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When Should You Consider Updating a Business Plan?

by on August 6, 2017 in Tips

It is best to think of your business plan as a ‘live’ document; which is constantly undergoing minor changes and developing new capabilities and necessities. This makes it easier to ensure that your business plan is developing nicely right alongside your business itself. Many businesses experience great success with monthly meetings that are geared toward reviewing key elements of the plan that may be in need of updating.

At these meetings, team members or partners will discuss the implementation, successes, and failures of the business plan in recent weeks. Regularly scheduled reassessments of your business plan will ensure that you catch any problems or new opportunities quickly. If you’re a solo business operator, you can still plan to sit down and review your plan monthly.

But what triggers for revision should you be looking for exactly?

 10 Reasons to Consider Making Changes to Your Business Plan

There are some fairly obvious aspects of your business that you should watch closely. If your business isn’t living up to your business plan, it’s time to change. The following scenarios are easy to keep an eye on and adjust accordingly:

  1. The Plan You’re Using Just Isn’t Working

 

  1. You’re Expanding (or plan to expand) Into New Sectors of the Market

 

  1. Your Competition Has Recently Changed

 

  1. You’ve Made Supply/Distribution Changes

 

  1. You’ve Recently Made New Partnerships

 

  1. The Assumptions Upon Which the Plan Was Built Have Changed

 

  1. You’re Looking for New/Additional Financing Options

 

  1. The Buying Habits and Opinions of Target Markets Have Changed

 

  1. Your Business Has Developed New Products or Services

 

  1. Your Business Has Met a Significant Bench Mark on Your Plan

 

Updating is Easier Than Starting Over

Once you’ve identified points within your business plan that could use some reworking, speak with a professional business planner. You may be surprised how quickly, intuitively, and easily a professional can help you navigate your way back to where you want to be.

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