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How Do Small Business Owners Approach Updating Their Business Plans for 1999? January 1999 — Results from January's survey revealed that a business plan plays an integral role in running a company. Of those small business owners who participated in the survey, 77 percent indicated they have a business plan, compared to 23 percent who said they did not. The results also demonstrated that small business owners were interested in keeping up to date on industry competition and trends. Of those owners surveyed, 45 percent said their business plan includes information about their current market. The survey also indicated that most small business owners adapt their business plans according to changing business objectives. A significant number of respondents (45 percent) said that their business objectives had changed since they drafted their original business plan, while the remaining 55 percent said their objectives had remained constant. When asked how often they revise their business plans, 66 percent of the respondents said as often as their business or financial data changes. Just 19 percent indicated that they revise their plans annually. The survey also revealed that most small business owners use their business plans to project future growth. In fact, when asked what data in their business plan they consider to be most important, 46 percent indicated that information about their company's future goals was paramount. Of secondary importance among those surveyed was the market position statement and definition of their company (36 percent). The remaining respondents (14 percent) listed financial data as the most important element in their business plan, while four percent chose information on key competitors as the essential component of a business plan. Click here to view the results of previous surveys.

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