When & Why to Review:

Business plans should be reviewed at least once a year, especially after initial start up and thereafter for general maintenance. 

When major changes occur at your company or in your industry, you may need to realign and incorporate adjustments. These can be a result of unforeseen challenges or faster and greater growth than originally anticipated. Regardless of the driver for change, reforecasting or outlining business changes ensures you maintain focus on key metrics that help you keep your finger on the pulse of your business plan. This also helps you monitor how well the objectives, goals, and strategies outlined in your plan are working. 

Let’s Break It Down:

What steps do you take to complete an annual review and update?

Some methods for completing an in-depth and thorough annual review of your business and your plan for successful operations are: 

 • Talk to your customers and potential customers

 • Check customer satisfaction, read reviews and extrapolate marketable strengths and areas of improvement to set goals for your business

 • Review opportunities for new market segmentation

 • Look at the larger potential market for the problems that need solutions

 • Complete a SWOT analysis (strengths, weaknesses, opportunities and threats)

 • Review you business financial statements

 • Review customer traction, cost to acquire, etc. 

 • Conduct staff performance reviews

 • Review market trends and factor in impact to your business for the coming year

 • Review your value proposition and assess your expectations

For a more in-depth look at how to strategically plan for your business, join us for our Be Better Platform: The Course, launching September 1st, 2020.

I hope to see you there,