So, when is the right time to update your business plan? The answer is not as straightforward as you may think.
Let’s explore a few insights to consider related to when you should be updating your business success plan:
• When you make any changes to your company (new product, new service, added staff member, etc.).
• When economic indicators change in your industry or market segment.
• When competitors make significant updates to their business plans.
• When you’ve hit a plateau and need to think of new ways to increase revenue.
• Every year, regardless of the overall economy.
You can leverage these few checkpoints when thinking about appropriate times to update your business plan. You also want to consider where your business is, compared to what you designed your business plan to handle.
If you are not achieving the goals of your business plan or if it's exceeding its original specifications, these can be indicators to adjust.
Tune in tomorrow for a continued discussion about updating your business success plan.
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Author of Excuses Don’t Count; Results Rule, Live Life with No Regrets, No Excuses, and the Work Life Balance Emergency Kit, The Roadmap To Success with Stephen Covey and Ken Blanchard, and more.
Published on 2 years ago
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