Planning in precarious times: majority of surveyed entrepreneurs recognize the importance of business planning in an increasingly competitive market

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Planning in precarious times: majority of surveyed entrepreneurs recognize the importance of business planning in an increasingly competitive market /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } .prntac{ TEXT-ALIGN: CENTER } Canada NewsWire A survey of Canadian small business owners by Ownr - an RBCx venture - uncovers key business planning benefits and pitfalls experienced by entrepreneurs TORONTO , May 15, 2024 /CNW/ - While creating a business plan may seem like an obvious asset to have when operating a business, it has not always been a top priority for many entrepreneurs, until now. A recent study by Ownr , a premier small business legal management platform, unveils shifting sentiments around the value of business plans to support entrepreneurs' success, key barriers to starting or finishing their plans and differing approaches to their business planning process. With changing market conditions and competition intensifying for businesses in the past three years, 58.7 per cent of surveyed entrepreneurs in Canada have recognized the role and increased importance of having a business plan. But when it comes time to put pen to paper, 67 per cent of entrepreneurs admit that sections around financial planning and cash flow forecasting are challenging areas to tackle. As a result of this planning roadblock, only 26.8 per cent of surveyed respondents were able to leverage their business plans as an effective tool for financing and funding opportunities. Challenges like these in the business planning process - whether it stems from a lack of knowledge, experience, or resources - often prevent entrepreneurs from completing, or even starting a business plan altogether. To bridge the gap, Ownr has launched Ownr Blueprint , a free, step-by-step digital business planning tool that is tailored to help aspiring and existing entrepreneurs create a comprehensive business plan that includes sections around financial planning, customer insights, competitive and market analysis, brand and marketing, and operational strategy. "Our mission has always been to make business ownership both accessible and achievable. Having a solid business plan is a criti...

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