A new year means a new start, not to mention an excuse to review your business plan.
We recommend periodic reviews of your business plan because they can tell you whether you need to update your plan to reflect changes in your company. They also warn you if your business has deviated from your business plan, as well as give you clues to get back on track.
And, hey, the new year’s as good an excuse as any for a review, so why not?
- Review your original goals – Ask yourself why you got into this business in the first place and if your customers’ needs and your own financial goals are being met. If you’ve deviated from your original idea, or if your expectations, or your customers’, aren’t being met, figure out how you’ll fix the problem.
- Determine if you abandoned your original plan – Ask yourself if your business and your original business plan have parted ways. Review how and where you got off course and what you can do to head in the right direction again.
- Determine if guesswork has taken over your business – Make sure you use accurate and up-to-date information when reviewing your business plan. Take economic forecasts into account, so you can plan for changes instead of react to them.
- Remember your investors – Make sure you keep your investors informed of whether your business is meeting your plan’s forecasts. Be prepared to answer their questions. Above all, don’t try to get the answers to your problems from your investors. That’s why they invested their money in you, instead of using it for their own purposes.
- Don’t overextend yourself – Take it slow, even if your business has gotten off to a great start. Make sure you’ve stuck to your plan’s timeline and are growing at a moderate, or at least sustainable, pace. Otherwise, you’ll grow too quickly, hire too many employees and pay for it down the road.
- Bring in help – Make sure you have a qualified outsider looking over your shoulder during your review. That way, you’ll get an unbiased review of your business plan, not to mention another pair of eyes to catch any mistakes that you might make.
Sierra Investment Group Inc. Carson City Nevada is a small business plan writing service and small business funding resource. They can be reached toll-free at (800) 323-6298 from 8 a.m. to 4 p.m., Monday through Friday, or at firstname.lastname@example.org