“Results suggest that planning with software is highly correlated with subsequent successes for a variety of firms,” they wrote. Eason Ding and Tim Hursey wrote a report on the data with the supervision of Professor Joe Stone. So Tim had the University of Oregon Department of Economics assess the validity of the data. And people who respond to a survey by the company that made their software may be biased in favor of saying good things. Of course, as author of the original Business Plan Pro software program and founder of Palo Alto Software, Tim admits he’s a little biased in favor of business plans. 501 of them (43%) had grown their business.219 of them (18%) secured investment capital.499 of them (64%) had grown their businessġ,556 of the 2,877 had not yet completed their plan.280 of them (36%) secured investment capital.The responses showed that those who completed business plans were nearly twice as likely to successfully grow their businesses or obtain capital as those who didn’t write a plan.Ģ,877 people completed the survey. Of those, 995 had completed a plan. Palo Alto did a survey that asked thousands of its Business Plan Pro software users questions about their businesses, goals and business planning. Palo Alto Software founder Tim Berry (a contributor here at Small Business Trends) recently reported on some new data showing the value of business plans. In fact, the contrarian approach may be the one you hear most about - i.e., entrepreneurs dismissing a business plan as something they wrote and then stuffed in the bottom of a drawer. The value of writing a business plan is often debated in the entrepreneurial community.įor every successful business that was launched with a well-thought-out business plan, it seems you can find an equally successful one that was launched with nothing more than some scribbles on the back of a napkin.
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