Plan an Update for your Business Plan!


Here are 7 reasons to think about updating your business plan. If even just one applies to you, it’s time for an update.

1. A new financial period is about to begin. You may update your plan annually, quarterly or even monthly if your industry is a fast-changing one

2. You need financing, or additional financing. Lenders and other financiers need an updated plan to help them make financing decisions.

3. There’s been a significant market change. Shifting client tastes, consolidation trends among customers and altered regulatory climates can trigger a need for plan updates.

4. Your company develops or is about to develop a new product, technology, service or skill. If your business has changed a lot since you wrote your plan the first time around, it’s time for an update.

5. You have had a change in management. New managers should get fresh information about your business and your goals.

6. Your company has crossed a threshold, such as moving out of your home office, crossing the $1 million sales mark or employing your 100th employee.

7. Your old plan doesn’t seem to reflect reality any more. Maybe you did a poor job last time; maybe things have just changed faster than you expected. But if your plan seems irrelevant, redo it.

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2 thoughts on “Plan an Update for your Business Plan!

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