Monday, January 28, 2008

Doing Your Business Plan Review

I received this article recently and it agrees with the strategies I promote and encourage my clients to do so I will utilize Kevin Sinclair's expertise and article to share with my reading audience. I believe you will benefit from his suggestions if initiated.

Doing Your Business Plan Review
by Kevin Sinclair

When owning your own business, it is essential for your business, that you possess a route map which signifies exactly how you will achieve your business goals. Without such a plan in place, your business could be jeopardy and may well fail.

The development of a plan is greatly important for your business. It is essential that it is a living document,which is checked and updated on a regular basis. If the plan is not checked on a regular basis, then there is no point in generating one to begin with. It is vitally important that you are aware of the fact that the plan is being achieved. If this is not the case and the plan is not being achieved, then adjustments will need to be made to the plan in order to accommodate any revisions thatoccur. This is only common knowledge and good business practice.

In order to create a good business plan, the basics are to detail the tasks and systems that will assist the plan in progressing. Your plan should be reviewed, initially, on a monthly basis in order to ensure that progress in being achieved as planned. It is at a later stage, when the initial creases have been ironed out and planned progress is being achieved, that you can change the frequency of the views to every two or three months.

The goals in a business plan are initially small in terms of financial profits. However, it is just as important that they are in actual fact achieved on schedule, just as those larger goals are at a later date. Proving that your business plan is actually working effectively in the early stages of business, is essential in demonstrating that theoverall business plan is achievable. Therefore, it is important that every detail of your plan is checked thoroughly, in order to see that your plan is being achieved.

Not all business plans work out as expected. Therefore there are certain questions that need to be answered, such as:
  1. Were your financial goals for the period within the allocated timeframe achieved? Maybe some were achieved, but not all of them.
  2. Did the systems that you selected to use in order to complete the tasks work well? It is possible that some were successful, but others were not. You should now take an analysis of the answers that you have obtained.

You should continue to use the successful systems for future tasks. It is also important that you evaluate those systems that did not work for you effectively. Discover what went wrong. Was there a flaw in the system? What was required to complete the task? The same types of tasks will need to be adjusted in the future to accommodate the revised procedure that you have adopted.

It is essential that you undertake continuous improvement in a good business plan. By adjusting the elements of the plan in the future based on your experience, you can only make improvements to the effectiveness of the plan and generate confidence that it will be achieved. You will be well on the way to achieving your goals if you plan your work and work your plan.

Kevin Sinclair is the publisher and editor of Be Successful News, a site that provides information and articles on howto succeed in your own home or small business.

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