Ownr's new digital tool helps Canadian entrepreneurs tackle business planning with ease and precision
Creating a business plan is increasingly recognized as essential by Canadian entrepreneurs, according to a study by Ownr, a top small business legal management platform.
The study highlights a shift in attitudes towards the importance of business plans in enhancing entrepreneurial success, addressing common obstacles in initiating, or completing them, and the various methods entrepreneurs employ in their business planning processes.
With market conditions and competition growing more intense over the past three years, 58.7 percent of surveyed Canadian entrepreneurs now acknowledge the crucial role of a business plan.
However, despite this recognition, 67 percent find financial planning and cash flow forecasting particularly challenging. This hinders their ability to fully utilize these plans in securing financing and funding opportunities, with only 26.8 percent succeeding in doing so.
In response, Ownr has introduced Ownr Blueprint, a free digital tool that guides users step-by-step in developing a detailed business plan. This includes financial planning, customer insights, competitive and market analysis, branding, marketing, and operational strategies.
Shane Murphy, CEO of Ownr, emphasizes that while the process can be daunting, especially for novices, Ownr Blueprint is designed to be straightforward, digitally accessible, and educational, enabling entrepreneurs to transform their ideas into viable business strategies.
The survey further reveals a divide among entrepreneurs regarding the necessity of a formal business plan before launching their ventures.
Approximately 54.3 percent commenced their businesses without a plan, often citing uncertainty about starting, the simplicity of their business idea, or the irrelevance of a plan for solopreneurs as reasons.
Those who did employ business plans varied in their approaches: 28.7 percent used traditional spreadsheets, 19.5 percent relied on intuition, and a mere 6.8 percent utilized planning templates.
Murphy points out that while preferences vary, a foundational framework is critical in constructing an effective business plan, noting that investors and financial institutions look for specific elements within a plan.
The benefits of having a business plan are evident, with 77.7 percent of entrepreneurs who have one reporting a clearer direction and focus on their business priorities. Moreover, 45.4 percent feel more confident in making informed decisions.
A significant 65.6 percent of those who have recently concentrated on business planning are motivated by the desire for sustainable, long-term growth and competitiveness in an evolving market.
