Reasons To Review Your Business Plan

It is likely that some of you put a lot of time and effort into crafting a business plan for your new business, and now it sits on a shelf or in a drawer collecting dust.

Perhaps you had an executive business plan to entice potential investors, or a managerial business plan to pitch your business to investors, or a full operational business plan that is your true business blueprint to show the way to achieve your business goals.

Change in Your Goals

The goals that you have for your organization will be different from when you first get started compared to the goals you will have once your organization is already underway. Your business plan should reflect the latest goals that you hope your company will accomplish so you have clear and measurable objectives to work towards.



Keeping your plans updated also... 

• helps identify new competitors and new potential sources of business for you

• allows you to adjust to any changes in the law or market conditions that could affect your profitability

• allows you to see your company's progression 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.

Why You Should Review!

• Updating your business plan can be more focused and fun than how it was writing the original one.

• Involve your staff in the updating process, and watch how this helps your business.

• External events can establish the need to update your business plan (consumer trends, competition, regulations, suppliers, market, etc.).

• Internal events have changed (employee growth, new products, systems/processes, etc.). You are not the same company that you were a year ago or whenever you initially started.



• It is never too late to create a business plan! You should definitely start now if you haven’t already.

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