- National survey shows only one in three business owners has a formal business plan
- Wells Fargo launches new, free business planning resources and tools to help every business create a plan for success as part of Wells Fargo Works for Small Business SM
SAN FRANCISCO--(BUSINESS WIRE)--In a recent national survey, only 33 percent of business owners said
they have a formal business plan, yet those with a plan also have
significantly higher expectations for the year ahead than those without.
These results were among survey findings pointing to the value of
business plans as Wells Fargo introduces The
Business Plan Center, a new Wells
Fargo Works for Small Business
SM
offering that provides online tools to help business owners create and
update their own business plans.
In the January Wells Fargo/Gallup Small Business Index survey, business
owners who said they had a formal, written plan reported much greater
optimism for 2015 – their future outlook score (+51) was 12 points
higher than business owners without a plan (+39) and 8 points higher
than business owners overall (+43). Further, those business owners with
plans compared to those without were more likely to report that in the
next 12 months they expect to:
-
Increase jobs at their businesses (32 percent of business owners with
plans versus 19 percent of business owners without plans).
-
Grow revenues (62 percent versus 51 percent)
-
Increase capital spending (39 percent versus 28 percent)
-
Apply for new credit (26 percent versus 14 percent).
In an effort to provide business owners with a simple, convenient way to
create or revise business plans, Wells Fargo is launching The Business
Plan Center, a free, online resource now available on WellsFargoWorks.com.
The Center features the Business Plan Tool, a step-by-step guide to
develop a written business plan. It also offers a Competitive
Intelligence Tool, which provides business owners with key insight on
competitors and the market for their businesses that can be used as part
of the planning process. Other interactive learning resources on the new
Center include videos, articles and infographics covering essential
elements of a business plan.
“Every business – big or small – needs a plan. We know from research and
our direct experience working with business owners that a formal,
written business plan is the foundation for long-term financial
success,” said Lisa Stevens, Wells Fargo’s head of Small Business. “Many
business owners have business plans in their heads. We want to help
every business owner put a plan in writing, if they don’t have one
already, so they have a guide to organize their goals, improve
decision-making and focus on activities that will help their business
thrive.”
The new Business Plan Tool will enable business owners to develop and
update written plans that include a high-level summary of the business;
an overview of business history, structure and management, and its
current and planned products and services; a detailed marketing plan;
and market and competitive analyses. It also will allow business owners
to enter financial data – such as starting balances, fixed assets and
liabilities, sales forecasts and expenses. The tool will generate
financial statements, such as a detailed cash flow statement,
profit-and-loss statement and balance sheet.
Wells Fargo is also announcing other initiatives to expand the support
it offers small business owners through Wells Fargo Works for Small
Business. These include:
-
Wells Fargo Works Project
National Contest. For
the second year, Wells Fargo is inviting eligible business owners to
enter a nationwide contest to win $25,000 and a business mentorship
opportunity. To enter, business owners must submit a 2-1/2 minute
video or 600-word essay with a photo responding to questions about
their business. Twenty-five finalists will be selected to each receive
$1,000 for their business. Five grand prize winners will be selected
from the 25 finalists to receive $25,000 each for their business. The
contest runs from May 1 through June 30, and winners will be announced
in September. View webisodes from last year’s finalists to see how
they’ve taken their business to the next level since participating in
the contest.
-
New and enhanced content on
WellsFargoWorks.com
.
The online learning resource will feature videos, articles and
infographics on the importance of creating and updating business
plans, as well as offer useful tips on how to approach building a
plan. Later in the year, webinars will be available, focusing on the
key components of a business plan, such as marketing, legal and
finance. The expanded site includes hundreds of informational articles
and videos, featuring financial guidance from small business experts.
-
Small Business appreciation offers. Through the end of June,
Wells Fargo will conduct its annual Small Business appreciation
celebration. The event celebrates the accomplishments of small
businesses and provides business owners with time- and money-saving
offers on several products and services, including Wells Fargo’s
Business Platinum Credit Card with Rewards, and Merchant Services and
Business Payroll Services products.
Introduced in 2014, Wells Fargo Works for Small Business is a
broad initiative to deliver resources, guidance and services to help
more small businesses achieve financial success. It provides
wide-ranging support for business owners throughout the U.S. to help
them build knowledge, access capital and expand their community of
support. Wells Fargo Works for Small Business encompasses the
company’s commitment to helping small businesses take the next step
toward their goals.
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a nationwide, diversified,
community-based financial services company with $1.7 trillion in assets.
Founded in 1852 and headquartered in San Francisco, Wells Fargo provides
banking, insurance, investments, mortgage, and consumer and commercial
finance through more than 8,700 locations, 12,500 ATMs, and the internet
(wellsfargo.com)
and mobile banking, and has offices in 36 countries to support customers
who conduct business in the global economy. With approximately 266,000
team members, Wells Fargo serves one in three households in the United
States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014
rankings of America’s largest corporations. Wells Fargo’s vision is to
satisfy all our customers’ financial needs and help them succeed
financially. Wells Fargo perspectives are also available at Wells
Fargo Blogs and Wells
Fargo Stories.
Wells Fargo serves approximately 3 million small business owners across
the United States and loans more money to America’s small businesses
than any other bank (2002-2013 CRA government data). Wells Fargo has one
of the largest networks of team members serving the financial needs of
small business owners nationwide. The company has approximately 32,000
bankers in its retail stores who help provide financial guidance to
small business owners and consumers across the country, including small
business specialists. Additionally, Wells Fargo has a team of Business
Banking relationship managers in locations throughout the U.S., and
phone bankers who serve small business owners 24 hours a day, 7 days a
week.
To help more small businesses achieve financial success, Wells Fargo
introduced Wells
Fargo Works for Small Business
SM
–
a broad initiative to deliver resources, guidance and services for
business owners. For more information about Wells Fargo Works for
Small Business, visit: WellsFargoWorks.com
and follow us on Twitter @WellsFargoWorks.