Update Your Business Plan

By Richard Okolo

Now that the past year has gone, this new year would be a good time to update your business plan. Many small businesses prepare a business plan at their date of formation and never seek to update their plan. What would be the reason to update your plan?

There are numerous business planning objectives that should be addressed on a regular basis (preferably done on a annual basis). Some of them may include:

Customer focus changes. These should be incorporated (especially if they were not previously). This may include changing your customer support and/or offering new services to expand your business among the marketplace.

Technology changes. These often cannot be encompassed properly in advance. Revise your company’s technological needs (e.g. software and computer upgrades). Also, your customers may demand new or upgraded technological requirements from your business. Be ready to address this area often as technology changes very quickly.

Financial circumstances. These change frequently and must be reevaluated. Is your company growing and needing new equipment? Are you looking at hiring more people for an expanding business? Assessing your financial requirements periodically will greatly help your “bottom line” in a positive way.

In short, proper business planning often provides an effective roadmap for running a business. Make this a regular exercise.

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