• conextnow

New Year, New You, New Business Plan

Updated: Dec 26, 2018

Happy New Year! It’s time to make some New Years’ Resolutions! But let’s make sure they aren’t the “I’m going to go to the gym every day from here on out even though I haven’t been to a gym in eight years” variety. Here’s part one of an on-going series where we’ll explore the types of New Years’ Resolutions you should be making for your #business – and the ways you can make sure you stick to them.

This week’s Resolution: Take a look at your business plan!

For established business owners and entrepreneurs, reviewing and revising your business plan is probably already routine, but someone newer to the industry might not realize how important such a menial task could be.

Knowing who you are, what you do and how you want to do it is the first step to being successful.

It’s also important to make sure that your business plan still reflects reality. Oftentimes, as businesses grow and change and the environment of the industry progresses, certain ideas and concepts that were initially important to your business become obsolete. Make sure your #business plan still makes sense for what you do and where you are as a business.

A #business plan is sort of like having a resume. On the typical day, it’s completely irrelevant, and revising it can seem like a chore. But, similarly to a resume, you never know when you might need it. When you do need it, you don’t want to have to waste time rushing through revising it and updating it since you haven’t touched it since before you started your business!

You’ll be surprised how often an updated and accurate business plan will come in handy as your #network expands. Plus, each time you write one, you get better at it. You don’t want to embarrass yourself to a business partner or potential investor by presenting a business plan that represents your thoughts, concept and writing ability as of fifteen years ago, do you?

Another reason to crack open your business plan to start the year is to force you to look at what happened over the course of the previous year. It’s a readymade checklist of goals and objectives and a way to refocus you and your business after a busy year. Ask yourself:

  • What are your core objectives?

  • Were you able to meet them in the previous year? If not, did you fall short, or did the objectives evolve?

Taking a look at your business plan gives you a chance to hold fine print of your business up to the light and analyze it. That can help you have a better idea of what needs to be done or what needs to change. You might stumble upon a strength of your business you hadn’t really considered yet!

It’s okay if your business plan changes, as every business, large and small, adapts and evolves. It’s important to adjust your business plan accordingly on a routine basis so that anyone (including you!) can know where your business stands.

If you feel nervous about whether or not your business plan is up to snuff, there are plenty of online tools and guides that can help you write up a fresh business plan or revise an existing one. Take a look at your business plan and make it part of a New Years tradition to review and revise it each year. It’s one small thing that can make a different down the line for you and your small business.

Make sure you tune in next week for more Business New Year’s Resolutions! Let us know if this was helpful or if there’s anything in particular you want us to talk about!

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