08/11/2022 | News release | Distributed by Public on 08/11/2022 11:52
When you first started your business, you likely created a business plan that outlined your company's needs, goals, strengths and challenges, as well as how it would progress over the coming years. Often overlooked is the importance of evaluating your plan periodically - quarterly, annually, every couple of years, or as needed - and revising it to reflect your business's changing needs and environment. This is especially critical during times of drastic change.
If you haven't reviewed your plan for some time now, or if you suddenly feel your business's environment, challenges, or needs have changed, ask yourself these guiding questions to determine changes you should document in your business plan.
Guiding questions for evaluating your business plan
First, read your entire business plan and make any immediate, obvious changes. Then challenge yourself with the following questions to dig deeper into additional adjustments you should make to your goals, team structure, marketing strategy and more.
Periodically reviewing your business plan and making changes based on your answers to these questions will keep your business plan relevant as time goes on. Remember, a business plan should be a living document; businesses and environments evolve, and your plan should reflect those changes.
Resources for creating and evaluating your business plan
When you're making changes to your business plan, it's always good to seek outside advice. That could be an experienced business person, a CPA, an attorney, a banker or an agency designed to help small businesses develop, including:
If it's been some time since you last reviewed your business plan, block off some time on your schedule to go through our list of guiding questions to reevaluate your plan. Create reminders to do this quarterly or annually.
Chad Solberg currently serves as VP, Business Banking Manager, and oversees a team of dedicated business bankers. He joined Bankers Trust in May 2013 bringing 15 years of banking and finance experience.