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.