Tags – Importance of Revising a Business Plan
So, you’ve been persuaded to make a business plan.
Consequently, it helped you start and steer your business successfully to its first milestone. It may even have helped get you the necessary start-up funding. However, that’s not the end of it.
It’s important to remember a business plan is not just used for starting out, it’s a living document.
Your business plan needs to evolve as your business grows.
Equally, it’s crucial to keep it up to date and ensure you’re implementing it within your business every day.
As a result, your business plan will assist in keeping you working ON your business and prevent you getting lost working IN your business.
Creative professionals in particular might balk at putting together a business plan.
It can be considered as an overwhelming exercise and sometimes seem as only putting obstacles in your way.
However, although it’s acknowledged, should you just get going with a business idea and attempting to put all your ducks in a row, is seen as merely procrastination; a business plan is essential for keeping you focused and on track.
There are certain milestones within a business where revising your business plan is critical, and as a result, it will suitably reflect the business at every stage. Here’s our guide to when you should look to amend your business plan accordingly.
New Financial Period
Depending on how quickly your business industry develops and moves on, consider reviewing your plan to fall in line with financial planning.
For instance, this may be best to be done annually, quarterly or in some circumstances, even monthly.
Competitor Activity
If a new competitor makes a move on your customers, it’s time to address this in your business plan. Equally, if existing competition becomes stronger and more of a threat, adapting your business plan is a good idea.
Management Changes
Any management changes within your business creates a great opportunity to revise a business plan. Additionally, an input of new ideas is useful to incorporate in strategy planning.
Financing
If you’re looking for a financial injection, you’ll need your business plan to be completely up to date. Moreover, any lender or investor will insist on reviewing latest reports and projections before they even consider a decision.
Market Changes
Changes in the market, other trends and any regulations can have a significant impact on your business.
For this reason, adapting your business strategy to account for these is crucial to development.
Business Changes and Milestones
Similar to changes in the market, if your own business makes changes, your business plan needs to reflect this.
For example, if you move premises or reach a milestone in terms of turnover or staff numbers, it’s a great time to revise your business plan.
To learn more, get in touch with us today.
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