Seven Reasons you should consider updating your Business Plan

You already have a Business Plan

When was the last time you reviewed and updated it?  It seemed pretty good 2 years ago when you spent all that time pulling it all together.  Why does it need updating?

Here are seven reasons why you should schedule an update to your business plan. Any one that applies to you, it’s time for that update.

  1. The new financial year is upon us – always a good time to dust down your plan. Scheduled review and updates could be annual, quarterly or even monthly if your industry is dynamic and subject to frequent change.
  2. You need financing, or additional financing. Lenders and other financiers need a current and up to date plan to help them make the financing decisions you want.
  3. There’s been a significant market change. Shifting client tastes, new competitors, technological advancements and altered regulations can trigger a need for updates.
  4. Your firm develops a new product, technology, service or skill. Your business plan will need to be updated to reflect your new market offering.
  5. You have had a change in management. New managers should have the latest data about your business and your goals, and may have an input to the revision.
  6. Your company has crossed a threshold, such as moving out of your home office, crossing the $1 million sales mark or employing your 100th employee.
  7. Your old plan doesn’t seem to reflect reality any more. Maybe your planning skills were still developing last time; maybe you have learned heaps about your business since then; maybe things have just changed faster than you expected. If your plan doesn’t seem relevant, it’s time to redo it.

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