When you’ve spent countless hours pouring your heart and soul into a business plan, you don’t want to simply put that document up and let it collect dust. Your business plan is meant to be a living, dynamic document that changes with your business. Although it’s a good idea to review it annually and make updates, you should always revise your business plan when your business goes through one of these transitions:
When you move or add a location
Note why you are making the change and how this will affect your operations.
When you add a partner or shareholder
In your business plan, detail what this person brings to your organization, their responsibilities and their contribution.
When your goals aren’t being met
If you are falling behind schedule and not meeting goals, you may need to modify your plan. There are many reasons you might not be hitting the mark. Understand why and make corrections to your course.
When you’re changing product or service offerings
Many businesses make pivotal changes throughout their life. When you find that your business is taking a new direction, it’s time to get out that business plan.
When you’re securing financing or talking to investors
Investors and lenders want to know your plan for business when they’re providing financing. With an updated business plan, you can show them the opportunities and risks of giving you money.
When a competitor disrupts your market
Competition will push you to work harder to stand out in your market. Update your business plan to have a strategy that will put you ahead of your competitors.
When you hit a financial roadblock
When your sales decline or costs rise, it’s time to adjust your strategy. Assess the market under new conditions. Get customer feedback. Understand what is happening to make course corrections toward success.
Speritas Capital Partners can help your business with financing to take your business to the next level. Call us for more information.