How Often Should a Business Plan be Updated?
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.
Principal at Paper Butterfly Forge LLC
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.
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