning software to create business plans, while 42.1% of business owners are not using it yet.
GoodFirms helps startups and small business owners set milestones and track results by staying focused, adapting to changing demands, and leveraging technological advances such as trusted business planning software. We conclude that it can have a significant impact on reviewing and revising your business. Function and thrive in the market.
Key findings:
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A business plan is a roadmap that describes your business goals and the path to achieving them.
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A business plan is essential for attracting investors as well as serving as a roadmap for achieving your goals.
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The introduction of specialized business planning software has made the business planning process easier for small businesses and startups.
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The business plan software market is expected to grow at a CAGR of 7% from 2020 to 2027.
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Thorough market research and accurate market forecasting will help you create an efficient business plan.
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31.6% of companies surveyed are already leveraging business planning software to create business plans. However, most are still under consideration.
About the research:
GoodFirms Survey – ”Business Planning: Process, Principles, Importance and Startup Scope” 570 queried Find out what small and large businesses think about the importance of business planning and the benefits they are leveraging.
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About Good Farms:
GoodFirms is a Washington, DC-based B2B reviews and ratings platform focused on providing B2B service users with rich, original, and detailed information about IT products and services. Both service seekers and service providers benefit from the reviews, ratings, and research insights provided by GoodFirms.
CONTACT: Sophia Jayden (sophia@goodfirms.co)
