Wells Fargo has launched a tool that helps small business owners create and update business plans.

The Business Plan Center, now offered on the Wells Fargo Works for Small Business website, lets business owners develop written business plans and create high-level summaries of their businesses. It also generates financial statements — detailed cash flow statements, profit-and-loss statements and balance sheets, and more.

A recent survey found that just 33% of small businesses have a formal 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."

Wells Fargo Works for Small Business is an initiative that aims to deliver guidance and support for small businesses through resources and services.

The launch comes shortly after Wells released results from its January Small Business Index survey in collaboration with performance management consulting and research firm Gallup.

Results showed that expectations for the year ahead were significantly higher for those that have a formal business plan. Further, businesses in the same set indicated they are more likely than those without a business place to expect to apply for new credit, grow their revenue, increase job creation and raise capital spending over the next 12 months.