Review Your Business Plan Now for 2012 Success

As we near the end of 2011, now is the time to pull that business plan off the shelf.   If you haven’t done this already, it’s time for a full review of your plan for the coming year.

Why is it important to review your business plan?  To achieve your goals and move beyond where you are today, you must assess how well your company is performing to the business plan and identify any significant changes that may require adjustments to the plan.  If you make it a best practice to do a full review at least once a year,  your business goals will remain top of mind and you will be positioned to take full advantage of opportunities, address challenges and grow your business.

Make sure you review these key components of your business plan before 2012

1.  Company Analysis:  How well did your business perform to plan this year? Did your business meet expectations? Did you accomplish what you set out to do?  If you didn’t make your targets, do you know why not?  What are you good at and what makes you unique and qualified to be in this business?  Identify your biggest challenges and opportunities.

2.  Industry Analysis:  Has the size of the market grown or contracted? Take a look at the competition.  Are there more or fewer players?  Who are the major players?  What position do they have?  Do you see new market trends?

3.  Customer Analysis:  Who are your customers and are they the same targets in your business plan today?  Are they buying your products and services?  What are their needs and are any trends affecting their buying behavior?

4.  Marketing Strategy:  Is your marketing strategy generating the projected revenues and results from your products/services.  Are your products priced and positioned to take advantage of opportunities.  Do your products’ features and or specifications meet the market needs?  Did your marketing plans and promotional activities generate the intended results?

5.  Financial Plan:  Do you have enough revenues and the necessary cash flow to operate the business?  Do you need more capital to run the business and take advantage of market opportunities?

6.  Management Team:  Do you have the right players to operate and grow your business?

With a full business plan review completed,  you are ready to make any necessary changes and to set your goals for 2012 and develop an action plan to achieve them.  It can be difficult especially for small businesses to take the time out from day-to-day business operations to review and plan.  Planning takes discipline but, for long-term success it’s a requirement.