How to Update your Business Plan 

How To Update Your Business Plan

A business plan is a formal written document containing business goals, how the goals will be attained, and the time frame these goals will be achieved. Every so often, you should update these documents to continue setting strategies and objectives. At K2 Analytics, we believe that by updating your business plan, you are constantly keeping track of where you are and the steps you need to take to achieve your goals.

Update your business plan so that they evolve with your company as well as to renew your drive and focus

Celebrate milestones

An important way to get excited about the future of your company and the successes of the business is by celebrating the milestones. Knowing you have succeeded with your goals and hit the mark on your personal goals is a big deal and should be celebrated along the way. Once goals have been met, update them on your business plan. Also, comparing what milestone you have achieved since the last version is a great way to see how far you’ve come in your business.

Keep up with changes

Once your initial business plan has been made, be open to possible changes. You may consider new factors you hadn’t originally considered. For example, your target audience might change or a new strength came into play that will help you achieve your goals.

Financial predictions

When updating your business plan, do not just use the results of the past year as a base in developing financial predictions, but the past months as well. As you, your company, or your team start to execute with real figures it becomes easier to understand the cash flow and make future predictions. Once the financials of the business plan have been updated, it is important to keep everyone on the same page.

Competition

Your competition in the market is always changing. Because of this, your business plan should also be changing. Informing any managers or investors of your business plan, or the changes in the competition is a great way to adapt accordingly.

Update the team

Since your business is always growing and changing, it is important to update the information about the team. Any changes in the company such as new management, positions, who have stayed or left, etc. should be updated in the business plan as well as on your company’s updated website.

Ask yourself questions

Keep your business plan alive by always asking yourself questions and leaving room to grow. Some good questions to ask yourself are:

• What worked in the last quarter?
• Why do you think that things worked or didn’t work?
• What can be changed?
• Where do you see your business in a month, two months, a year?
• What goals would you like your business to reach in the next few months?

Keep it simple

Your updated business plan is just that, an update. Once the initial business plan has been written, do not go crazy making a lot of changes. Update accordingly and stay smart about what to add and let go. Add documents to the plan, but keep it simple and easy to read. Anything that begins to look like a textbook will become overwhelming and you will lose motivation.