How Often and Why You Should Review Your Business Plan

As a business owner or manager, it's important to take a step back from time to time and review the performance of your company. Doing a quarterly minor review and then performing a major review at least once a year will give you an opportunity to see what has changed and if there are any items that are out of date. It's easy to just focus on the daily operation of your business, especially in the early stages, but thinking about more strategic, longer-term planning can pay off. Asking your customers for feedback on the performance of your company will help you identify where improvements can be made in your products or services, in your staffing levels or in your business procedures. When your company's products and services change, your business plan should change as well.

This involves analyzing the strengths and weaknesses of your company's capabilities and any opportunities and threats to your company. In this article, you'll learn what events cause the need to update your business plan, how updating a business plan differs from creating the original one, and who should be involved in the update process. Brown & Charbonneau, LLP can help you create your initial business plan so that you're prepared and ready to start your company and create a successful business. Southern California business lawyers can also help you determine how often a business plan should be updated. Before making any business decision, it's important to consult a professional who can advise you based on your individual situation. This is the third in a four-part series by Hal Shelton, SCORE small business mentor and author of The Secrets to Writing a Successful Business Plan.