Your business plan is one of the most important documents you will ever create for your business. After all, it tells the story of your business. It proves that you have a carefully thought out plan for success. And it can definitely help you win support from lenders, investors and key vendors.
But remember: The moment your plan falls out of date, it loses its value. So set aside time to review your plan two or three times a year. And make sure you revise it to account for any changes in your business, your competitive environment, or the economy.
In other words, think of it as a ‘living’ document that will keep pace with all of the important changes in your business and guide your decisions. That’s the only way to turn your plan into a powerful, strategic tool for progress.
Learn more about the great local organizations that can help you start networking. Find sample business plans at sba.gov.