Updating your business plan

Posted by / 03-Aug-2017 21:06

Remember, your business plan template is merely a tool to help you build a better business, and shouldn’t be thought of as a homework assignment. They should be living documents that you return to on a regular basis and update as you learn more about your ideal client, what marketing tactics work (and those that don’t), and what you got right and wrong about your budget and forecast.Your plan should set out the goals you’d like to achieve within your business, and you should use it to track your progress and adjust course as you go.I want to suggest some guidelines to help you decide whether to change the plan midstream, or not.A Good Planning Process It starts with having a plan that includes priorities, milestones, and expected results.Market fluctuations, new competitors, changes in staffing, or your sales figures may nudge you in a direction you wouldn’t have previously dreamed of, requiring new goals and strategies to achieve them.A change in plans may also require refinancing – another important reason to keep your business plan up to date.

While many business owners update their business plans at theyear end, it may make more sense to time your update when you are looking at your annual budgets, to take advantage of the latest financial data available.When assumptions have changed, there is no virtue whatsoever in sticking to the plan you built on top of them.Revise your plan, automatically, when key assumptions have changed.If you don’t have a process of planning in place, start it immediately in order that you have a better planning process later on.– African proverb Stay the Course or Revise the Plan?

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