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Why You Should Keep Updating Your Business Plan?

Free Business Plan Template

Sudeshna Ray

When I first started my business, the art of planning wasn’t something I was highly concerned about. It was always about quality control of products, marketing, and a hundred other things but not planning. But, as I gained a foothold in my business venture, it was pretty clear – along with detailed analysis and implementations at the beginning, it is also essential to accommodate the growing needs of the business .

Understanding Business Plan Document

A business plan is a document that will contain details about your analysis, strategies, business goals, etc. However, professional business plans cannot be kept static. Instead, they should be dynamic documents with factors that change periodically. Adapting to these dynamic changes equates with regular business plan updates. This can be a critical factor in raising capital as well as executing the opportunities at hand.

Statistically, 90 percent of start-ups are destined to fail within a few years of their formation. While a lot of these failures might owe to other problems, a major role is played by a redundant business plan.

Something relevant two years ago might not necessarily be the same today. This is what makes updating business plans critically crucial for driving long-term growth.

Why Update Regularly?

The first question that arises is why specific updates need to be made in a well-formulated business plan . Is it not possible to have a plan that remains relevant for a longer duration?

Moreover, some might wonder if changing the plan structure halfway could have a negative impact. These are all valid questions that might arise while managing any new business or start-up.

There are several pivotal benefits of iterative updates to a prospective business that helps it grow.

1. Keeping up with the Demands of the Customer Base

The first and most obvious reason is to keep up with the needs of your customers. A business’s focal driving factor is an increase in demand. If you aim at creating what is in demand, a natural consumption process will be initiated.

Many businesses make the blunder of never altering products that – worked once. It is natural to justify – “don’t fix what isn’t broken” . However, in the case of businesses, demands change constantly – whether one likes it or not!

For instance, a brand focussing on selling typewriters and related products might once have had the best sales. The same brand will consequently face typical challenges that any business is prone to.

They might face challenges from a competitor who sells a similar model at a lesser price. This will drastically affect their demand ratio. A constant update in the plan will highlight this issue and measures can be taken to resolve the same.

Over the years, such a typewriter brand might face a lack of demand due to the growth of technology. With more people investing in keyboards and printers, typewriters would be less in demand. At this stage, the brand can update its strategy by expanding to other office products, perhaps even printer ink, to profit from the very cause of its obstacle!

2. Accommodating and Expanding Market Requirements

There are prominent benefits of updating your business with a market expansion strategy. What does this mean?

With ever-increasing products and services in every domain, expanding your product to a new market can help pump up your sales. If yours is a brand making educational videos, you cater to that market.

You can benefit greatly by either creating a test series or making a robust study material bundle available for sale. Introduce new products and services to increase sales in the existing services by expanding across new areas.

This can only be made possible when your business plan is updated constantly to seek such opportunities.

3. Keeping up with the Competitors

The competitor’s streak in a business is a cut-throat one! You can come up with the best product and rise to fame – only for a similar design to be introduced by a competitor to snatch your glory.

Even when this might not be intentional, with hundreds of products being made in a genre, it is no surprise that some of them will offer close similarities.

Any business with an ardent desire to thrive needs to keep up with its competitors. Updating the plans and strategies helps to analyze the competition and implement new changes that will make the brand stand apart.

4. Making Changing Technologies and Suppliers Inclusive

The same is true for updates on technology and supplies. No one wants to use products or rely on services that use technologies that are outdated – No matter how good the product!

Just like every buyer wants to keep up with the times – with the latest gadgets, styles, and products; businesses need to keep up with these changing trends.

Especially if your product is in the form of software, regular updates need to be a part of the plan by default!

The constant review of where you’ve been and where you want to be are vital in the deployment of what will ultimately be a successful business venture. — Peter Strauss ,  founder, The Strauss Law Firm

What to Update in Your Business Plan?

The next thing to talk about is what exactly is to be updated. Is it the strategy that needs a tweak? Or do the actual technical aspects of the business need to be kept a tab on?

The answer to that is – both. No business prospers solely on any one aspect. The demand of the market and customers are equally important as the inclusion of the latest technologies and strategies that suit your business.

Some constant checks need to be kept on integral aspects.

Analyze strengths and weaknesses

Start by analyzing your strengths and weaknesses. Updating your business strategy is like updating your closet – decide what you want to keep, what to switch, what is working with people, and what isn’t.

Cater to customer queries and satisfaction

Once a thorough analysis has been done, you will have a clear idea of what your customers tend to like and dislike . The next step is to cater to these queries such that all areas can be fine-tuned for complete customer satisfaction.

