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Updating your business plan

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The evaluation and review of your strategic plan is an opportunity to take a step back, assess and evaluate the state of your business and industry, and re‑align your vision, goals, priorities and action plan.

With your management team, you need to decide how and when your strategic plan will be reviewed and what information you will need to do so.

It sets out your major goals and the main themes of development strategy and cashflow predictions.

Businesses need to revisit their strategy, monitor progress against milestones and adjust to changing conditions.

That means your strategic plan needs to be revised and adjusted regularly.

It’ll be locked away in the safe or in that drawer you’ve filled with many other ‘important’ documents that you’ve only ever looked at once.

The only time a business plan will be removed from the pile of never looked at documents is when a loan is required and you have to show your business plan to guarantee your vision and a return, but isn’t this a little bit short-sighted?