16+ Business Plan Statistics That You Must Know in 2024

A solid business plan is essential for any entrepreneur aiming to hit their goals. Stats show that 71% of fast-growing businesses have written plans they frequently use, compared to only 35% of smaller businesses.

It’s clear that having a plan can make or break your success. Research even shows that businesses with plans make over 2X as much profit as those without.

Let’s dive into some business plan statistics to understand why having a business plan is so important.

Business Plan Statistics: Key Numbers

• 33% of small businesses have a formal business plan.
• 71% of the fast-growing companies have business plans.
•  58% of business started with a loose, “casual” business plan.
• Entrepreneurs with business plans are 260% more likely to launch.
• A business plan increases the chances of growth by 30%.
• Businesses with business plans grow 85.19% faster than those without.
• Business plans help companies get 133.33% more investment capital.
• 90% of organizations fail to execute their strategic plans successfully.

Source: (Kaplan and Norton, Thryv, Wave Financial, Linkedin)

Insightful Business Plan Success Statistics

Creating a solid business plan seriously ups your chances of success. Check out these key stats showing how planning leads to growth:

• Entrepreneurs with business plans are 260% more likely to launch.
• A business plan increases the chances of growth by 30%.
• Approximately 70% of businesses that survive for 5 years follow a strategic business plan.
• 71% of fast-growing businesses have plans.
• Compared to businesses without a written plan, those with one had a 7% higher likelihood of experiencing high growth.
• One study found that only 35% of business owners who were surveyed had finished a business plan.
• Simply put, business plan finishers were twice as likely to succeed.

Sources: (Go business plans, Investopedia, Hbr, Smallbiztrends, Bplans)

Importances of Business Plan Statistics

Having a solid business plan can really boost your chances of getting loans and investment, and help your business grow faster. Check out these key stats that show why a business plan is so important:

• 30% of businesses with business plans secured loans, compared to 12% without business plans.
• 28% of businesses with business plans secured investment capital, compared to 12% without business plans.
• 50% of businesses with business plans grew their businesses, compared to 27% without business plans.
• Business plans increased loan approvals by 150%.