If you have written a business plan for your business, how often do you look at it?
A business plan’s first purpose is to act as a road map for your business.
It acts as a framework through which you can express your thoughts on what should be achieved in your business and how you intend to achieve it. However, as your business grows and changes significantly, it is important to adjust your plan accordingly. It should be used as a checklist for all your objectives and goals, both short term and long term, and regularly reviewed as a way of noting your progress—particularly with regards to what strategies are working and which are not.
The review is a good practice for the beginning of each financial year in order to get your priorities straight and your head in the right mindset, and especially to reiterate your mission, vision and your goals for the year ahead.
You can look at what has changed within your business. Perhaps your business model changed, or you have new products and services (or have removed some). Maybe your costing models need to be altered, or you have an entirely new target market and need an updated customer profile. You might be looking to implement an offbeat marketing campaign or a different set of strategies. There could be a new competitor in your segment of the marketplace, or it could be as simple as a decline in figures. Basically, after any major changes, you need to dig up your business plan and reassess so your business can move forward and continue to grow. This article is based on an extract from the MentorNet mentoring program session on Business Planning, which was presented by Wendy Fogarty. For more information about the HerBusiness’s mentoring services, see the Mentoring section of this website. For details of the next Business Plans Made Easy, visit the Upcoming Events section of this website. This article was co-authored by Elizabeth Rowe. Elizabeth graduated with a Bachelor of Arts (English Literature) at the ANU and a Masters of Media Practice at the University of Sydney. She is currently completing an internship with the HerBusiness.
