How Often Should a Business Plan be Updated?

Posted on May 14, 2015 By

Business plans are just for applying for loans or to entice investors.  Business plans help focus and distill the business’s focus and investments.  A wise business leader will:

  • Update the Business Plan each year.
  • Determine which business lines are the most profitable.
  • Determine which business products are the most active.
  • Examine whether advertising is bringing in customers and revenue.  Reevaluate the marketing and advertising budget.
  • Determine if the cost of good sold or cost of services has changed.  If it has changed, why and are those trends expected to continue?
  • SWOT analysis to determine marketplace competitors.
  • Determine if the current rates of return are profitable. Not all businesses are as profitable as they could be.
Laura Dodson
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Laura Dodson

Laura Dodson, CPA is a Seattle Financial Planning & Analysis consultant.She has attended Western Washington University, Pierce College and Bates Technical College. She has written four accounting instructional books. She has worked for small family businesses, mid-sized businesses and a Fortune 500 company.She founded and operated Blue Stone Accounting LLC for five years.She currently runs Paper Butterfly Forge LLC.
Laura Dodson
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