When it comes to a business plan, there are several misconceptions. First, some believe writing a business plan is a fairly simple exercise, only to find out that it’s not. It takes a special skill set to sculpt a compelling, yet strategic, business narrative that appeals to a range of readers. Next, you have that segment of would-be entrepreneurs who think a business plan is just a few sheets of unnecessary fluff and big words. Nothing could be further from the truth as a business plan, with all that fluff and all those big words is the first step to success, the first sign if you will that you’re committed.
While these are some of the most common, there is one that stands out in the crowd. The most common business plan misconception is that once you’ve written it you’re done. Nothing could be further from the truth. Here’s why.
It’s Alive
As long as your business is alive, so too is your business plan. Contrary to what many would have entrepreneurs think, a business plan is a living document. Your business changes so it stands to reason that your business plan will need to do the same. The strategies in your plan when you first entered the market may not work the same way they were intended when your business plan was written. Who you are as a company when you first walked into the bank or to sit with that VC, may not be who you are now that you’ve had the chance to actually operate. With that being the case, revisiting your plan annually should be one of your top priorities as a business owner.
Your Business Plan Helps Keep You Sharp
Updating your investor business plan on an ongoing basis helps you stay on your toes and keeps you abreast of everything going on in your industry. If your competition is doing something of note, different than you, updating your business plan will force you to strategize and address those areas. If there are trends and ideas that will impact your business, implementing those changes into your operation and noting them in your business plan allows you to stay on point as you work toward building your presence.
Maintaining Focus On Your Business’ Goals
When you commit to updating your business plan, you’re actually committing to your business. It forces you to focus on the good, the bad, and the ugly. You have no choice but to dig deep while taking a hard look at your successes and your failures. Most importantly of all, this exercise gives you a chance to re-focus, move forward, and continue making your mark in the business world.
Running A Business Needs Commitment
Successful businesses from all over the world are successes because they’re willing to do the things others aren’t. Revisiting their business plans annually is one of those things. You can’t afford to remain stagnant and operate based purely on the assumptions of yesterday or years past. No, if you’re going to be the type of business that wins on an ongoing basis, you must commit to doing the small things; the things others aren’t doing and that includes making annual adjustments to your business plan.
Get The Perfect Business Plan Today
The end of the year is just around the corner and entrepreneurs all over the world are prepping for the new year. Part of this prep process includes reviewing, revising, or creating a business plan. If this sounds like you, the professionals at The Coley Group welcome the opportunity to provide service. Our team can review your business plan, make recommendations based on where you are and help get you to where you want to be. If you’re a new operation or startup, we can develop a plan from scratch that sets you on a path to success! We’d love to work with you so please, reach out to us today!
