When Should I Update my Business Plan?

As a start-up, you probably came up with a business plan. Once you’ve become established company, when do you need to update your plan? If you’re facing one of these 5 scenarios, get ready to revise your existing business plan.

1. When you’re getting a loan. Lenders do pay attention to your plan. Make sure it reflects your current situation, not where you were 2 years ago.

2. When you’re adding a new product or service. Amend the plan with additional information about what you’re doing.

3. When the market changes significantly. Have regulations in your industry changed? Were your initial assumptions flawed? Update the plan!

4. When you’re under new management. Make sure incoming managers have an updated business plan to reference. This will help the transition go more smoothly.

5. If the plan just doesn’t match what you’re doing: Your business plan should reflect reality. The initial plan might have been put together quickly, or you’ve undergone changes more rapidly than anticipated.

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