Analyze a prospective sales forecast

A sales forecast is a vital tool to make any significant business updates. Updating the sales and financial forecast gives a lot of perspectives to understand what returns are likely to be collected on the investments made.

Incorporate market changes

We have already discussed the importance of market changes. Whether you want to expand across markets or cater to some finer requirements within the concerned market – all these changes can make a significant impact on sales.

The graphs below show the changing trends in the publishing industry.

Images Source – Submittable

Some Interesting Factors

Before you can draft a business plan, some factors need to be considered. Even though it is advisable to carry out updates along the way, some key elements need to be considered from the get-go!

Draft realistic goals

Any plan is made with an ideal “goal” in mind. A lot of rides on how well you draft goals for your business . The factor of realism is a crucial one. A good plan is one that can be followed through – and that is only possible if the goals are realistic in the first place.

Demarcate clear-cut designations

At some point in the planning process, different aspects of the business need to be designated to different teams or individuals. This demarcation should be kept in mind while the plan is being structured.

Last but not least, a thorough follow-up at every stage is integral! When a business plan is drafted or updated at any stage, some prompt measures are advisable to follow up with these changes.

Thus, updating business plans is as significant as having a solid plan in the first place. Keeping up with the trends of the times is your best bet to keep your business afloat. A plan is only significant if it is kept relevant to the growing needs of the market.

Updating your business plans is of great significance to grow and keep being relevant through the years!

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About the Author

Avid writer and content marketer, Sudeshna Ray, has created content for diverse premises including technical niches, business and marketing, finances, creative character sketches, and much more. Engineer-turned-Writer-turned-Marketer, she has explored several aspects of performance, lead generation and establishing a brand presence in the digital domain.

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Why Is it Necessary to Update the Business Plan?

Why is it necessary to update the business plan? Updating your business plan is essential to keep all your information up to date. 3 min read

Why is it necessary to update the business plan? Updating your business plan is essential to keep all your information up to date. It might need updating to show a change in physical location, alter your business goals, add a new business partner, or similar adjustments.

Reasons to Update Your Business Plan

There are a number of important reasons you may need to update your business plan. Some of these include:

• You need to seek financing. A lender will require proof of an updated business plan in order to make their decision on whether or not to approve your loan.
• There is stronger or new competition you need to worry about losing customers to.
• You are about to start a new financial period. It's best to choose a regular interval, like annually or quarterly. If you are in an industry that changes often, you may want to update your business plan every month.
• Your business has undergone a management change.
• Your business develops a new technology, product, skill, or service. When major changes like these occur after your initial business plan, it's important to update it.
• Your old business plan does not reflect your current state anymore. Perhaps it's not a well-drafted business plan, it is no longer relevant, or things have drastically changed.
• Your business has reached a threshold, like reaching a sales goal or employing a certain amount of people.
• There has been a significant change in your market . A shift in client tastes, altered regulatory climates, or consolidation trends among customers are some elements that can be the trigger for an updated plan.

Don't make your business plan update a robotic-type task where you simply address any necessary routine changes. Challenge yourself to take a hard look at your plan to understand whether the contents are still applicable or not. Is your new location not performing as well as you anticipated? Are your profit margins higher than expected? Look at different aspects of your business plan and address questions like these — both the positive and negative aspects of your current business situation.

You'll find that in large corporations that have strict planning routines that require regular updates, the managers spend a portion of their time thinking about plan updates or a new business plan altogether. That research then is disseminated to senior managers through the distribution of the new business plan, which keeps them informed. It is also useful information for lower level employees to understand how the business is performing, especially if they are directly judged or compensated based on past performance.

When to Update Your Business Plan

You should update your business plan when:

• You have a new location or change your existing one.
• You have a new owner or add a new partner .
• You have a financial snag like falling revenue, a decline in sales figures, you don't meet your financial projections, or important customers are leaving.
• There is competitive disruption, like a technological advancement, that ends up disrupting your business model.
• You need to secure financing so investors can see your updated business plan.
• You are growing at a fast pace.
• Your company's goals are not being met or you are falling behind. You should have SMART goals — Specific, Measurable, Achievable, Relevant, and Time-bound.
• You are experiencing a pivot in your business.

These are all important events that should trigger you to update your business plan. Situations like a fast-growing business can actually create problems if you don't update your business plan. You could suffer a decline in customer satisfaction or employees may suddenly feel overwhelmed and start making mistakes, miss deadlines, or overlook key quality control elements.

