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Have You Updated Your Business Plan Recently?

October 13, 2010 by Frank Goley, Business Consultant

A lot has changed in this prolonged recession. Has your Business Plan been updated? Or has your business plan been collecting dust on the shelf somewhere? We are all guilty of this. We shy away from the critical planning that needs to be done on a consistent basis to be successful, no matter what the markets and economy throw at us. Here are reasons why you need to update your business plan today… 

Things Change Constantly in Business 

Your customers, markets, niches, industry trends, etc all are in a flux of change. A successful business stays in touch with change and adapts to best serve markets and customers. Often businesses who fail in this area, have failed to plan. Preparing a business plan is just the first step. Your Marketing Plan and Strategic Plan need to be assessed on a monthly and quarterly basis to determine if your plans meet the expectation and changes occurring in the marketplace. Are your Financial Projections still accurate and the underlying assumptions realistic and correct? The business plan just gets you halfway to first base, it is the implementation, tracking, measurement, assessment and adjustment of the plan as your company moves forward that is most important.

Have You Even Implemented Your Business Plan?  

A business plan is just a document. While the Business Planning Process can be very beneficial for a company, it is the implementation of the business plan that really counts. You will never receive the great benefits of a business plan if you don’t implement it. So dust off your business plan, update it for the current economic and market conditions, then set out a clear cut, step by step plan on how you will implement the plan. Then it is just a matter of tracking the results and making adjustments as you go. 

Update Your Business Plan on a Monthly and Quarterly Basis 

Have a 2-3 hour session every month and a half day session once per quarter to review your plan and the results gained thus far. Make changes and updates to your plan on a team basis so the entire company is involved in the strategic direction and success of the company. A plan should be a living, breathing document. It needs to be intertwined into the fabric of a company to be successful. It is a dynamic tool which needs consistent commitment and diligence. The time put in updating a plan will pay off well in profits later. A little time spent on updating your business plan will have significant ROI in the future. Understanding where your company is going and exactly how you are getting there are two of the most important strategic elements of a successful company.  

For help on your business plan, please consider our FREE Business Plan Review service…


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Posted in Business Planning.

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