Updating your Business Plan

Having a business plan is not the end of things. As times change, things around you change as well, in particular business environments and customer needs. Ask yourself whether your business plan is ready for those changes.

Such changes might include acquiring new knowledge or technology in the field. There are many areas in your business plan which can be altered if changes are to be brought in. These would include criticism, merchandising and sales management, establishment and management, institution description, financial petition, funding, assistance or commodity line, and so on. These areas are prone to updates as your business grows.

One of the most important updates would include your mission statement, because as times change, commitment and scope of business also change, so that finding the most relevant statement for the business as it grows is very essential. Customers play the main role here, because without them there’s no business for you. Always remember that the main idea behind business plans is to try and predict what might happen in the near future in both your business and industry. Since prediction is not necessarily accurate, constant updates may bring the situation nearer to reality rather than just staying at prediction level. It also helps you to see whether you’re on the right track.

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The main question that can be asked is whether your business plan is working to its full potential. Even if your business plans are proven to be working fine and you’re very comfortable with them, it could also mean you are not moving forward and might be unable to extend your marketing area.

Updating your business plans also helps you to see the bigger picture in a better way. You can get a better overview of the whole company. Looking at daily issues related to your business is never going to help or lead you forward; you won’t be able to relate to things much. But by taking a further step ahead and looking at your business plan thoroughly from a complete different perspective, you can get the changes done in all areas. If you can do the changes to the whole company at a time, just go ahead and do it, rather than going from one department to another and making the amendments to catch up with the already changed ones.

Updating your business plans is also very helpful in giving you advance warning on issues like finances and business risks. If your annual report for the first half of the years shows very bad results, constant updates from the sixth month onwards can avoid more damages to the company and save you tons of money. Same goes for business risks. The moment you see it coming, you can easily avoid it with the updates and implementation of alternative schemes.

Last but not least, your employees would be overwhelmed by the updates. By having a clearer picture now with the updated business plan, you can tell them where the company is exactly heading. They can realize the importance of their job performance, and in many cases employees become more efficient, which results in better profits in the business as a whole.

It is true that once the business plan is already written, updating it is not so easy. Annual and monthly updates can be even more time consuming than occasional ones. But with a bit of effort you can easily make things better for your business plan as well as your business.

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