answersLogoWhite

0


Best Answer
Updating a Business Plan

All business plans should be regularly updated - whether weekly, monthly, semi-annually or annually. Every 8-10 months is what the experts recommend, as long as things have remained fairly stable. A business plan should always be updated when there are any major changes taking place. For instance, is there new, formidable competition? Is there heightened merger and acquisition activity in the marketplace? Are there new technologies that need to be accounted for? Another sign it's time for a tune-up is when major changes have or are occurring in the internal situation. The most obvious changes are transfer in ownership, which is usually the result of dissolving partnerships, divorce, deaths and investment; or on a more ominous note, when a company suffers significant declines in sales, profits and financial health. Short-term problems may require immediate revisions.

The reasons for updating a business plan should be pretty obvious. Business plans are full of specific dates, budgets, forecasts and management responsibilities, which all need to be reviewed and measured against actual results. From there, adjustments can be made. If certain projections turn out to be inaccurate, for example, you can modify your objectives and action plans to reflect the new developments. For investors, the business plan is what they buy into. It becomes the benchmark for accountability. They intend to hold management responsible for achieving the goals and objectives that are outlined in the plan.

The key reasons for Mission Statements, Buisness Plans and Budgets (short term as well as long term) are to provide your company direction. The key question to ask is "if you don't know where you want to go, how do you know you are on the right track to get where you want to go?". the Mission Statement provides the overall direction and purpose of your buisness, the Business and Strategic Plans provides specifics as to where you want to go and how you plan to get there, and the Budgets but numbers to paper (for example, how much you expect to make and how much you expect to spend to achieve those revenue goals). The budgets are then used to monitor progress towards your short and long term plans.

User Avatar

Wiki User

โˆ™ 2009-10-25 03:59:11
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar

Add your answer:

Earn +20 pts
Q: How often should a business plan be updated and why is updating a business plan necessary?
Write your answer...
Submit
Related questions

Does your antivirus and firewall need to be updated every 3 months?

Anti virus and firewalls should be updated regularly to ensure proper protection. Hackers develop ways to get around firewalls and also develop new viruses, so updating your security protects you from any new problems that may develop. Updating also helps with bugs that the system may have.


What should you consider when updating legacy network?

Usually when the network no longer will do what the business need done or at worst when it crashes in a bright flash of light and a loud bang.


How do you update your pokdex?

If you mean pokedex, it should update automatically. When you see a new pokemon, it will be noted, and when you catch a new pokemon, further information will be updated automatically. If your pokedex isn't updating automatically, it's defective. Professor Oak should be able to fix it.


Does updating your computer's BIOS decrease the base score in Windows 7?

No. Updating the BIOS should have no impact on system performance, and thus should not affect your score.


How long until pixi hollow opens up again?

it should open back up as soon as they get dont monitering it and updating it. it usually takes a few days or weeks to get it updated


Why is Outlook not updating emails?

If Outlook is not updating emails, your internet service may be down. You should try restarting your router. Or you have it set where you have to manually update it.


Should be syllabus updated with the latest invention?

yes i think it should get updated with latest inventions but before we must know the basics of it......


What type of business insurance is necessary to protect a wedding planning business and the cost per year?

You should be looking for general liability and errors and ommission insurance.


Do you need to have a business plan for a home-based business?

All businesses should be built on the foundations of a solid business plan - even those that are home-based. Regardless of location, you'll need to have a business plan if you are going to seek funding. A business plan will also help keep you on track. Using a business plan enables you to refocus your efforts if necessary and fine tune your strategies. With a business plan, you can identify potential problems before they occur and know exactly what steps to take to fix them. The bottom line is that planning helps you to organize all aspects of running a venture, so that you can meet your goals and objectives without getting lost along the way. Remember, your home-based business should be run in the same professional manner as one that is operated away from the home. So make sure you have a business plan that is USED and updated when necessary.


How is Jo bros MySpace?

The Jonas Brothers myspace is great. They are always updating it. They try to keep their fans updated with what their are doing.You can also write a message to them, I'm sure they donT get to read them all but it's worth a shot . You should also check out their twitter.


What is Has been updated?

google crome has been updated. Yall should know this. It is the 20th centery


How often should hazard assessments be updated?

Hazard assessments should be reviewed annually and updated whenever the process or conditions change significantly.


Does updating your blu ray player still play dvds?

It should


Why it is necessary to have contingency plans?

It ensures that the business operations of an enterprise or organization will not be disrupted should there be unforseen event/s.


What necessary knowledge and skills should you have to be able to perform competently in the business world?

I think what the person need is the business ethic, business law and probably the training


Is the cost of converting money from dollars to a foreign currency a legitimate tax deduction?

If this is a necessary and ordinary business expense and you are converting the dollars for a business reason, it should be deductible.


What are the necessary components of a business plan?

There are different components of a business plan. This include content and market research for the product. There should also be cost analysis involved in the plan.


How often are TV listings updated?

To ensure accurate information, listings for television programming must be updated regularly. It is often updated nightly, but it can be updated more frequently should the information be available in time.


Does a will become null and void when you marry?

In most jurisdictions, yes. A will should always be updated after the testator gets married.In most jurisdictions, yes. A will should always be updated after the testator gets married.In most jurisdictions, yes. A will should always be updated after the testator gets married.In most jurisdictions, yes. A will should always be updated after the testator gets married.


What is an appropriate message to put in a business birthday card?

An appropriate message to put in a business birthday card should or must use proper business etiquette and show appreciation. A signature may also be necessary.


How often should flash player be updated?

Every time a new update found on system website flash player should be updated, if flash player not updated it will not work perfectly, one should check for update at every week atleast in once in a month


How often should antivirus security be updated?

An antivirus should be updated often and regularly. Most programs have an automatic update that reminds you when it is needed and when it's time to update.


Why should organization have objectives?

Organisation should have objectives because any business unit or enterprise are based on some guidelines. Objectives is necessary inorder to know what any business is upto. How they are regulated. Are they to satisfy want or just maximise profit.


What education is necessary to be a business owner?

It is necessary to know about the business that one owns. For example, if someone wants to open a pet store, they should know about animals that are kept as pets. This can come from experience, such as working at a pet store or working with livestock on a farm. Additionally, a business owner needs to know how to run a business. This can be learned in classes at a business school, and also at classes that are given by business associations. You can find these classes from the local chamber of commerce.


Is there going to be a minecraft 2?

Most likely not. Mojang keeps updating it, so why should there be?

People also asked

How do you answer 'Describe your work ethic' in a job interview?

View results

How would you write a negative report on a customer who has a severely past due balance?

View results

How will you handle confidential company matters?

View results

Dynamic comparative advantage arises from what?

View results

How important are business ethics?

View results

What is ethical behaviour?

View results
Study guides

๐Ÿ““
Create a Study Guide