Chapter 18
Ten (Or So) Signs That Your Business Plan Needs Refreshing — or Worse
IN THIS CHAPTER
Recognizing a stale plan
Revising your plan when the business environment changes
Avoiding growing pains
How often should you review your business plan? This is going to depend on your own situation and degree of confidence in what you’re doing. We know of some business leaders who literally have a copy of the plan with them constantly, checking in with it as they assess the changes around them. These people tend to be in markets that are undergoing constant disruption due to technology or other transformative factors. But for others, a revisit to the business plan perhaps once a year seems to do the trick. This schedule is appropriate for firms in industries that are more stable, and its purpose is similar to an annual checkup at the doctor’s office — a proactive review to ensure that all’s going as planned and the firm is remaining aligned with its goals and objectives.
You’re probably somewhere in between these two extremes. Regardless, at some point you definitely need to upload the document and give it a good look-see. Here are ten (or so) warning signs that your business plan ...