Focus on these 3 areas when updating your business plan
If it’s been more than a year since you’ve reviewed your business plan, it’s likely time for an update.
If it’s been more than a year since you’ve reviewed your business plan, it’s likely time for an update. After all, a lot can change in a year. A new competitor may have emerged, your solo venture might be ready for a new hire or you may want to take advantage of a growth opportunity.
Laying out your goals for the year ahead and how you’ll achieve them is essential to take your business to new heights. You can simplify the process by honing in on these three strategic areas: hiring, financing, and staying competitive.
A small business needs a solid team to support its continued growth. As a first step, look at which roles need to be filled in the short and long term. Then take action to recruit top talent:
You may dream of opening a second location, investing in new technology, or expanding to new markets. You’ll likely need funding to scale your business – and a current business plan to convince a lender to lend you money.
Start by talking with your financial institution about your plans. Have a conversation with your banker to share your intentions and then let him or her think about how best to support your business with available financial resources.
Taking on an investor is another option for small businesses with plans for rapid expansion. In 2014 Canadian angels invested on average $1.2 million per deal. Visit the National Angel Capital Organization website and check out their entrepreneur resources, including an angel member directory and funding portal.
As you review your business plan, take a look at how you can fine tune your strategies for long-term profitability:
Follow these tips to keep your business plan up to date and enjoy a successful year of growth. Refer to it often so you stay on track with your plans. It’s the best approach to take your business exactly where you want to go.