When your business is experiencing competitive disruption, it can cause upheaval in your operations. This is when you need to take a look at your competitors' business and then look at yours to see how you can differentiate yourself. This may call for changes to your product, marketing strategy, or customer service.

When you hit a financial snag, don't wait until the next annual report to address a large financial loss. Reassess your market now and get some customer feedback. Perhaps you need to change how you deliver your product to consumers or alter your brand positioning.

If you need help with updating a business plan, you can post your legal need on UpCounsel's marketplace. UpCounsel only accepts the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.

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6 Reasons to Update Your Business Plan Revise your business plan so it grows with your company and your goals.

By Nina Zipkin • May 13, 2015

Business plans are living documents. Make sure that they evolve with your company and reflect the business you're running by revising when your company meets these six milestones.

You want to refinance or fundraise. Investors and lenders want to know about your current challenges and have the most up-to-date look at the costs and opportunities you're forecasting. Read more: Update Your Business Plan to Renew Your Drive and Focus

You launch a new product or service. A new revenue stream will impact how you manage your resources – and can impact profitability. Let partners and investors in on your vision to get their buy-in and help with execution. Read more: How and Why Business Plans Have Changed

You expand into new markets. How you allocate your time and resources will change dramatically as you expand into different cities and countries. An updated plan can help you set realistic goals and communicate those to you team.

Your competitors have changed. Half the battle of running a successful business is staying aware of what the others in your industry are doing. If your major competitor pivots or there is an up and coming venture that enters the field, include that in your plan Read more: Updating Your Business Plan

You change suppliers or technologies. Changing your supply chain could help you cut costs or even position your company as more environmentally friendly. Furthermore, a shift to a new tech platform could give your company an important competitive advantage that investors will want to know about. Read more: 8 Reasons to Update Your Business Plan Right Now

Your customer changes. If your target customer has shifted, you might need to meet a different set of wants and need. If so, you'll need to explain in your business plan how you'll find your new core market and retain it. Read more: A Better Business Plan Can Lead to New Customers

Entrepreneur Staff

Staff Writer. Covers leadership, media, technology and culture.

Nina Zipkin is a staff writer at Entrepreneur.com. She frequently covers leadership, media, tech, startups, culture and workplace trends.

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Run » finance, 8 signs it's time to update your business plan.

You should update your business plan more frequently than you might think. Here are eight signs it’s time to update your business plan.

Updating your business plan ensures that the information is up to date and in line with the changing goals of your organization. Here are eight situations where it’s necessary to update your business plan .

It’s been over a year since you updated it

Your business plan is never finished — you should constantly be reviewing and updating it. How often you update it is up to you, but it’s a good idea to schedule regular periods to review and update your plan.

For instance, you could do a minor review quarterly and then conduct a major review at least once per year. This will give you an opportunity to see what’s changed and if there are any outdated items.

You’ve added new products or services

Your company’s products and services are an integral part of your business plan, so when they change, your business plan should change as well. That's because adding new products or services affects your sales projections and how you manage company resources.

[Read more: How to Communicate a Product Discontinuation to Customers ]

The competition is changing

Paying attention to what your competitors are doing can help you determine when it’s time to shift your own business strategy. For instance, let’s say a competitor has copied your product or service or is undercutting you on price. You should take the time to evaluate their strategy and decide whether you want to do anything in response.

[Read more: 6 Steps to Market Your Business in a Competitive Market ]

The market is changing

Anytime there are changes in the market, you should adjust your business plan accordingly. For instance, businesses that relied on in-store traffic to make sales had to make adjustments during COVID.

Current issues like inflation or fears of a recession could affect a customer’s ability to buy your product or service. Any factors that could negatively affect your revenue warrant reviewing your business plan.

When you started your business, it may have just been you and one or two other employees. If your company has experienced substantial growth since then, it’s time to review your business plan.

You’ve experienced a financial change

It’s a good idea to update your business plan anytime you experience a significant financial change, whether good or bad. For instance, landing a major client is a great problem to have. But serving that client may require more time and resources than your team initially planned for.

Likewise, if a long-term customer cancels a major contract, that will affect your future revenue. Each of these scenarios requires you to revisit your business plan and develop a new strategy.

You’re going through internal changes

Internal changes can require you to update your business plan as well. For instance, let’s say you switch to a new tech platform to make your business more competitive. Or maybe you’ve recently switched vendors to deal with supply chain issues.

Losing a key staff member can also deal a major blow to your business. Perhaps that person had strong relationships with many of your customers, so you need to rethink how your business will operate without them.

