December is the perfect time to reflect on the last year, and plan for the next. It also happens to be “National Write a Business Plan Month”.
A business plan is a written strategic description of your business, its future, and how you intend to grow. But who should write a business plan?
The first thought is that business plans are generally for the entrepreneur looking to start a new business, but it’s also a good idea for established businesses way past the startup phase. A business plan may be beneficial to use to convey mission statements, prospects to potential customers, vendors etc.
Is it time for you to update your business plan? If any of the following apply, the answer is “Yes!”
- The end of your fiscal year is fast approaching.
- You’re looking for financing. A business plan will help potential investors.
- You’re in a fast-paced industry, where things change at warp speed. Your market doesn’t look like it did last year, or even six months ago. Have there been significant trends or regulatory changes, new competitors in the marketplace?
- Your company has developed something that wasn’t covered in the original business plan, like a new product or service offering.
- New management. Not all executives may share the same vision for your business.
- Financial situation. Perhaps you have unexpected profit/loss. Time to readjust.