The evaluation and review of your strategic plan is an opportunity to take a step back, assess and evaluate the state of your business and industry, and re‑align your vision, goals, priorities and action plan.
With your management team, you need to decide how and when your strategic plan will be reviewed and what information you will need to do so.
We’ve talked recently about how to put together your business plan when first starting out as the owner of a company.
But what if you’ve been a company owner for some time, or for over a year, how often should you update your business plan and how do you go about it successfully?
The starting sales plan The example begins in this first illustration with the sales forecast imported from a finished business plan, developed in Business Plan Pro.
A living and breathing document, which you have written as a plan for your business, will provide you with the guidelines with which to evolve and grow as a company.
Prescription for live planning After your plan starts, save a copy of your plan in Business Plan Pro and then type actual results into the sales forecast, profit and loss, and milestones Actual tables. Note when actual results indicate you need to make changes.
Stay in the Business Plan Pro Actual mode and make adjustments to future months of your Actual cash plan.
Although changes should be made only with good reason, don’t be afraid to update your plan and keep it alive.
Business Plan Pro Premier has Planned, Actual and Variance tables, complete with linked formulas, to facilitate active cash flow analysis.