11 Skills That Will Make You Super Successful How to Build a Startup Business From Scratch in 2017 The Founder of Bumble Reveals How the ' Question of Nine' Can Help You Stay Focused Man Fined ,000 for ' Liking' Facebook Comments How Small-Business Owners Can Patent a Great Idea , the staff of Entrepreneur Media offer an in-depth understanding of what’s essential to any business plan, what’s appropriate for your venture, and what it takes to ensure success.
In this edited excerpt, the authors offer eight reasons why updating your business plan is crucial to the success of your business.
Writing a business plan is one of those skills that improve with practice.
The first one or two times you create a plan you may feel a little unsure of yourself and even less certain that what you’re doing has value.
Even if you've already done this in the past, it's useful to see if these goals still reflect your current business.
Lenders and investors need to know your finances are in order and your business is in a strong financial position.
It takes time, research and careful preparation to develop an impressive plan that can sway investors and lenders.
It's difficult to understand your business without also having knowledge of your market, customers and competitors.
Your cash flow projections will also be useful in helping you determine how much money you need.
If you go on to start several ventures during your career, you’ll naturally write several business plans, and each one will be better than the last.
It’s likely as well that with better planning skills will come improved business skills, boosting the odds that each successive company you start will do better than the previous one.
Do I need an updated plan for my team to use as our roadmap over the next few years?
Or, do I need to update my plan because it's covered in dust!