Question: If business plans are so important why do so few people actually write one?
Answer: Poor Management Systems
No Overall Vision
Lack of Market Planning
Not Understanding the Competition
No Strategic Plan
No Established Performance Measures
Inadequate Financial Planning
It is in human nature to put things off and procrastinate. It is a challenge for many business owners to put their assumptions on paper and risk the fact they may be wrong. A study mentioned in "Business Plans For Dummies" by Paul Tiffany states that companies with just the strategic section of a business plan have 50% more profits and revenue than non-planning businesses. Another survey found business planning companies have 63% higher revenue growth and 100% more profit. If that is not enough consider the following reasons for business failure:
So instead of spending more time in vacation planning than business planning, put your business on track to success with a proper plan.