To the blog for small and medium sized business (SME) owners.

Sunday, September 23, 2007

Post Business Plan Preparation - What Next?

After you have prepared your business plan, what do you do with it?

Some business owners may file the business plan away, others correctly use it in the management of the business.

The purpose of the business plan is for it not only to be a 'live' document that is updated to reflect changes in the business, but also to be a target against which actual results (financial and non financial) are measured. If the business is well controlled any changes to the business plan should be minor and reflect on going operational changes in the business. Should a complete re-write of the plan be necessary, it may be indicative that controls within the business are inadequate.

Tips: Take control of your business, review your business plan regularly and update as necessary.

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