LivePlan Review

1. Introduction

LivePlan is a cloud-based business planning software developed by Palo Alto Software, designed to assist entrepreneurs, startups, and small businesses in creating comprehensive business plans. With a user-friendly interface and a suite of tools, LivePlan simplifies the process of drafting business plans, financial forecasting, and performance tracking, making it a valuable resource for both new and established businesses.

2. Key Features & Benefits

• Step-by-Step Guidance: LivePlan offers a structured approach to business planning, guiding users through each section with instructions and examples.

• Financial Forecasting: Create detailed financial projections, including profit and loss statements, cash flow forecasts, and balance sheets, with built-in formulas and calculators.

• Performance Dashboards: Monitor your business's financial health by comparing actual performance against forecasts, helping identify areas for improvement.

• Industry Benchmarks: Access data from over 1,000 industries to compare your business's performance against industry standards.

• Collaboration Tools: Invite team members, advisors, or investors to view or edit your business plan, facilitating collaboration.

• Professional Templates: Utilize customizable templates to create polished, investor-ready business plans.

LivePlan's comprehensive features make it a robust tool for business planning, financial management, and strategic analysis.

3. Pricing

LivePlan offers a straightforward pricing model:

• Monthly Subscription: $20 per month when billed annually, or $30 per month when billed monthly.

• Annual Subscription: $15 per month, billed as a single payment of $180 per year.

Pricing is subject to change; it's advisable to check LivePlan's official website for the most current rates.

4. Pros & Cons

Pros:

✅ User-Friendly Interface: Intuitive design makes it accessible for users with varying levels of business planning experience.

✅ Comprehensive Financial Tools: Robust financial forecasting and performance tracking features aid in strategic decision-making.

✅ Industry Benchmarks: Provides valuable context by allowing businesses to compare their performance against industry standards.

Cons:

❌ Limited Customization: While templates are professional, some users may desire more customization options for their business plans.

❌ Learning Curve: Despite its user-friendly design, the depth of features may require time to fully explore and utilize effectively.

5. How It Works

•  Sign Up: Create an account on LivePlan and choose a subscription plan that suits your needs.
• Set Up Your Business: Enter basic information about your business to customize your planning experience.
• Develop Your Plan: Follow the guided prompts to fill out each section of your business plan, utilizing examples and instructions provided.
• Create Financial Forecasts: Input financial data to generate projections, with LivePlan handling calculations and formatting.
• Review and Share: Use the performance dashboards to monitor progress and share your plan with stakeholders as needed.

6. Comparison with Competition

7. Testimonials

"LivePlan made creating my business plan straightforward and stress-free. The financial forecasting tools were particularly helpful in securing funding." – Emily R., Startup Founder

"The industry benchmarks provided by LivePlan allowed me to see how my business stacks up against competitors, which was invaluable for strategic planning." – David M., Small Business Owner

8. Final Verdict

LivePlan is a powerful and user-friendly business planning tool suitable for entrepreneurs and small business owners seeking to create comprehensive and professional business plans. Its robust financial forecasting, industry benchmarking, and collaboration features provide valuable insights and facilitate strategic decision-making. While there may be a learning curve to fully utilize all features, the platform's overall value and support make it a compelling choice for those aiming to plan and grow their businesses effectively.