Before a baseball game, coaches usually have an idea of how to win. They know their team’s strengths and weaknesses. They analyze data about their opponents and come up with strategies that give their team the upper hand. But as in sports, life often throws us curve balls. Entrepreneurs also have plans, but theirs relate to how they want to start, build, and maintain their commercial ventures. When business life changes, it becomes time to review your business plan to adapt to shifting situations.
Typical Sections in a Business Plan
Many plans contain the following sections:
- Executive summary, that could include your company’s mission statement.
- Company description.
- Market analysis.
- Organization and management, including the legal structure you plan to use.
- Products or services you will offer.
- Marketing and sales strategies.
- Funding request details.
Your business plan may differ. Some companies require an extensive plan, while others – especially start-ups – may be relatively simple.
Periodic Times to Review Your Business Plan
You might want to go ahead and schedule times to review your business plan. Some companies do this annually. Others prefer a shorter time frame. For example, Apple updates its business plan every 90 days.
The time you choose should suit your company’s needs. It’s suggested that companies be flexible about when to update plans because certain events might trigger an immediate review.
Current Market Changes
As you monitor your company’s progress and adherence to its business plan, you might notice industry-wide changes. For example, COVID-19 has dramatically altered the way many companies need to do business. If you are one of those companies, this might be a good time to review your business plan. Is it still relevant in today’s business world?
Potential Markets Open
On a positive note, as you adapt to current conditions you might notice that more markets are opening for you. If so, do you need to review your business plan to add new services or products?
Goals Have Changed
Generally, even without a pandemic, your company goals tend to evolve. The best time to review your business plan is before it becomes obsolete. Failing to roll with the proverbial punches could hold your company back.
Consider Legal Issues as You Review Your Business Plan
For example, maybe your company started out as a limited liability company, but it’s time to consider incorporating. You might find privacy laws complicated and challenging to understand but costly to ignore. If so, contact a Florida business lawyer for advice.
Attorney Richard Sierra at the Florida Small Business Center assists clients like you with business and litigation matters. As always, Our Goal Is to Help You Succeed™. For an appointment, you may call us at 1-866-842-5202 or use the contact form on our website. We represent clients throughout the State of Florida, including Coral Springs, Coconut Creek, Boca Raton, Delray Beach, Pompano Beach, Sunrise, Fort Lauderdale, Miami, West Palm Beach, Jupiter, Deerfield Beach, Stuart, Port St. Lucie, Orlando, Naples, Fort Myers, Sarasota, Tampa, and surrounding communities.