Adapting Your Business Plan to Every Stage of Your Business
Your Business Plan Should Evolve with Your Business
Sometimes, a business plan is considered a document you put together, show it to some people, and then file it with the rest of the things you don’t need. However, a business plan is a living document and meant to reflect where your business stands today. As your independent insurance agency moves through different stages, your business plan should be updated to reflect the actions taken during that time.
Any starting business should write a business plan that outlines how it will operate. At this point, you may think it is too early to make any changes to it, but refining it can be beneficial. Some circumstances that may require you to update your business plan in this stage are:
- A change in your target audience: to define the best approach to meet their needs.
- An update to your current goals: reevaluating your goals and adjusting them as needed is critical in this stage.
- A new competitor who has entered the scene: define new ways to stand out from the competition.
Growth Stage Updates
As your company grows, it is critical to review and fine-tune your business plan so that you can adapt to changes and new opportunities. How often you do it will depend on how fast things are changing. These are some of the reasons why you may need to update your business plan in this stage:
- Changes in products or services: As your company evolves, it is natural for your product and service offering to do the same. It would be best if you accounted for these changes in your business plan.
- Updated brand image: Document any changes in the mission and values, that may come from rebranding your business.
- Business refinancing: Growing businesses tend to look for refinancing. An update to the financial sections in your business plan is essential to ensure all information is accurate.
Maturity Stage Updates
Mature businesses are productive, and their sales increase, but that tends to happen at a slower pace. Finding new opportunities to grow or expand your business is critical at this point, which will require you to freshen up your business plan. For example, venturing into a new market means you will have a great deal of further information that should need including in your business plan, from administrative details to financial details.