Updating your business plan

Be prepared and aware and keep your business moving in the right direction.Get more information on business planning and preparing a business plan for growth.Have you left it to gather dust or have you taken the time to make it an ever-evolving document that you can refer to for future planning?

Ensure that you keep your goals current to help your business thrive.

It’s important that your business plan includes the most recent financial information.

Ask yourself questions — where do you see your business going?

Have your goals or your focus changed since you created your initial plan?

You should treat your business plan as a dynamic document that should be kept current as your business evolves.

This involves a periodic review of the plan to factor in actual business results, changing business environment, new competitors, and other factors.

It provides the baseline against which to measure your business's performance.

It can help you anticipate the impact of changing market and economic conditions.

Take a look at each section of your business plan and review it on a regular basis.

Some of the sections that may be worth updating annually (or more frequently if necessary) are: Things can change quickly so having an updated business plan can help you be proactive rather than reactive.

You've done excellent planning and your business is up and running.

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