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Your business plan offers an exciting and unique platform to tell your company’s story. By rewriting your business plan, you are able to address developments and highlight recent innovations.
New business plans aren’t just for new businesses. Established companies can benefit from the opportunity to contemplate past successes (and failures) and focus attention on the future. If your company has reached one of these milestones, it might be time to think about rejuvenating your business plan.
>Check the Calendar. Some businesses make it a habit to update their plans on a regular basis—quarterly, annually, or every five years. This is a great method for orienting your business toward innovation.
>Feeling a Push. Are you looking for a new round of financing? Has a new competitor come on the scene and threatened your market share? Have you seen your clients’ wants and needs shift suddenly or over time? If so, it’s likely time to reevaluate your plan.
>Show off your achievements. Have you invented new technology? Hired new senior managers? Made a foray into international markets? Reached a nice round number—$10 million in sales, 100 employees on staff—for the first time? Highlight your successes and chart a path for the future.
Here’s the good news: It’s easier to edit an existing business plan than to create a brand new document. Most of your initial research, spreadsheets, and data are still usable—so you can tweak your message for what’s next.