Regularly review your business plan
If you have a business plan then presumably you have a vision of where you would like your business to be in five to ten years.
But how will you know when you actually get there? How do you plan to get from where you are today to where you want to be? In fact, do you know where you are today and how you got there?
A business plan is never cast in cement. The only way you can remain in control of your business’ s future is by regularly reviewing your business plan.
Your business plan should contain your vision, goals and actionable strategies, so it’s important that you refer back to your plan to measure your success.
On reviewing the plan you should ask yourself :
- Have you achieved our initial vision and does it still reflect the core capabilities of the business?
- Have you successfully achieved your goals and what new goals should be set?
- What strategies have been effective and what hasn’t?
- Is the business meeting your expectations, both financially and professionally?
The review process can be short and simple or more intensive depending on your business’s size and complexity.
If you don’t already have a business plan, then here is quick checklist of what your business plan should identify the following:
- Business Summary
- Business Goals & Objectives.
- Organisational Structure
- Products & Services
- Key Suppliers & Customers
- Business Asset Requirements
- Organisational Resources
- Risk Management Strategies
- Market Analysis & Strategy
- Financial Analysis & Forecast.
PPT can assist you with business planning and financial analysis. To discuss your planning requirements speak with your PPT representative or call our office on (03) 5331 3711.
DISCLAIMER: The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.