[Read more: How to Talk to an Employee About Poor Performance ]

Your company has grown substantially

And when you update your business plan, it’s a good idea to involve several key employees. Getting buy-in from your employees helps ensure the implementation will be successful.

You’re trying to obtain funding

You'll need to provide a detailed business plan if you’re trying to obtain funding from a bank or investor. When an investor looks at your business plan, they should understand what your company does and your future financial projections.

Your business plan should include:

• An executive summary.
• An explanation of your total available market.
• A description of how you plan to use the funding.

This may sound complicated, but it isn’t if you follow a free business plan template .

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Updating Your Business Plan

1. defining your business plan, 2. why you need to update your business plan, 3. when to update your business plan, 4. how often to update your business plan, 5. what changes to make to your business plan, 6. how to implement changes to your business plan, 7. measuring the success of updated plans, 8. getting help updating your business plan, 9. further reading on updating business plans.

As a business owner, it's important to regularly review and update your business plan. This document is a critical tool that will help you define and achieve your business goals . Here are some key tips for updating your business plan:

1. Define your business goals. What do you want to achieve in the short-term and long-term? Be specific and measurable.

2. Research your industry and competitors. What is happening in your industry that could impact your business? Who are your main competitors and what are their strengths and weaknesses?

3. Assess your current situation. Where is your business at today? What are your main strengths and weaknesses?

4. Develop strategies to achieve your goals. How will you reach your target market ? What marketing and sales strategies will you use?

5. Create a financial plan. What are your revenue and expenses? How much capital do you need to achieve your goals?

6. Implement and monitor your plan. Track your progress and make adjustments as needed.

By regularly updating your business plan, you can ensure that you are on track to achieve your goals and grow your business.

Defining Your Business Plan - Updating Your Business Plan

If you're like most business owners, you probably created a business plan when you first started your company. And, if you're like most business owners, you probably haven't touched it since.

That's not necessarily a bad thing. After all, if your business is growing and thriving, there's no need to fix what isn't broken, right?

Even if your business is doing well, it's important to update your business plan on a regular basis. Here's why:

1. Your business has likely changed since you first started it.

Chances are, your business is not exactly the same as it was when you first started it. Even if you're still selling the same product or service, the way you're selling it may have changed.

Your target market may have shifted. The competition may have changed. Your team may have grown. The way you operate may have changed. All of these things (and more) can impact your business plan.

2. You may be missing out on opportunities.

If you're not regularly updating your business plan, you may be missing out on opportunities to grow your business. Perhaps there's a new market you could be targeting or a new product you could be offering. Maybe there's a new way to reach your target market that you haven't considered before.

If you're not looking at your business plan on a regular basis, you may not even realize these opportunities exist. But if you take the time to update your plan, you may be able to identify them and take advantage of them.

3. You could be making avoidable mistakes.

If you're not keeping your business plan up-to-date, you could also be making avoidable mistakes. Perhaps you're still using marketing strategies that are no longer effective or you're not taking advantage of new technology that could help your business run more efficiently.

Updating your business plan can help you avoid these mistakes and keep your business on the right track.

4. It can help you get funding.

If you're looking for funding from investors or lenders, they're going to want to see an up-to-date business plan. This is because they need to know that your business is still viable and that you have a solid plan for how you're going to use their money.

If your business plan is outdated, it will reflect poorly on your business funding you need.

5. It can keep you accountable.

It's easy to get sidetracked when you're running a business. There are always new things popping up that need your attention and it can be difficult to stay focused on your long-term goals .

But if you have a current business plan, it can help keep you accountable and focused on what's important for your business. Reviewing and updating your plan on a regular basis can help ensure that you're always moving forward and making progress towards your goals.

Updating your business plan may seem like a lot of work, but it's worth it if it means keeping your business on track for success. Don't let your business plan collect dust on a shelf somewhere - make sure it's always current so you can make the most of every opportunity that comes your way.

Why You Need to Update Your Business Plan - Updating Your Business Plan

Most business plan from time to time. The frequency with which you update your plan depends on many factors, including the nature of your business, the business cycle, market conditions, and your own goals and objectives. Here are a few guidelines to help you determine when to update your business plan:

1. When starting a new business: Obviously, you'll need to create a business plan before you can start working on your business. But don't think of your business plan as a static document that you'll never need to change. As your business grows and changes, so should your business plan.

2. When launching a new product or service : Any time you're introducing a new product or service, it's a good idea to update your business plan. This will help you ensure that your new offering is aligned with your overall business strategy.

3. When expanding into new markets: If you're planning to expand your business into new markets, it's essential to update your business plan. This will help you map out a strategy for success in your new markets.

