One of the biggest keys to success for new businesses is planning and preparedness. According to research by the Harvard Business Review, entrepreneurs who have formal business plans are 16% more likely to achieve viability than those who did not start with a plan. To have an effective business plan that will lead to success, you’ll need to research your market and competition. That is where Market Analysis, Market Research, and Competitive Analysis come into the picture.
A well-thought-out business plan can be a critical factor for a new business’s success. Business plans are like a road map for your business that helps increase your chances of success. A study by the Harvard Business Review of entrepreneurs showed that those who created a formal business plan were 16% more likely to succeed. Your business plan will help improve your decision-making, assist when you face roadblocks, and be a significant factor in receiving loans and outside investment.