Introduction
Choosing the right business planning tool is crucial for entrepreneurs and business owners. This article compares two popular options: Liveplan and Growthink, providing a comprehensive guide to help you make an informed decision.
Overview
Liveplan is a dynamic business planning and management software designed for entrepreneurs and small business owners. It streamlines business plan creation, offering a suite of features like automated financials, AI assistance, budgeting, financial reporting, and collaboration tools. However, it has a learning curve (that is, you need to spend hours learning how to properly use the software) and limitations in financial analysis and integrations.
Growthink is a seasoned professional services firm offering services like business plan consulting, investment banking, and more. Known for its business plan template, named Growthink’s Ultimate Business Plan Template, Growthink simplifies plan creation through a fill-in-the-blank process. Growthink’s business plan template includes integrated Microsoft Word and Excel templates. There is no learning curve. You simply answer questions in the Word document and type in numbers into the Excel template and your business plan is complete. Because it uses Word and Excel documents, Growthink’s template is fully customizable, unlike Liveplan.
Suitability
- Liveplan: Ideal for Small and Medium Businesses (SMBs), Consultants, Educators.
- Growthink: Best suited for Entrepreneurs, Startups, SMBs, Consultants, Educators.
Comparison at a Glance
- User Ratings: Both tools have close user ratings, with Liveplan excelling in functionalities and Growthink excelling in functionalities and customer support.
- Features: Liveplan offers advanced software features (which unfortunately the vast majority of business owners and entrepreneurs don’t need), whereas Growthink focuses on features allowing users to most quickly and easily complete their business plans.
- Pricing: Growthink’s business plan template includes a one-time fee. Once you purchase it, you own it for life, and can use it for your current business now and in the future, and for any other businesses you might launch in the future. Conversely, Liveplan is offered via a subscription, so customers need to pay Liveplan month after month after month.
In-Depth Comparison
Business Plan Builder
- Liveplan excels with features like progress trackers, and a pitch builder.
- Growthink offers a customizable template that allows you to quickly and easily complete your business plan. It is less focused on features to track your progress in the future.
Financial Planning
- Liveplan allows for simple financial planning and integration with accounting software like QuickBooks and Xero. If you have unique financial planning needs, Liveplan will not be able to accommodate you.
- Growthink provides automatic financials in Excel format, making it infinitely customizable for your business as needed.
Step-by-Step Guide and Templates
- Liveplan includes industry-specific templates and instructional resources.
- Growthink offers a structured outline and in-depth guidance.
Collaboration Capabilities
- Liveplan supports online sharing and allows multiple collaborators.
- Growthink allows unlimited users to work on your plan.
Pricing
- Liveplan is offered via a subscription, so customers need to pay Liveplan month after month after month..
- Growthink includes a one-time fee. Once you purchase it, you own it for life.
Conclusion
Choosing between Liveplan and Growthink depends on your specific needs and budget. Liveplan is a comprehensive tool for business planning, especially beneficial for small businesses and entrepreneurs requiring advanced software capabilities and looking to track their growth over time (and who are willing to pay Liveplan every month). Growthink offers a much more streamlined approach to completing your business plan. The template is laser focused on allowing users to quickly and easily complete their business plans, and offers unlimited customization that Liveplan does not.