4. When making major changes to your business: Any time you're making major changes to your business, such as a change in ownership or a change in the way you do business, it's important to update your business plan. This will help ensure that your changes are in line with your overall goals and objectives.

5. When seeking financing: If you're looking for financing from investors or lenders, you'll need to update your business plan to reflect your current needs and goals. This will give potential investors or lenders a clear picture of your business and help them make a decision about whether or not to provide financing.

6. When experiencing significant changes in your industry: Changes in your industry can have a major impact on your business. If there are significant changes happening in your industry, it's important to update your business plan so that you can adjust your strategy accordingly.

7. When setting new goals and objectives : As your business grows and changes, so should your goals and objectives. If you're setting new goals for your business, it's important to update your business plan so that everyone is on the same page and working towards the same objectives.

8. When reviewing your progress: It's important to review your progress on a regular basis to ensure that you're on track to meet your goals. If you're not meeting your goals, it may be necessary to update your business plan. This will help you identify the areas where you need to make changes so that you can get back on track.

9. When things aren't going as planned: Sometimes, things just don't go as planned. If this happens, it's important to take a step back and reassess your situation. This may mean updating your business plan so that you can make the necessary changes to get things back on track.

10. Whenever it feels like it's time: Sometimes, you just need to trust your gut. If it feels like it's time to update your business plan, then it probably is. Don't wait until it's too late to make the necessary changes - by then, it may be too late to save your business.

When to Update Your Business Plan - Updating Your Business Plan

It is generally accepted that a business plan should be updated at least once a year. However, there are a number of factors that can influence how often you should update your business plan.

The frequency with which you update your business plan should be based on the needs of your business. If your business is growing quickly, you will need to update your plan more frequently to ensure that it remains relevant. Similarly, if you are making significant changes to your business, such as launching a new product or expanding into new markets, you will need to update your plan to reflect these changes.

In addition to the needs of your business, the amount of time and resources you have available to devote to updating your plan should also be considered. If you have a limited amount of time, you may only be able to update your plan every few years. However, if you have a team of people working on the plan, you may be able to update it more frequently.

The bottom line is that there is no right or wrong answer when it comes to how often to update your business plan. The key is to update it as often as necessary to ensure that it remains relevant and accurate.

If you're like most business owners, you probably created a business plan when you first started your company. But what happens to that plan after you've been in business for a while? Do you just forget about it and hope that things continue to go well?

Unfortunately, that's not a good enough strategy. Your business plan should be a living document that you regularly update as your business grows and changes. Here are some important changes to make to your business plan:

1. Update your market analysis.

Your business plan should include a detailed market analysis. This should include information on your target market , your competitors, and any changes in the market landscape that could impact your business. As your business grows, your target market may change and you may need to adjust your marketing strategy to reach them.

2. Update your sales and revenue projections.

Your business plan should include realistic projections for sales and revenue. As your business grows, these projections will need to be updated. If your actual sales and revenue figures differ significantly from your projections, take a look at your sales and marketing strategies to see if they need to be adjusted.

3. Update your product or service offering.

If you've added new products or services, or made changes to existing ones, be sure to update your business plan accordingly. describe the new products or services in detail and explain how they fit into your overall business strategy.

4. Update your marketing strategy.

Your marketing strategy should be adapted to changing market conditions and updated regularly. If you're not getting the results you want from your current marketing efforts, make changes and track the results to see if they improve.

5. Update your management team.

As your business grows, you may need to add new members to your management team. Include their bios in your updated business plan.

6. Update your financial projections.

Your financial projections should be updated annually, at a minimum. If you're seeking funding from investors , lenders, or others, they'll want to see up-to-date financial projections that show how much money you expect to make and how you'll use it.

7. Update your exit strategy.

If you didn't have an exit strategy when you first wrote your business plan, now is the time to create one. Your exit strategy will outline how you plan to sell or otherwise liquidate your business when the time comes.

Updating your business plan on a regular basis is an important part of running a successful business . By keeping your plan current, you can make sure that your business is on track and adapt to changes in the marketplace.

What Changes to Make to Your Business Plan - Updating Your Business Plan

If you're like most business owners, you probably created a business plan when you first started your company. And, if you're like most business owners, you've probably updated your business plan several times since then. Whether it's because you're expanding into new markets or adding new products and services, or simply because your business has changed over time, it's important to keep your business plan up-to-date.

So, how do you go about making changes to your business plan ? Below are four tips to help you update your business plan:

1. Assess your current situation.

Before you start making changes to your business plan, it's important to assess your current situation. This will help you identify what's working and what isn't, and will give you a better idea of where you need to focus your energies.

