In its earliest stages, the business plan’s purpose is for applying for bank loans or attracting investors. However, as the business operates and continues to mature, there is a need to revisit the original plans and to update them accordingly. 

Updating the business plan can be like looking ahead as you drive on the road. You need to have a clear vision of the future, so you can avert obstacles, make changes as needed, and let your business reach its desired destination. 

How Frequently Should You Update the Business Plan?

It is recommended that you revisit and review your business plans as often as you can. Most business owners do this on a monthly basis. As you know, external environments are dynamic, and they can change drastically over a short period of time. Inspecting your business plan lets you internally check if you’re still aligned towards your targets, and at the same time opens your eyes to the outside factors surrounding your business. 

What to Include in Your Update 

Tweaking your business plan to keep it up-to-date does not require a complete rewrite. As your company has already worked on establishing its identity, keep your same vision and mission at the forefront of your operations. In terms of the changes that can happen periodically, here are some points you need to update: 

Identify new market segmentations. Consumer behavior is an ever-changing phenomenon. Your initial target market may have already altered their preferences, their ability to spend, or their overall desire to buy. Understand these trends and see where your business fits in. 

Reviewing your value proposition. Your products and services are intended to bring value to the customers, i.e. do they provide satisfaction? Evaluate how well your business has been addressing the consumers’ needs and wants so far. Identify if there are adjustments that could be made to your product or service.

Looking at the larger potential market. Perhaps you can delve into expansion. There may be more people with newfound wants and desires that you can address.  See if you can identify these new groups, and whether your products or services could provide solutions to their problems. 

Where to Get Information

To update the business plan, the mission requires timely and accurate research. A lot of data can be gathered from current competitors, consumer surveys, sales trends, and other relevant sources. Seeking the services of an expert in business planning and marketing research can be a huge advantage. 

The professional team behind SBC can lend a hand in reviewing and updating your current business plan. Our experts have a keen eye for detail, and their knowledge is backed by years of business experience. Let us review your business plan today, and together we can brainstorm on efficient and effective solutions to make your organization grow. Just as you value your business, we, too, are committed to ensuring its success. Book a consultation with us today to learn more.