When you create a business plan, you do so with the idea that it will provide you with guidance for many years to come. However, you may soon find that a change or two is necessary.
While you don’t want to take time out of your busy day to alter your business plan, this is something you have to do. If you don’t, it could cause you more harm than good over the long run.
Here are a few times when you may need to update your business plan:
— Your company has pivoted. Have you changed the direction of your company for any reason? If so, your business plan should reflect this.
— You need financing. If you’re seeking financing, such as through a bank, your business plan will need updated to reflect the most current financial details associated with your company.
— New marketing strategy. Like many companies, you’ll find that your marketing strategy needs to change with time. When this happens, your business plan should follow suit.
— A change in management. If your management team changes so should your business plan.
Don’t create a business plan with the idea that it will remain exactly the same for the life of your company. Instead, you should realize that a change or two may be necessary in the future.
If your business plan needs updated for any reason, review the finer details to ensure that you’re on the right track. From there, get the help you need to make the necessary changes in a timely manner and without errors.
Source: Entrepreneur, “8 Reasons to Update Your Business Plan Right Now,” accessed March 22, 2017