Business Plans are Dynamic – Is It Time for a Review?

10 Oct

by Susan Lowe

It’s been six months or longer since you last looked at your business plan.  Now might be a good time to consider a review. Here are a few of the reasons why you might want to take a look at your business plan.

Something significant has changed in the marketplace, such as competition or government legislation that may affect your strategy and achieving your plan.

Your company has made changes to or introduced new products.

You may want to change your business structure or need additional funding. 

Costs of business operations have increased due to an increase in the price of a needed resource and your financial projections may no longer be valid. An example is the increase in the price of oil and subsequent increase in gas prices.  

What is the right amount of time between reviews?  Business is dynamic and consequently a business plan is dynamic.  A good practice is to review the plan every six months and include anything that has specifically changed, such as products, customers or the competition. Businesses should complete a major review and update of their business plan yearly.

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