Once you decide that it's time to update your business success plan, you want to spend some quality time to create a successful revision for increased growth.
Let’s talk about a few insights into what's involved with updating your company's business plan.
• Reviewing existing data and information to determine strengths, weaknesses, opportunities, and threats pertaining to your business.
• Creating a new mission statement based on the results of the step I just mentioned, or update your current one to be timely.
• Updating all existing financial models and adding new financial goals to align with your updated mission statement.
• Rethinking all strategies and plans from the ground up to align with your updated goals.
• Informing employees of any changes that have been made as a result of this process.
Updating your business plan is a significant undertaking, but it's worth the effort.
Depending on your industry, you will need to update your business plan every year, at a minimum. If you are not updating your business plan regularly or simply tweaking existing strategies and goals instead of implementing new ones, then it's time for an update.
Tune in tomorrow for a continued discussion about updating your business success plan.
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As an experienced accountability coach and author of 5 books, I help business professionals make more money, work less, and enjoy even better work life balance.
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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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