May 4-8 is National Small Business Week, which is definitely worth celebrating because the small business sector makes up more than 65% of our nation’s employment base
. So to fuel your entrepreneurial spirit, take out your current business plan
and ask yourself some key questions to make sure you’re still on track. Has your business model remained the same as when you first started? Have changes in the economy caused a change in your business? Have you changed your branding strategy, marketing strategy, vision, projections, etc..?
Keeping Up with Your Plan
Even if your business is running smooth, it’s a good idea to review your plan annually and make updates as needed, then evaluate at least every six months. You may want to do this even more frequently if your business is experiencing environmental changes
- An economical shift resulting in a recession, inflation or change in unemployment rates;
- Loss of a major vendor or partner;
- A new competitor who has entered or left your market;
- Payments you can no longer afford;
- Loss of a key employee; and/or
- The need for additional funding for a new product or service
Change is OK
A major change, such as a new and more desirable technology, might impact your business at any time. Be prepared to update your plan to adapt to these changes so that your business remains relevant. Remember, change is inevitable, so it’s best to embrace it rather than ignore it. Business plans are important for internal change, too. Besides being a historical document, a business plan will aid in succession planning to ensure smooth transitions and ongoing operations.
A good way to update your plan is by meeting with your financial team, including your lender, accountant, and any other advisors, to review it and look for opportunities to improve your operations in the short term and strategies for the longer term.
To learn more about conducting a business plan health check up, check out Greater Nevada’s Business Resources
area or speak with one of our Business Services Specialists