Why Maintaining a Business Plan is Important

Before you even begin to start your new business, a plan must be created for several reasons such as, investment opportunities, to keep your business on accountable and a list of true objectives.   A list of goals, whether quarterly, annually or weekly will keep your company in line, while an established mission statement will help you, your competitors and your employees understand the overall aim.

Though the initial reasons to implement a business plan are important enough, it can be beneficial to maintain and refer back to your plan, so you don’t lose sight of why you created the business in the first place.

In order to make your plan worth revisiting it should include the following from this checklist:

  • A summary of the business objectives, including dates, targets and goals
  • Financial information such as, predictions of gains and losses, forecasts of sales and cash flow and audited accounts
  • An exit-plan if your business has multiple owners and/or co-founders
  • A clear explanation of your business vision and mission statement
  • A clear analysis of your industry, including your target market and their buying habits, strategies for facing major competitors and a list of potential opportunities and threats
  • A description of your business model, benchmarks to keep you on track or to help you re-evaluate, a plan on how you’ll make money and stay in business and marketing strategies
  • A handbook for new employees that explains values
  • A description of the products and services you offer

 

What other bullets would you add to your business plan in order to make it successful?[bitsontherun gz2hkv1Q]

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Brian Sutter

Brian Sutter

Director of Marketing at Wasp Barcode
Brian Sutter is the Director of Marketing at Wasp, responsible for the development and execution of the company’s marketing strategy. His role encompasses brand management, direct and channel marketing, public relations, advertising, and social media. He also writes and speaks on topics related to helping small business owners grow their business and improve operational efficiency.
Brian Sutter
Brian Sutter