When should I review my business plan?
Steve Feld, MBA
Professional Speaker | Author | Growth Strategy Advisor for Business Owners, & Leaders | Podcast Host | TEDx Speaker | Mastermind Facilitator | Change Management |
Many business owners put a lot of time and effort into creating a business plan and now it sits on a shelf or in a drawer collecting dust.?Maybe you had an executive business plan that you used to entice potential investors, a managerial business plan to pitch your business to investors, or the fully operational business plan that is your true business blueprint and map to show you the way to achieve your business goals.
No matter which type of business plan you created, you should ALWAYS review it on an annual basis at a minimum. Publications such as Entrepreneur, Forbes, Inc, and many more recommend that you conduct a thorough update on your business plan at least once annually.
Many businesses review their annual business plan every month to make sure they are staying on the path they laid out for the business and to make the necessary adjustments along the way. ?We did this in one of the businesses I turned around and boy did it make an impactful difference with all the departments. By reviewing the business plan every month every department exceeded the plan every month.
Apple has their business plans out to mid-2020, but they update their plans every 90 days.?This way they can be adaptable to market trends, technology, consumer behavior, regulations, and much more.
Updating your business plan regularly can help you to ensure that you and your partners or co-owners are on the same page if there are multiple owners of your company.?
When major changes occur at your company or in your industry, this is also a good time to update your business plan. Your plan needs to reflect the current situation and it needs to be relevant to the current business landscape in which you are operating. If something major has changed, you must make an update to your business plan to accommodate that shift.
Keeping your business plan updated is vital because no company can succeed unless it stays current with the times and unless it evolves. The goals that you have for your organization will be different when you first get started than the goals you have once your organization is already underway. You want your plan to reflect the latest goals that you hope your company will accomplish so you have clear and measurable objectives to work towards.
It will help you to identify new competitors and new potential sources of business and allows you to see how your company is progressing with enhancing profitability over time.
Business plans are?living?documents and need to be revisited every so often to ensure they are still relevant. In this way, you can continue to use and benefit from the strategies and tactics.
You probably prepared the original business plan yourself, since you were likely the only employee. If you have now grown and added staff, try to involve them so there is buy-in. That way, when it is time to implement the plan, your staff will be on-board, and the activities will go smoother.
So pull out your business plan. Review and update it to meet the current and future needs of your business.
Cheers,
Biz Coach Steve
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Steve Feld, MBA, Certified Business Coach, and Author, a coffee enthusiast, provides training and business performance coaching to business owners, professionals, and executives. Steve also speaks to organizations and conducts workshops and training.?Focusing on lead generation and revenue creation to get growth results for the business.
Contact Biz Coach Steve today to see how he can assist you to get the results you want in your business, [email protected], or www.bizcoachsteve.com . He is in the business of growing businesses. Need a speaker, contact Steve today.