How Often Should You Update Your Business Plan?

Southern California business attorneys can provide you with assistance in determining how frequently a business plan needs to be updated. Companies should have a comprehensive business plan both when they first start operating and once they are established. This business plan can be used to help set goals, resolve disputes, and ensure that the company is on track to remain successful.

Brown & Charbonneau, LLP can assist with the creation of your initial business plan so you are prepared and ready to start your company and build a successful business. We can also provide you with assistance making periodic updates to your business plan as needed. Not only can we guide you through the actual updating process, but we can also give you insight and advice as to how frequently you should update your plan.

How Often Should You Update Your Business Plan?

Entrepreneur.com recommends that you do a thorough update to your business plan at least once annually. This big update to your plan should include a review of your value proposition; a look at new market segmentations; and a look at the larger potential market for whom your products or services could provide a solution.

You can also do a monthly update, which involves reviewing the difference between the actual results you achieved over the course of the month and the planned results you had hoped to achieve. This update of your plans does not need to be as comprehensive or as detailed as your annual update. The goal is simply to see how you are doing with achieving your objectives and to make any necessary adjustments going forward during the rest of the year.

When major changes occur at your company or in your industry, this is also a good time to update your business plan. Your plan needs to reflect the current situation and it needs to be relevant within the current business landscape that you are operating in. If something major has changed, it is essential that you make an update to your business plan to accommodate that shift.

Why is it Important to Keep Your Business Plan Updated?

Keeping your business plan updated is vital because no company can succeed unless it stays current with the times and unless it evolves. The goals that you have for your organization will be different when you first get started than the goals you have once your organization is already underway. You want your plan to reflect the latest goals that you hope your company will accomplish so you have clear and measurable objectives to work towards.

Updating your business plan regularly can help you to ensure that you and your partners or co-owners are on the same page if there are multiple owners of your company. Sitting down together to update your plans and make any necessary changes ensures that you still have a shared vision and are making company decisions with that vision in mind.

Keeping your plans updated also allows you to adjust to any changes in the law or market conditions that could affect profitability; helps you to identify new competitors and new potential sources of business; and allows you to see how your company is progressing with enhancing profitability over time.

These are just a few of the many reasons why updates to a business plan are so essential for any organization. It is up to you to keep your business plan current and comprehensive, but our legal team can help you with this process to make it easy.

Getting Help from Expert Business Law Attorneys

Working with California business attorneys to keep your plan updated is a smart choice. You want to ensure you update your plans periodically to address legal and regulatory changes, as well as to make certain your company is continuing to make the choices necessary for success.

Your attorney can advise you on when laws or regulations may affect your organization and can help you to ensure you always have a comprehensive business plan aimed at achieving your latest goals.

Brown & Charbonneau, LLP has extensive experience helping companies with the business planning process. Whether your company is just getting off the ground or you have an established business that you want to ensure keeps growing and thriving, our legal team can bring our expertise, business knowledge, and legal knowledge to the table to help you make the plans you need.

Give us a call at 866-237-8129 or contact us online today to find out more about the ways in which our legal team can help you.