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Why an Existing Business Should Update their Business Plan

If you haven’t glanced at your business plan in a while, now’s a good time to dust off the document and give it a once-over. Times are changing — seemingly faster than ever — so it would benefit you to set aside some time to update your business plan sooner rather than later. Something relevant even two years ago might not necessarily be the same today. Here are 6 good reasons to review and update your business plan:

  1. Refine your business strategy: A business plan can help existing businesses refine their strategies and focus their efforts on the most important goals. It can also help identify potential problems and opportunities that may have been overlooked. Look at your customers - are their demands the same they were 2 years ago? Updating your plan can help you refocus on your products and services to ensure they are still meeting the changing needs/wants of your customers.

  2. Set goals and objectives: Your business may have achieved some success, but you still need to set new goals and objectives to continue growing and improving. A refresh of your business plan can help you identify new goals and outline a plan for achieving them.

  3. Keeping up with competitors: You may have come up with the best products and services, but your competitors are doing the same thing - and there may be new competitors since your did your plan. Additionally, technology continues to change almost daily. No one wants to use products or rely on services that use technologies that are outdated – no matter how good the product/service. Perhaps it's time to update your business plan's SWOT analysis?

  4. Secure funding: If you are looking to expand or make significant investments, you may need to secure funding from investors or lenders. A well-written business plan can help you convince potential investors or lenders your business is a good investment.

  5. Communicate with stakeholders: A business plan can help existing businesses communicate their goals and plans to employees, suppliers, and other stakeholders. This can help ensure everyone is on the same page and working towards the same objectives.

  6. Monitor progress: A business plan can serve as a roadmap for your business, allowing owners and managers to track their progress and make adjustments as needed. This can help ensure that the business stays focused and continues to achieve its goals over time.

Overall, a business plan can help your existing business stay focused, identify new opportunities, and continue to grow and improve. MBMentors uses LivePlan software to assist any new or existing business with their planning needs. While working with us, there is no charge for using the application.


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