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Time to review your business plan

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Friday April 29, 2011 at 10:00am
Most businesses create a business 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 this year. But as we enter the 2nd quarter of 2011, how many business owners have reviewed the business plan and where necessary updated it. Every well managed business prepares monthly accounts, but what about a monthly or even quarterly update to the firm’s strategic plan?

Reviewing and updating your plan ensures that the business’s long term goals don’t get overtaken by day to day pressures and priorities. A review will allow management to consider new goals and track performance against pre-set objectives.

One concept worth considering when updating the plan is the possibility of expanding the business. Expanding the business may not necessarily involve taking over competitors or hiring in more staff. It could just as easily involve introducing more products and services, going national/international or simply beginning to target new market segments.

No business plan is ever final or finished. The world of business is constantly evolving as markets grow, currencies fluctuate and supply/demand levels change. As a result, updating the business plan is an ongoing function of management. Sometimes getting external help, to instil the discipline of writing a plan and reviewing it regularly can be invaluable. It’s a service we offer to our clients that they find particularly valuable.

Andy Parker
Chartered Accountant Birmingham

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