2. set goals and objectives .

Once you've assessed your current situation, it's time to set some goals and objectives. What do you want to achieve with your business? What are your long-term goals? What are your short-term goals ? Once you have a good understanding of your goals, you can start to formulate a plan of action.

3. Make a list of changes.

Now that you know what you want to achieve, it's time to make a list of changes. What needs to be updated in your business plan? Are there any new products or services that you need to add? Are there any changes that need to be made to your marketing strategy? Once you have a good understanding of the changes that need to be made, you can start to update your business plan.

4. Implement the changes.

Once you've made the necessary changes to your business plan, it's time to implement them. This may involve making changes to your website, updating your marketing materials, or even changing the way you do business. Whatever the case may be, it's important to make sure that you implement the changes in a way that won't disrupt your business too much.

Updating your business plan is an important part of running a successful business. By taking the time to assess your current situation, set goals and objectives, and make a list of changes, you can ensure that your business plan is up-to-date and that your business is on the right track.

How to Implement Changes to Your Business Plan - Updating Your Business Plan

As your business grows and changes, your business plan should evolve to reflect these changes. Measuring the success of your updated plan will help you determine if your business is on track and whether your new goals are realistic.

There are a few key indicators you can use to measure the success of your updated plan:

1. Financial performance: This is perhaps the most obvious metric for measuring success. Compare your actual financial results to the goals and targets you set in your updated plan. Are you meeting your targets? Are your profits increasing?

2. Customer satisfaction: Another important metric is customer satisfaction. Are your customers happy with your products or services? Do they keep coming back?

3. Employee satisfaction: Another key metric is employee satisfaction. Are your employees happy with their jobs? Do they feel like they have the tools and resources they need to be successful?

4. Market share: Another important metric is market share. Are you gaining market share ? Are you losing market share?

5. Sales: Another key metric is sales. Are your sales increasing? Are they decreasing?

6. Market share: Another important metric is market share. Are you gaining market share? Are you losing market share?

7. Other indicators: There are other indicators you can use to measure success, such as social media engagement , website traffic, or media coverage.

No matter what metrics you use, it's important to regularly review and update your business plan to ensure that it remains relevant and accurate. By measuring the success of your updated plan, you can make necessary adjustments to keep your business on track.

Measuring the Success of Updated Plans - Updating Your Business Plan

Updating your business plan is an important part of running a successful business. But it can be difficult to know where to start, what to include, and how to make sure your plan is effective.

There are a few key things to keep in mind when updating your business plan:

1. Be clear about your goals. What are you trying to achieve with your business? What are your long-term and short-term goals? Be as specific as possible.

2. Do your research. Make sure you understand your industry and the current market conditions. This will help you make realistic assumptions and projections.

3. Get input from others. Talk to your employees, customers, suppliers, and other stakeholders. They can give you valuable insights into your business and help you identify opportunities and challenges.

4. Be realistic. Don't try to make your business plan perfect. It's more important that it's realistic and achievable.

5. Keep it updated. Your business plan should be a living document that you regularly review and update as your business grows and changes.

There are a number of resources that can help you update your business plan, including books, templates, and online tools. But the best way to get started is to simply sit down and start writing. It may seem daunting at first, but the process will become easier as you go along. And, once you're finished, you'll have a valuable roadmap to guide your business into the future.

Getting Help Updating Your Business Plan - Updating Your Business Plan

It's generally accepted that a business plan should be updated annually. This ensuresthat the plan remains relevant and responsive to changes in the marketplace. But what does updating a business plan entail?

There are a few key sections that should be reviewed and updated regularly:

The Executive Summary: This is a brief overview of your business plan, and should be updated to reflect any changes in your business strategy.

The Company Description: This section should be updated to reflect any changes in your company's structure, ownership, or mission.

The Market Analysis: This section should be updated to reflect any changes in your industry or target market.

The Marketing Plan: This section should be updated to reflect any changes in your marketing strategy or tactics.

The Financial Plan: This section should be updated to reflect any changes in your financial projections.

Depending on the nature of your business, there may be other sections that need to be updated on a regular basis. For example, if you have a product-based business , you'll need to update your product Development plan on a regular basis. And if you have a seasonal business, you'll need to update your Seasonal Sales Plan annually.

Once you've identified the sections that need to be updated, the actual process of updating your business plan is relatively straightforward. Simply review each section and make any necessary changes. Be sure to include any new information that's relevant to your business, and remove any outdated information.

