Reduce the busyness of business, with business planning

In a 2021 Start-up Canada survey, nearly 60% of respondents said they are struggling with business planning, the second highest result after funding. If you're struggling too, you're far from alone.

A good way to run your business is the same way many entrepreneurs seek financing — through data-driven business planning. Done right, it's an ongoing investment: a log of decisions and rationale to minimize risks, maximize opportunities and reach your goals.

Why strong SMBs plan regularly

• Resilience and adaptability: downturns can be mitigated; ups usually must be created through deliberate planning and reinvention.
• Digitization and efficiency: knowing when to accelerate automation, online channels, remote work or AI — and how to fund it.
• Business continuity planning: ensuring operations continue through health issues, disasters, cyber-attacks or human error.
• Growth and financial positioning: optimism follows understanding your business, markets, customers and products — and communicating that to stakeholders.

The main input to strong business planning is data — market data, consumer data, sales and financial data. Using data reduces guesswork and increases confidence that your business is heading in the right direction. It can assess past decisions, predict future outcomes, guide marketing, spark innovation and document analysis in one living plan.

Business planning for SMBs is not just about setting goals. It's about building resilience, fostering innovation, preparing for disruptions and navigating an ever-changing landscape.