Update your business plan

News: April 2011

Update your business plan

Most businesses create a business plan at the start of each year which outlines where the business is today, what happened last year and where they want to be at the end of this year.

As we approach the end of Quarter 1, 2011 its time to pull out the business plan and update it. Every business prepares monthly accounts, but what about a monthly or even quarterly update to the firm’s strategic plan.

Constantly updating your business plan ensures that the business’s long term plan is always up to date and can be adapted as new issues arise. By constantly updating the plan management are always creating new goals and objectives which can be managed and tracked.

One concept worth considering when updating the plan is the possibility of expanding the business. Expanding the business may not necessarily involve taking over competitors or hiring in more staff. It could just as easily involve introducing more products and services, going national/international or simply beginning to target new market segments.

The important thing to remember when updating the business plan is the fact that no business plan is ever final or finished. The world of business is constantly evolving as markets grow, currencies fluctuate and supply/demand levels change. As a result, updating the business plan is an ongoing exercise.

By constantly updating the business plan, the business is acting and thinking proactively rather than waiting for something to happen in the market and then reacting. This will ensure that the business is prepared and ready to adapt when changes in the market occur.