A new poll shows 52 per cent of small business owners started up with no business plan and even more don't have one today.
The Insights West poll also found less than one-quarter of small business owners (19%) currently has a succession plan to transition their business to someone else, while over one-third do not believe it is important (38%).
"I was shocked at the number of business owners who started their business without a quantifiable plan,” said Steve Mossop, President of Insights West. “A business plan is a critical tool in helping set attainable goals, preparing for the challenges ahead, and in developing contingency plans to deal with the day-to-day problems that arise in a typical startup.”
While most small business owners are focused on making their business successful, the findings suggest few owners adequately plan their roadmaps in crucial areas, such as finance, cash flow, and start-up costs, when launching a business, and when winding down the business.
With the weight of the economy falling more and more on the shoulders of the small- to medium-sized business owner, what happens to the people behind these businesses is a pressing issue.
“Planning your business early-on provides you with a great compass for accomplishing key business goals,” said George Hunter, CEO at Small Business BC.
"When starting or growing a business, the planning process helps entrepreneurs focus on what they need to achieve and how they plan to get there."
A series of free seminars and webinars will be offered by Small Business BC throughout the month of October on writing a business plan, finding start-up financing and balancing the demands of business ownership.
