When and Why Do You Need Business Plan Review?
Any business, organization, or team’s business plan is a written and well-discussed document that explains the objectives, activities, and framework to be used for achieving any company or team’s main goal. Any good and effective business plan includes the summary, strategy, planning, and budget of each of its main tasks. Such plans should be suitably detailed, free from any vague statements, and easy to understand.
Although such plans are vital for any business, their importance supersedes anything else for any new business. Even if a company decides to move in a new or different direction than before, it requires an entirely new plan. As the market demands, economic, political, and financial environment change with time, any plan should be re-analyzed accordingly. Any business plan is only effective if it is up to date. Before throwing light on how early or late, you will review the business plan. Let’s discuss why you should review the ongoing Business plan.
Why Does The Business Plan Need To Be Reviewed?
1- If you have doubts or want to be sure of how effectively your business is performing.
2- To ensure the business is getting the highest possible benefit and the market opportunities are available as much as possible.
3- To ensure that your working plan is up to date and accurately meets all the recent demands.
4- To be certain that business is moving in the desired direction according to the plan.
5- To make amends for unresponsive and undesired business to the desired market.
Such assessment is only possible with knowing what you want, so if you are unsure, hire an experienced person or re-evaluate your goals.
When a business plan is set, its goals and objectives are decided and available in written form. You have to re-read all those points, and if your quantitative and qualitative analysis confirms that the set goal is well-met, you might not need to rearrange or redo your business plan. If the desired market (at the time of writing that plan) or the new market (consider new market demands if there has been any change since then) responds to the services or products as the company desired them to, then your plan needs no upgrades and vice versa.
Suppose your initial business plan was to attract 25% more customers each month, increase the profit by 50% each month, launch new products every 3-4 months, and increase responsibility on the marketing platform by at least 60%. If all or any of these standards still need to be met, you should carefully consider your business plan again.
You and your team need a new business plan to stay motivated and gain advantages.
Why does your Team Need You To Review Your Plan?
Any business plan is developed for a company to achieve its goals, but the team members lead the company to that goal. You should review your project not only for your company but also for your team. Such analysis will let you know if some of your team members are given more or less responsibilities than their capabilities and what they deserve.
Your team members have valuable suggestions for your company or business growth as they have been observing part of it during the whole process.
They might need new resources to perform their duties or new and more effective training in certain areas.
Depending on their condition, they might require any specific support or special favor (like the new plan might require new trainee hiring, any back-to-work program changes, or any further relaxation in disability, maternity, or foreign leave).
They might elaborate better in person than on how you can support their career aspirations.
Even if you think you have a dream team and your progress is going more than awesome, it is always good to have such meetings with your team occasionally (try group and individual discussions both from time to time).
Now comes a tricky question, and its answer undoubtedly depends on different business progresses, but here is an idea.
When Do You Need To Review Your Business Plan?
You should review your plan for a year at least if:
There has been no (or only a small) triggering external event related to the market, supply chain, regulations, and competition.
Process/ system, product, services, employee growth, and business growth are almost the same or satisfactory enough.
Review Your Business Plan Every Six Months If:
The market faces new situations every once in a while, like Coronavirus (Covid-19) outbreak situation.
You have launched a new product.
Your competitors have launched a new or better product.
Your products or services have been the same for a long time (and market responses are not growing).
You also need to upgrade your plan if your team is losing interest in it. It would be helpful if you occasionally involved your team and different employees in the process. It will give you out of the box perspective. While small-scale reviews in tough times like early coronavirus disease or launching a new and innovative product are also recommended, sudden or planned small talks with the team count as an additional benefit. Don’t forget that updating an existing business plan is for the good of your company and its employees, while it is more fun than writing a new one.
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