If you don't have a formal business plan, now is a great time to create one. A business plan is an essential tool for any business, regardless of size or industry. If you need help getting started, check out our business Plan template .

I think of entrepreneurship as a way of creating value. Martine Syms

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Why Your Business Plan Needs to Be Updated

No change in your company should go forward without a revision to your business plan

• Appeared in print as "A Blueprint for Success"
• By Joan Koehne
• November 2019
• Money Manager

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Small businesses are forever evolving to meet the needs of their customer base and remain competitive. Determining the right approach to adapt and grow can be the difference between success and failure.

One helpful tool to help address these changes is a business plan. A business plan is a blueprint that identifies obstacles and opportunities that businesses face. The plan includes carefully researched financial projections, budgets and cost analyses, plus marketing and operational strategies.

Contractors should update their business plan when considering:

• Introducing new products or services
• Opening a new branch
• Bringing in new management
• Changing ownership
• Expanding a service area
• Modifying the company’s vision
• Securing a different type of financing

Dave Kaster, principal at Fidelis, has written over a thousand business plans for clients at his business advisory practice in Green Bay, Wisconsin. He’s also helped clients rewrite their business plans to flesh out new ideas and goals for the future.

“I think the biggest reason people want to change their business plan is if it doesn’t reflect reality,” Kaster says. The business plan of a startup becomes outdated as the company hires employees, adds assets and expands services. The plan no longer serves its purpose as a business model and guide. Some situations require a thorough overhaul of a business plan, while other circumstances require just small changes.

“If you’re just switching one loan for another to reset the cash flow, it’s just one change to the financial part.” This process can take place at a single meeting with a banker.

A change of ownership may or may not require a change in the business plan, depending on the individual coming on board.

“If you’re bringing in a new owner and he has worked for you for 15 years and wants to keep everything the same, then that doesn’t change the business plan much,” Kaster says. Bringing in an outsider is a different story.

“A business plan will have to change because you have different philosophies.”

Finances first

When updating a business plan, the first task is to create a financial plan.

“You have to figure that out first because it gives you the range and parameters of everything else,” Kaster says. A financial plan will define your budget, cash flow, sales numbers to meet, etc. You can develop a financial plan with your banker, accountant or financial planner.

“But don’t stop there. Once you figure out where your financial plan is going or how your finances are going to change, then you need to change your business systems to reflect the reality of that.”

For example, a contractor who purchases additional equipment to introduce a new service will need to determine how to achieve a return on the investment. This is where financial projections are helpful. If projections signify the equipment is profitable when used at least 10 hours a week, then business operations need to incorporate these additional 10 hours.

“That 10 hours a week reflects both on labor and sales. You have to change the employee mix and change your marketing process to get those 10 hours,” Kaster says. The domino effect might prompt additional changes, like extending into a new geographical area, complying with a new set of regulations or securing new certifications. An updated business plan can spell out these scenarios and serve as a useful guide.

He advises business owners to use a two-step process to prepare and evaluate financial data in their business plan. First, look at your historical finances.

“Find out exactly, on a percentage basis, what you spent on every part of your budget, how much every new customer is worth to you and how much every new customer costs you.” By looking at averages and thresholds, owners can get a clear picture of the company’s financial health.

Future growth

Second, business owners should make projections. As a starting point, you should calculate your fixed costs, like insurance, loan payments and utilities. These fixed costs aren’t dependent on the amount of business transacted, unlike variable costs that fluctuate with the volume of work performed.

“You have to decide when those variable costs are going to change or when the fixed costs are forced to change,” Kaster says. While this involves some guesswork, some direction can be provided by industry research and collaboration with financial advisors.

Once the financials are updated, it’s time to look ahead five to 10 years and envision how the business should look down the road. This gives you a goal to strive for. Big changes for the company, like opening a new branch or introducing a new product or service, should be carefully researched before jumping in headfirst. It’s important to find out what customers need and want through market research.

“Research online or hire someone to find current trends in the industry. Find out which businesses are doing things successfully — that’s who you want to model.”

Contractors can identify a need for a new product or service through online surveys and comments, feedback from customers, and reviews on the company website. If certain requests or complaints continue to surface, that’s a clear sign to introduce a product or service to address those issues.

When planning for a new product, service or service area, Kaster advises business owners to be aware of the domino effect. One change in the business leads to others. As a company grows, its operations need to grow along with it.

With fewer workers, an owner can get by using QuickBooks, handwritten checks, paper records and calling employees on their personal cellphones. When the workforce expands, it’s best to invest in an accounting program, communications system and other technology upgrades. All of these changes can be spelled out in an updated business plan.

