As an internal document, it cannot be overemphasized that business planning is an ongoing process.  Updating your business plan regularly is an absolute must if you intend to stay in business and be profitable.  One of the biggest mistakes entrepreneurs make in preparing a business plan is neglecting to update or revise it on a regular basis. 
 
Because changes in your business and its industry occur frequently, it’s important that your business plan reflects these changes as they affect your business.  This includes:

1. Trends in the industry;
2. Relevant laws and regulations;
   
3. Financial status of your company;
   
4. Technology;
   
5. Management techniques;
   
6. Addressing new and current ustomer needs, and most important;
   
7. New or obsolete products/services.
   

In making the update of your business plan a priority, set aside time each month or each quarter and force yourself to make revisions.  This practice can easily become a habit and help keep your business organized and your business plan current and relevant.


Excerpted from, "The Start of Something BIG: Your Ultimate Guide to Writing a Dynamic Business Plan."

As the owner, you should know more about your business than anyone else on the planet.  Whether you hire a consultant or write it yourself, your completed business plan will tell you specifically and in great detail:

1.   what products/services you will offer and at what price;
2.  what problems do your products/services solve or what purpose do they serve;
3.   how will products/services be manufactured/produced;
4.   who your customers are and how you will market to them;
5.   what your customers’ needs are and how they’re currently being met;
6.   how your products/services can better meet customer needs;
7.   what your manpower needs will be;
8.   what your initial investment should be;
9.   how much money you will need invested or borrowed, how it will be repaid and what will be the return on investment;
10.  whether the company has met sales and performance expectations as planned;
11.  how the business will be scaled;
12.   what new products/services will be introduced and when;
13.  as products/services expand, who will be the new customers;
14.  how will new products/services be priced;
15.  where your business is headed and how it’ll get there;
16.  what to do in the event the business needs to be transferred, sold or closed;
17.  what to do in the event of a catastrophe or emergency;
18.  whether this type of business is sustainable;
19.  what metrics will be used to measure success; and
20.  what is considered success.

Excerpted from, "The Start of Something BIG: Your Ultimate Guide to Writing a Dynamic Business Plan."

Some entrepreneurs go into business and ironically are very successful for many years without ever having written a business plan.  Others who take that same route are not so fortunate.  There are numerous reasons entrepreneurs neglect to write a business plan to include, but not limited, to:

1. not taking the time because they are so immersed in the day-to-day operations of their businesses;
   
2. lack of expertise or confidence in writing business plans;
   
3. not wanting to put their ideas in writing for fear someone may take and replicate them; 
   
4. not understanding that the business plan is a valuable tool; and
   
5. simply putting it off and not making their planning a company priority (e.g., borrowing money or seeking investors).
   

Whether you write your business plan yourself or hire someone to do it for you, having one and updating it on a regular basis, can keep you organized and abreast of whether your business is on track for success.

Excerpted from, "The Start of Something BIG: Your Ultimate Guide to Writing a Dynamic Business Plan."