In 2011, E-Myth and Synotac conducted a global survey of small and medium-sized businesses to explore how business growth and development are influenced by strategic planning. Titled the “State of the Business Owner,” the survey gathered insights from 800 business owners worldwide, with the majority based in the United States. The findings revealed a clear formula for business success—what E-Myth dubbed the “Success Recipe.”
The Success Recipe is straightforward: “Visions + Plans + Data = Success.” In other words, the most successful businesses shared three traits—they had a clear vision of where they were headed, developed a plan to achieve it, and used data to track their progress and hold themselves accountable.
While the formula is easy to grasp, it’s the results that truly highlight its power. Consider these key findings from the study:
- Only 42% of businesses had a written description of their long-term goals—but those that did grew 50% faster that year. These businesses also saw a boost in organizational optimism, and their owners took home 25% more compensation.
- Companies that created written plans and assigned responsibility for them to specific individuals grew 60% faster than those with no revenue plans at all.
- Businesses that consistently measured progress toward their goals outperformed competitors who had no formal plans.
- Owners who made decisions based on balance sheets and income statements earned 60% more and grew 45% larger.
- Business owners who tracked key metrics at least once per month grew by 80% and earned 60% more income.
These results make one thing clear: Strategic Planning is not just helpful—it’s a critical driver of long-term success. At Vesta, we emphasize the value of planning to every client, but without numbers like these, it’s easy for business owners to overlook its importance in the face of daily demands.
Thanks to E-Myth and Synotac’s study, the case for planning is now backed by measurable results. Strategic Planning isn’t just theory—it’s a proven success tool. If you’re ready to create a clear vision, build a plan, and track your way to real results, connect with a Vesta consultant at one of our several Southeast Wisconsin offices. We’re here to help turn your goals into growth!
