Business plans are not static; they change as you grow your business. People think they can’t change their business plan, but that is not true. It’s impossible to completely stick to your original plan; your business plan should be more of a guide than a strict to-do list. Here are some reasons why you need to revisit your business plan.
1. Setting Goals
Setting and meeting goals are one of the most essential parts of a business plan. Achieving your goals can feel like you won a million bucks, so it’s important to keep setting and keep meeting your goals. Updating your business plan can help you see what goals you have completed, what goals you need to revisit, and what new goals you should set. Take a step back from your day-to-day to focus on your big picture. Ask yourself what you still need to accomplish and set goals for them.
2. Making Adjustments
Adjustments are necessary for all aspects of life, especially business. Unexpected things can happen at any time, and you need to be able to make adjustments to your business plan. Adjustments will also help set and meet goals. Ask yourself the following questions:
Did your markets materialize?
Were you right about your product’s benefits?
Did you anticipate your competitors correctly?
3. Determining Your Target Audience
Your professional focus can and likely will change over time. Your target audience will also fluctuate over time, so being able to identify and connect with your target audience is a must. Spend time figuring out who your customers are and who you want them to be. Revisiting your business plan can help ensure you reach your target audience.
4. Measuring Success
Revisiting your business plan will allow you to measure the amount of success you have achieved and where you need to adjust to bring yourself more success. Give yourself a gold star whenever you succeed in a goal. To help measure success, give your business plan to employees and have them tell you what they have achieved and their next steps.
When To Update Your Business Plan
Now, you’re asking how often you should update your business plan. The answer is- whenever you want! Daily, weekly, monthly, or yearly, whatever works best for you. It is crucial to update your business plan whenever changes affect it. However, there are times when it is essential to revisit your business plan. Here are those times.
When you start a new venture, product, or service. It doesn’t matter if this is your first time creating something new or your hundredth time; each time you start a new project, you need to update your business plan to include it.
When you expand a current organization, product, or service. Expansion is a big undertaking and requires much planning and a lot of thought. Having expansion in your business plan will make this process easier, and you can avoid potential mistakes or missteps.
When you buy a new business, product, or service. Just like with expansion, updating your business plan during mergers and acquisitions will help speed up the process and help you avoid mistakes.
When you are turning around a declining business. Turning around a business is a perilous task that takes a lot of work. Revisiting your business plan will provide resources and blueprints for running a business.
Revisiting your business plan is essential to keep your business running. Reach out to us at The Profit Link, a small business support team based in Memphis, TN, today if you need help creating a business plan or reviewing it. We want to link your business to profit.