News flash: diet and exercise can extend your life. Why is that newsworthy, you ask? Because researchers went out and proved the obvious. How does that relate to business planning, you ask? Because the benefits of planning are just as obvious. And the research around it is clouded.
Not that research matters that much. And that’s why I find the diet and exercise piece interesting. What the two ideas have in common is that it’s easy to say: “come on, you already know it’s true, because it’s obvious.”
Some academic research has shown that companies with business plans fare better, on average, than those without. Some academic research has shown that some successful companies didn’t have an initial formal business plan. But do you need the research to show that planning — not necessarily the full formal business plan document, but planning — is good for business?