When to Update Your Business & Marketing Plan

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When Should I Update my Plan?

When to Update Your Business & Marketing 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: You should re-evaluate your plan at least once a year, but quarterly or monthly may be necessary during more turbulent financial times.

* New Business Structure: When your business changes structure, you will need to make sure your plan is in alignment with the new realities of your business.

* Change in Financial Need: Have you changed your financial goals in some way? Maybe your business needs to expand? Re-evaluate your plan to bring it in alignment with your new goals.

* Change in the Market: Markets are always in flux ... some more than others. Re-evaluate your plan to make sure it is still in sync with your market.

* Product/Service Growth: Have you decided to branch out with a new product or service line? Time to create a new marketing plan for this new line. Also, take a look at your other marketing plan to make sure nothing adversely overlaps.

* You've Achieved Your Goals: Congratulations! You've achieved what you set out to do. Time to set a new goal and create a plan to achieve it, too.



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