Published on 09/11/2019 by Any Business.Com.Au

As your business evolves so should your business plan

If you currently own and are running a business then you've most likely got a business plan - right?

While it's important you have a business plan once you begin or buy your own business, it's imperative that you also update it as your business develops.

Check out our tips for keeping your business on the right track as it evolves.

Keep researching

It's difficult to understand your business without also having knowledge of your market, customers and competitors.

Research can help you develop goals and targets, as well as a better understanding of where your business should be heading. It's important to make sure your research is up-to-date and accurate if you ever plan to present to lenders/investors as market conditions can change over time.

Continuously set goals

Work out what you want to achieve in business before you get into the details. Even if you've already done this in the past, it's useful to see if these goals still reflect your current business.

Update your finances

Lenders and investors need to know your finances are in order and your business is in a strong financial position.

Both lenders and investors will want to know how much money you currently have, how much money you need and how much you expect to make in the near future.

While a little bit of extra funding will help you ensure you are covered for unexpected costs, be realistic and avoid asking for more than you need.

Generally, lenders require a set of financial statements for the last three years (if available), as well as projected figures for the term of a loan. Your cash flow projections will also be useful in helping you determine how much money you need.

Include a summary of current and future profit projections

Summarise the main points of your business plan in no longer than a page. The summary should include details about your business, market, goals, current financial position, how much finance you're seeking and what it will achieve - it's important to forecast what your business will achieve in the short and long term.

Present it well

Your business plan needs to make a good impression, so keep the language and presentation professional.

It's sensible to ask a number of impartial people to proofread your plan to check that it makes business sense and ensure there are no errors.

Keep your old copy

The evolving nature of a business means that your plan should be reviewed every three months.

It's a good idea to keep a record of each version as they may contain some important historical information as well as your intellectual property.

Get some help

If you aren't confident in completing the plan yourself, there are professionals who can look through your plan and provide you with advice.

If you've already prepared a plan, consider looking at it again from the perspective of your lender or investor.

AnyBusiness.com.au

Curtis is a leading expert in the business-for-sale industry, serving as a senior content creator at anybusiness.com.au.

With a career spanning over fifteen years, Curtis has accumulated extensive knowledge in the domain of business sales, acquisitions, and valuations. His deep understanding of market dynamics and his ability to translate complex industry jargon into accessible insights make him a trusted resource for entrepreneurs and business owners looking to buy or sell businesses.

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