6 Reasons to Update Your Business Plan Now
A business plan is not something you write and then toss in a drawer. It’s an ongoing blueprint of what you want to accomplish and how you plan to get there.
Here are just a few of the reasons for keeping your plan up to date:
1. Changing Markets
The most obvious reason for updating your plan is that the market is changing.
2. New Products
You’ve got a new product that will have a dramatic effect on your business. Your current plan might not take the new product into account.
3. You Need More Money
You’re about to approach your bank or investors about borrowing money. Because they have a financial decision to make they are going to want to see an updated plan.
4. New Management
You’ve recently overhauled your management team. Because you now have new people in charge your plan needs to reflect that.
5. A New Fiscal Year
The new fiscal year is about to roll around. This means it is time to set some new goals for your business.
6. Hitting New Highs
And of course one of the best reasons of all is that you may have passed a financial benchmark such as a million dollars in sales for the year. A major event is always a good cause for getting your plan up to date.
Always remember your business plan won’t be able to help you if it doesn’t reflect your current situation.
August 23rd, 2009 at 6:42 pm
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September 25th, 2009 at 4:35 am
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