Too often, a business plan is created as an administrative exercise or a way to woo potential investors—and then promptly ignored. This leads many company owners to fly by the seat of their pants instead of following an intelligent design that will help them build and manage their businesses.
Business planning should be undertaken to figure out exactly how to go from point A to point B with maximum efficiency. These plans should constantly be reviewed and compared to the existing scene to ensure that the business is on the right path.
There are many times when business plans may need a tune-up. These include:
- During an annual review
- In the event of slow growth — or none
- At a time of operational difficulties
- If projections are markedly off
- When new technology becomes available that can impact operations, such as social networking or cloud computing
- Whenever a merger or expansion is being considered
Also, you should consider a business plan tune-up when the economy takes a downturn. Recessions can force drastic changes on a company’s operations as suppliers and customers dry up. At such times, it can be disastrous to continue operating in a vastly different environment using an old plan.
Business planning helps employees understand the mission of an organization and the importance of their roles, and they should be invited to participate wherever possible. If your existing business plan was a solo effort, engaging the services of a professional firm to help bridge communications between you and your employees might prove fruitful. In this way, the business plan can be tuned up together. Employees will then feel more personal responsibility and a greater sense of ownership.
NetPlus Consulting, Inc. is always ready to discuss your business planning needs, and to provide professional guidance that will help improve your bottom line. Please contact us to set up a free consultation today.