50% of Small Business Owners Review and Update their Business Plan at Least Every Quarter
Planning For Success – 30% of Small Business Owners review and update their business plans every quarter, and 20% do so each month.
No Surprise – Small Business Owners Plan, and Plan, and Plan Again, for Success
Recently released survey results from TD Bank lead to the conclusion that small business owners believe that their business plans matter – or at least their propensities to review and update their plans certainly suggest that. In late 2012, TD Bank surveyed 500 small business owners whose businesses had no more than $5 million in annual sales, and a vast majority (86%) said they review and update their business plans at least once a year. Of that 86%, 36% revisit their business plans once a year, 30% review and update their plans every quarter, and 20% keep their plans relevant and up to date on a monthly basis. There is a time-tested adage that gets repeated over and over again in small business, start-up and entrepreneurial circles – “Failure to plan is planning to fail.” It looks like at least 86% of small business owners know this, and take it to heart by taking the time to draft (and revisit, and for many, revisit again and again) a plan for their own business success.
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Source: TD Bank
Check out TD Bank’s infographic here.