Jamesons blog
Is your business plan up to date?
Most businesses create a plan at the start of each year which outlines where the business is today, what happened last year and where they want to be at the end of the year. As we approach the end of Quarter 4 of 2011, it is time to pull out the business plan and update it. Every business prepares monthly accounts, but what about a monthly or even quarterly update to the firm’s strategic plan?
Constantly updating your business plan ensures that your long term plan is always up to date and can be adapted as new issues arise. Furthermore, it ensures that those in management are always creating new goals and objectives which can be managed and tracked.
Is it time to expand your business? This may not necessarily involve hiring more staff or taking over competitors. It could just as easily involve the introduction of more products and services, making your business national/international or simply beginning to target new market segments.
The important thing to remember when updating your plan is the fact that it will never be final or finished. The world of business is constantly evolving as markets grow, currencies fluctuate and supply/demand levels change. As a result, your business plan is an ongoing exercise.
By constantly re-evaluating your plan, your business is acting and thinking proactively rather than waiting for something to happen in the market. This will ensure that the business is prepared to adapt when changes in the market do occur.
Business planning forms the cornerstone of our recently launched Business Advisory Service. Contact Alan Brown for details of how this can benefit your business.
Simon Garner
