The ongoing debate of write a business plan vs. don’t write a business plan has spurred a lot of research. Entrepreneurs all over the world sit on the edge of their seats awaiting the results.
New research indicates that ventures who do write a business plan increase their growth potential by around 30 percent. This is not a percentage to laugh-off, scoff at, or ignore!
Professor Andrew Burke, from the Cranfield School of Management in the U.K., and the founding director of the Bettany Centre for Entrepreneurial Performance and Economics, stated in an interview that can be viewed below – the following about the positive effects of having the right kind of business plan. He states, “it’s not whether you have a business plan, it’s what type of business plan you have.” He continued to share that “good planning has agility.”
Burke shared that successful ventures possess the following attributes:
They are extremely agile in nature—meaning they have the ability to let their strategy evolve—and even change direction when needed.
LivePlan supports Burke’s research and philosophies. The intention of LivePlan is to NOT become a static plan that is written and forgotten. It’s meant to guide you along in your research, planning, implementation, measuring and adjusting journey.
Burke notes that it’s important to talk to your customers first – get your product into the hands of your market, and see how they respond to it. If you get good results, then continue building out and implementing your business plan—and adjust as you monitor and discover intricacies in your market (hence, agility). LivePlan’s Dashboard feature allows you to do this on a daily, weekly, monthly, quarterly and annual basis.
We’d love to hear how you plan and track your company’s growth—and more importantly—how you maintain agility.