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.
You should always review your business plan on an annual basis at a minimum, regardless of what type of plan it was. Publications like Entrepreneur, Forbes, Inc. and more recommend you thoroughly update your business plan at least once annually. Many businesses will review their annual business plan monthly to make sure they are consistent with what they laid out for the business and to make the necessary adjustments along the way.
Updating your business plan regularly helps ensure that you and your partners or co-owners are on the same page in the scenario that there are multiple owners of your company. When major changes occur at your company or in your industry, you should seriously consider updating your business plan. Your plan must reflect the current situation and it must be relevant within the current business landscape that you are operating in.
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.
Interested in Working With Us?
If you need any help regarding your estate or other legal matters please reach out to us directly here and schedule a call with one of our paralegals on our scheduling page here.
Interested in Working With Us?
If you need help with estate planning or any other legal concerns, we are here for you. Don't hesitate to contact our firm directly for assistance. Our dedicated team is ready to provide support and guidance to you and your loved ones during important life transitions.
Whether you're ready to schedule a strategy session to discuss your specific needs or if you're interested in exploring our wide range of complimentary guides and additional resources, we encourage you to get in touch with us.
With licensed attorneys and offices located in both Illinois and Missouri, we are well-equipped to serve clients in these regions. Reach out to us today and let us leverage our expertise and care to guide you through the legal process.
Helpful Guides
Begin your journey by taking advantage of our collection of complimentary guides.
Online Documents
Simple & Convenient, Cost Effective, Attorney Reviewed Documents.
Recent Posts
Submit Your Confidential Request
Click the button & fill out the form so we can better understand how we can help.