4 Reasons Why You Should Review Your Business Plan… and ASAP!

As you may already know, a business plan is a crucial aspect of running any type of business. It is a document (or blueprint of sorts) that helps you map out the plans and progress of your business for the future.

Most trade business owners are under the impression that business plans are a once-off task. Completed when you first start the business and followed thereon.

This in fact, is completely untrue. Business plans should be reviewed, at a minimum, on a yearly basis.

Indeed, this is dependent on each individual business. For example, a growing business may need to review their business plan every quarter whilst an established business may only need to review it every 12 months.

You may be thinking… “but why?”

Well… here are the Top 4 reasons WHY you need to review your business plan:

1. Prioritisation

As your business continues to evolve, your business goals will also change, and therefore your priorities.

For example, when you initially start your trade business, your business goals may include increasing your customer base and achieving a yearly turnover of $500,000. Therefore, your priorities will lie with increasing marketing and sales.

By reviewing your business plan regularly, you can realise if you have or if you haven’t achieved your goals. Consequently, you can understand where your priorities lie, and what your time should be spent on, for the next business period.

2. Things inside your business change

As things inside your business develop & progress, you will need to review your business plan. Each change (however small or large it may be), will have some sort of effect on your business goals.

These changes can include, but are not limited to:

  • Hiring new staff
  • Changes to the roles of current staff
  • Changes in services offered
  • Changes to products offered
  • Turnover has increased/decreased
  • Expenses have increased/decreased

3. Things outside your business change

The business environment today, is fast-paced and ever-changing, and you have to be prepared to change with it.

These changes can include, but are not limited to:

  • Economic changes, eg a recession or a boom
  • Customers needs and wants
  • Technological advances
  • Legal aspects of the area/country you are operating in
  • Competitors

Whilst these changes are outside of your control and you may not WANT to switch up your plan, failure to do so will result in an uncompetitive business and potentially failure.

4. Opportunity

Reviewing your business plan allows you to create new opportunities.

For example, you may review your business goals and come to the realisation that in order to achieve them, you need to hire a new tradesman or admin staff. An opportunity for you to expand and grow your business has presented itself.

OR, a review may show that you have indeed achieved your previous business goals and the opportunity has now arisen for you to create new goals!

Whatever it may be, once you recognise an opportunity, it is important not to dismiss it (perhaps you may think it unrealistic or too hard). Instead, include it in your business plan and take advantage of it!

So, what are you waiting for? It’s time to review your business plan… and ASAP!

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