June 30, 2015

Updating Business Plans

Growing Your Business

The decision to grow your business will typically follow a consecutive number of successful or profitable years, proving there is demand for your product or service. To ensure your readiness for expansion, you will  need to update your original Business Plan.

According to RBC, your Business Plan could include these parts:

  • Business summary
  • Support team
  • Business environment
  • Marketing plan
  • Operations
  • Finances
  • Risks

Updating Business Plans

Managing and running your business requires goal setting, following the money as you pay suppliers and collect payment from customers on time, staying ahead of the competition, motivating staff, clear communication – both internally and externally through network and marketing channels, financial analysis, and leadership. These priorities become even more critical with the decision to grow the business.

Updating your Business Plan will ensure you have taken into consideration all influencing factors including customer expectations, especially given the impact technology may be having on the purchasing behaviours of your target clients. Incorporate market research into your Plan using online channels, seminars and industry events. All these sources will provide a wealth of knowledge and expose you to helpful experiences and insights to inform your approach.

Think of your Business Plan as a living document, keeping it current and up to date as new information becomes available. This will help you to remain better prepared to respond quickly to the needs of the business including access to financing.

This is intended as general information only and is not to be relied upon as constituting legal or other professional advice.

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