Keeping alive Business Plans, ensures the future success of your company. Creativity and innovation are key attributes that generate economic and social value in a sustainable environment.
At least once a year, you should perform an update for your original document and review it periodically. Make necessary corrections to not affect company's expectations.
Don’t you know how to start? These are 6 reasons to update a business plan.
1. Refinancing or raise funds
Sometimes, investors and lenders want to know more about their current challenges. You need to know more about costs and opportunities that your business is projecting to future.
2. Launching of a new product or service
A new income source will impact how resources are managed, which in fact can affect profitability. Associated partners and investors are who can provide another point of view of the project and help with the implementation.
3. Expanding your company to new markets
Ways to allocate time and resources will eventually change as your business expands to different countries and cities. Run an updated plan can help the company to set more realistic goals.
4. Competitors have changed
This means: if competitors change their way of doing business, then you need to rethink the possibility of updating your own business plan to avoid falling behind and losing chances for success.
5. Change suppliers or technologies
Cost reduction or a new positioning as a friendly business environment may arise from a change in the supply chain, this competitive advantage is something investors will want to know.
6. Customers have changed
Imagine that your target customer has changed, this is a whole different set of new wishes and needs to satisfy. If so, the business plan for a company must be readjusted to determine how the company will find a new central market and more important, what will be done to keep them.
Do you need the advice to create or update your business plan? Contact our professional consulting and advisory team.