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| Have You Reviewed Your Business Plan Lately? |
Business plans are your own personal road map that helps in decision making and in obtaining outside funding. Once thought to be a one time deal, they are really an ever changing, ever evolving "living" document that makes it easier to navigate your business through the early years. If you haven't reviewed your business plan lately, or you think the
process is too time consuming, the short video below from the SBA can help you get
started.
If you wrote a plan to get your business started years ago and placed it
on a shelf, it's time to dust it off and use it to set new goals and make improvements to
your business. If you're just starting out, drafting a plan will help position your business for success.
From a marketing perspective, you should put pen to paper to answer
questions that indicate whether you have reached the sales and marketing
goals set previously. How can you improve this year? Are you using your resources in the most effective way? What are you doing to promote your business? Is your marketing effective? If not, what can you do to improve? What has
changed in your business? How's your competition doing? Are you using technology? If so,
how has technology changed? How can you use it to automate and grow
your business?
Here's a link to the SBA's Build Your Business Plan guided tool. This tool will allow you to look at all aspects of your business and allows you to save your plan and come back to it. A business plan will be a great asset if you plan to approach investors and other funding sources. No matter whether you've been in business for years or you're just starting out, it's a good idea to place an appointment on your calendar to revisit your business plan at least once a year, more often if possible.