Marketing is another area to revamp in a revised business plan.

“Generic marketing is OK, but once you’re over $2.5 million in sales, you better have a professional marketing program and formalized marketing for the business,” Kaster advises.

Marketing plans should include a description of the following:

• Target market: Focus marketing on people most likely to buy a product
• Market analysis: Determine the size of the market to ascertain if it can sustain business
• Market segmentation: Group customers to understand how they’ll respond to marketing messages
• Competition: Evaluate competitors’ strengths and weaknesses.

Kaster says no business plan is complete without an exit plan. Oftentimes a business is passed to a relative or employee, but what happens if this individual is no longer interested or capable of taking charge? An updated business plan should incorporate a new exit plan.

“I can guarantee that if you don’t plan for how to get out, then someone else is going to force you out in some shape or form,” he says.

Follow the vision

One more piece of advice: Follow the plan.

“If the business plan means nothing to the day-to-day running of your business, do you really want to research and change it if you’re not going to use it?” A business plan is only effective if it’s adopted and adhered to over time.

“I’ve seen so many businesses that spend a lot of money, hire a consultant and get a fantastic business plan, and then it just sits on the shelf and gathers dust,” he says.

Lastly, updates to any business plan should align with a company’s vision statement.

“If you have access to a new market, new product and new financing, then you have to test that up against your vision. If your vision changes, too, then you have to change your business plan. That is your single most important reason to exist — your vision statement.”

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How Often Should You Update Your Business Plan?

Southern California business attorneys can provide you with assistance in determining how frequently a business plan needs to be updated. Companies should have a comprehensive business plan both when they first start operating and once they are established. This business plan can be used to help set goals, resolve disputes, and ensure that the company is on track to remain successful.

Brown & Charbonneau, LLP can assist with the creation of your initial business plan so you are prepared and ready to start your company and build a successful business. We can also provide you with assistance making periodic updates to your business plan as needed. Not only can we guide you through the actual updating process, but we can also give you insight and advice as to how frequently you should update your plan.

Entrepreneur.com recommends that you do a thorough update to your business plan at least once annually. This big update to your plan should include a review of your value proposition; a look at new market segmentations; and a look at the larger potential market for whom your products or services could provide a solution.

You can also do a monthly update, which involves reviewing the difference between the actual results you achieved over the course of the month and the planned results you had hoped to achieve. This update of your plans does not need to be as comprehensive or as detailed as your annual update. The goal is simply to see how you are doing with achieving your objectives and to make any necessary adjustments going forward during the rest of the year.

When major changes occur at your company or in your industry, this is also a good time to update your business plan. Your plan needs to reflect the current situation and it needs to be relevant within the current business landscape that you are operating in. If something major has changed, it is essential that you make an update to your business plan to accommodate that shift.

Why is it Important to Keep Your Business Plan Updated?

Keeping your business plan updated is vital because no company can succeed unless it stays current with the times and unless it evolves. The goals that you have for your organization will be different when you first get started than the goals you have once your organization is already underway. You want your plan to reflect the latest goals that you hope your company will accomplish so you have clear and measurable objectives to work towards.

Updating your business plan regularly can help you to ensure that you and your partners or co-owners are on the same page if there are multiple owners of your company. Sitting down together to update your plans and make any necessary changes ensures that you still have a shared vision and are making company decisions with that vision in mind.

Keeping your plans updated also allows you to adjust to any changes in the law or market conditions that could affect profitability; helps you to identify new competitors and new potential sources of business; and allows you to see how your company is progressing with enhancing profitability over time.

These are just a few of the many reasons why updates to a business plan are so essential for any organization. It is up to you to keep your business plan current and comprehensive, but our legal team can help you with this process to make it easy.

Getting Help from Expert Business Law Attorneys

Working with California business attorneys to keep your plan updated is a smart choice. You want to ensure you update your plans periodically to address legal and regulatory changes, as well as to make certain your company is continuing to make the choices necessary for success.

Your attorney can advise you on when laws or regulations may affect your organization and can help you to ensure you always have a comprehensive business plan aimed at achieving your latest goals.

Brown & Charbonneau, LLP has extensive experience helping companies with the business planning process. Whether your company is just getting off the ground or you have an established business that you want to ensure keeps growing and thriving, our legal team can bring our expertise, business knowledge, and legal knowledge to the table to help you make the plans you need.

Give us a call at 866-237-8129 or contact us online today to find out more about the ways in which our legal team can help you.