Insureon Blog

Is It Time to Update Your Business Plan?

28. January 2013 13:26
small business plan

By Rieva Lesonsky

Does your business look and feel as it did when you first opened its doors? Has the business mission or purpose changed? For many small-business owners, their companies no longer resemble the concept they laid out in their initial business plan. The economy, technology, and trends are constantly evolving and if you want your business to survive, you have to adapt along with the marketplace and its fluctuating demands.

Now is the perfect time to pull that obsolete business plan out of your file drawer, dust it off, and take a fresh look. Here are some areas that most likely need updating:

Just as your small business grows, adapts, and changes with the times, your business plan is constantly evolving and should be updated to reflect these changes. With an up-to-date business plan in place, you’ll have everything you need should you, for example, apply for financing or bring on a new partner.

Rieva Lesonsky is CEO of GrowBiz Media, a media and custom content company focusing on small business and entrepreneurship. Follow Rieva at Twitter.com/Rieva and visit her website, SmallBizDaily.com, to get the scoop on business trends and sign up for Rieva’s free TrendCast reports.

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