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Financial analysis should be ongoing in any business, but aside from those monthly balance sheets, take a look at your business plan.

Keeping your business plan current helps you update milestones, working capital, forecasts and assumptions, which helps you stay on track and plan ahead financially.

updating your business plan-53

This involves a periodic review of the plan to factor in actual business results, changing business environment, new competitors, and other factors.Have you left it to gather dust or have you taken the time to make it an ever-evolving document that you can refer to for future planning?A business plan can be a useful tool throughout the many stages of your business' lifecycle.When it comes to business plans, most entrepreneurs and small businesses focus on them in terms of starting up.While a well-crafted plan is essential for launching a new venture, many business owners fail to realize the value of updating their business plan on a regular basis.The timing and frequency of the updates should be considered.business plans, periodic review, revisions, keeping current, adjustments, timetable, dynamic document, interim review, updating, using the completed plan, planning a business, small business, home office, startup In order to benefit from using a written business plan, you must keep it current.It provides the baseline against which to measure your business's performance.It can help you anticipate the impact of changing market and economic conditions.Updating your business plan on a regular basis provides benefits to your business and creates value.Here is what an updated business plan does for you.Over the last few months, I’ve discussed a number of different ways you can set yourself up for success when writing a business plan.I’ve also looked at some of the common business plan mistakes, and how you can avoid them.Take a look at each section of your business plan and review it on a regular basis.Some of the sections that may be worth updating annually (or more frequently if necessary) are: Things can change quickly so having an updated business plan can help you be proactive rather than reactive.

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