A good business plan is never set in stone
The reason you write a business plan is to have a guideline for yourself, your investors, and your team to help reach your deadlines and projections. However, you don’t want to be too rigid and stubborn with your business plan. You should always be updating your business plan on a regular basis, or at least constantly be keeping an eye on your original objectives, strategies, and goals to make sure that you are on track.
Annual updates to your business plan
You should be taking a close look at your business plan once a year and make sure that it is still in line with your original projections. Trends change, the market changes and people’s buying habits are constantly changing. That means your business plan is also going to be changing. Your overall mission statement is still going to hold true, but the roadmap to success that you drew for yourself may change along the way. In order to avoid roadblocks and detours, you need to keep revising your business plan.
Stay in touch with managers and clients
By keeping an open flow of communication between you, your managers, your team, and your clients, you will always have your finger on the pulse of customer trends. Information is power, so the more you know about how and what your clients are buying, the better (and quicker) you can solve any problem. You will also be able to spot a problem before it becomes a financial burden on your business, and you’ll be able to gather your team and brainstorm your way to a solution.
Check in with your accountant once a month
Each month, your accountant should be able to give you a detailed overview of finances. Always check the numbers against your projected results. If the variance is too great or you are continually under your projections, it’s time to revise your plan and come up with new ways to increase your sales.
- Find new untouched segments or demographics
- Find a new marketing strategy
- Revise goals and projections
- Re-evaluate your deadlines and projections
Nobody can predict the future
A business plan should be a long-term plan. However, since a business plan is just a prediction of the future, you have to be flexible enough to make small changes and adjustments along the way.
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