Business Resolutions in This Series:
- Resolution #1 - Network More Aggressively
- Resolution #2 - Update Your Business Plan
- Resolution #3 - Assess Your Business to Avoid or Solve Problems
What is a Business Plan?A business plan defines where your business is headed over the next several to five years. It offers detailed and summary information on how you plan to grow your business.
A business plan can be used as a dynamic marketing tool and it should be updated as often as necessary to reflect your current focus and long-term plans and whenever your business experiences noteworthy growth.
How Often Should You Update a Business Plan?
You should be updating your business plan at least once a year as well as after any major shifts in the nature or structure of your business.
Updating your business plan from time to time helps you to reassess long-term goals and get a bird's eye view of your business. It is also useful to have an updated business plan if you are actively looking for partners, investors, funding, or in some cases, when bidding on large contracts.
If you are planning any major changes in your business this year, you should also do a feasibility study.