When and Why to Revise Your Business Plan

You know that business plans are important, but as a business owner, you also know that figures and strategies can often change. You’re probably aware that you should revise your business plan once a year, but there are times when an annual look just isn’t enough. If you’re unsure what constitutes revising your business plan, here are some scenarios where you should take inventory to see what’s working and what isn’t.

Scheduling is All Wrong

When you’re consistently behind schedule, it’s not good for anyone. Clients feel like they’re not important, and you feel like you’re stressed to the max. When you notice that your big projects, or all of your projects are falling behind schedule, your business is in dangerous water. Take some time to re-examine what is happening and make some changes.

Being Outsold by Competitors

Sometimes your business plans are thwarted by new or suddenly aggressive competitors. Often unexpected, this can feel a little personal; remember that it isn’t. Your competitors are out to make money and retain clientele, just like you are. Instead, sit down and really think about what you can do to stay afloat, but don’t wait in this instance. Address it fast!

Sales Figures Drop or Projections Are Off

When your sales and financial projections are off, it’s a definite indication that your business plan needs to be revised. The positive to this is that you should have a better idea of your clientele and sales than you originally did. That means that it will be easier to forecast realistically.

When it comes to your business plan, the main thing to remember is that it’s an imperative part of your success, and that problems will not fix themselves. Pour time into revisions when you come up against problems and get your company on track and where you’d like it to be.