When to Update Your Plan

Just as your business changes, your business and marketing plans should change too. Your business’ objectives will likely change over time, as the industry landscape changes, your competitors get sharper, and your product line improves.

Here are some key times in the life of your business when you need to assess your plans and make adjustments as necessary.

• New financial period. Whether it’s a new month, quarter or fiscal year, take the time to review your plans to see if you’re on track. If you’ve recently made major changes to your business structure, be sure to add that in to your plans.
• Change in financial need. Perhaps you decided this year that you want to expand into a larger facility to accommodate the increase in orders you’ve been receiving. You will be asking someone for financial assistance, be it bankers, investors or shareholders. Now is a good time to update your business and marketing plans so that they accurately reflect where you stand.
• Your market is changing. If you operate in an ever-fluctuating industry like oil and gas, you make changes frequently. Make sure your business plan does too.
• You’ve added to your product line. If you add products, make changes to them, or implement new technologies to save on your bottom line, this will affect your future plans.
• You’ve met your goals. Maybe your business plan had a goal of reaching $1 million in revenues and you hit that last year. Decide what your objectives are for the future and recraft your plans around that.