As your business grows or your situation changes, planning will become a continuous and regular activity that will assists to realign and drive your business forward.

A business plan is an essential tool to ensure that the resources and assets of a business are strategically applied and act as a blueprint for success and sustainability. It keeps you focused and assists with compliance, best business practice, implementation of new directions, changes in technology and introducing new product lines or services to your existing business model. A business plan establishes a standard or benchmark for the business that must be revised regularly and refined.

3 Key questions to ask in your review are:

Where am I now? Where do I want to be How will I get there? The big question though is what do I want the business to look like in 2 v’s 5 years?

8 Tips on what to review in your business plan:

Reflect on the economy and growth or decline predictions for the year ahead Consider industry trends and new technology advancements that may be beneficial to your businesses growth Has the information in your SWOT Analysis (strengths, weaknesses, opportunities and threats) changed? Reassess your competitors and identify any new emerging threats Analyse how you preformed against last years business plan Did your planned promotional and marketing activities provide you with the expected targeted return on your investment and if not what new strategies will be implemented in the year to come? Are your business objectives still the same? What services / products performed well and which ones didn’t, why? How can you innovate your business or improve your systems and processes? Evaluate the performance of your staff over the past year Analysis and update your financial records Are you still meeting all compliance and legislative requirements What gaps are still incomplete or need adding and prioritizing on your action plan Do you need to undergo any further training courses to keep skills up to date