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.

Are you planning to fail by failing to plan? Whether you are just starting your business venture or you are already operating at full speed, with the resources available to you through there is no reason why you and your business can’t have a business plan customized to your needs to help guide you to success.

Are you ready to start drafting your business plan today? Download templates from Docstoc here and here.

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Protect your business and your business ideas with this Business Plan Non-Disclosure Agreement.

The executive summary is often referred to as the most important part of a business plan. Use Docstoc’s Custom Documents tool to create your own executive summary customized to fit your business’ unique needs.

Source: TD Bank

Check out TD Bank’s infographic here.