No matter what industry your business is in, having a business plan is absolutely crucial to ensure you’re heading in the right direction. However, it’s easy for business plans to fall by the wayside and become outdated.
You’re launching something new
Every business needs to expand and innovate to continue to offer something worthwhile to their customers. If you’re launching a new product or service, you’ll need to update your business plan to reflect this. Even if the launch was in the plan, you can never be quite sure what’s going to happen with it, so reviewing and updating your plan to make sure it reflects these new changes is vital.
Your competitors have changed
Over the course of your business life, it’s natural for your competitors to change! Perhaps there are new competitors on the scene to contend with, or maybe your existing ones have changed and evolved to offer something that you don’t. Whatever the situation is, you should be frequently reviewing your competitors and what they’re up to, and updating your business plan as a result.
You’re looking for new investment
If you’re looking for investment in your company, it’s absolutely vital that your business plan is completely up to date. Any potential investor will want to have a thorough look over it, so they know what’s going on and what exactly they would be investing in. Even if you’re not currently looking for investment, but think you might be in the future, it’s good to get into the habit of reviewing and updating your business plan regularly so that you are prepared.
Your target market has shifted
There are many reasons why your target market may change from what’s set out in your business plan. Perhaps your business is entering new markets. Or, maybe your customer base has just shifted and now you need to cater to different wants and needs. No matter the reason, a changing target market is one of the top reasons why you’d need to relook at your plan.
Overall, the need to update your business plan can arise for any number of reasons! And, even if your business isn’t currently experiencing the above changes, reviewing your plan regularly is a good habit to encourage. We have over 20 years of experience helping businesses to perform, and assisting with business plans is only part of this! If you’d like to discuss how your business could overcome challenges and thrive in 2021 and beyond, please get in touch today.
Book a free 20-minute consultation: www.tmdcoaching.co.uk/business-plan-writing-service
Contact details: www.tmdcoaching.co.uk Phone: 01737 237572