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Updating your business plan

Business plans are the homework that just won’t end.

Imagine being in school and being given an assignment to write a term paper.

Reminisce: Remember to look back at your initial business plan at least once a year. Maybe your customers are purchasing one particular product or service more than others.

This update was published in Small Business Update 110 - February 2013 Small Business Update from Atom Content Marketing is a monthly magazine for people running their own business.

Articles vary in length and cover 'hot topics', issues of importance, and current affairs.

You have an outline of what’s required, a recommended format that you should use, and a timeline in which completing it would be advised. The due date comes and goes and it constantly has to be redone and revised and updated.

The importance of updating a business plan is simple: it creates a long-term strategy for your business, while alleviating the stress and headaches of operating a business if action is continually implemented.

Some people produce a business plan when they start up, only to leave the document locked away in a drawer or cupboard somewhere, long forgotten and never used.

However, if you want to maximise your chances of success, you should be working with and updating your business plan regularly.

There are a few options here to make sure that you’re not going in blind to the formatting, requirements, and structure that may be demanded of your document.

Some seek the help of mentors who have written their fair share of business plans to review and advise on the plan that the entrepreneur is writing.

You should view your business plan as a living document, a tool you use to run your business more effectively.

Without having a regularly updated business plan, which accurately describes your business, its market, goals, development strategy and cashflow predictions, you risk drifting from one week to the next, never knowing where you're heading.

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