ENTREPRENEURSHIP

Detailed explanation-1: -Business plans should be reviewed and possibly updated at least once a year, especially for younger companies. Updating your business plan is more focused and fun than the writing the original one. Involve staff in the updating process. It is never too late to create a business plan.

Detailed explanation-2: -Entrepreneur.com recommends that you do a thorough update to your business plan at least once annually.

Detailed explanation-3: -Your business plan is never finished-you should constantly be reviewing and updating it. How often you update it is up to you, but it’s a good idea to schedule regular periods to review and update your plan. For instance, you could do a minor review quarterly and then conduct a major review at least once per year.

Detailed explanation-4: -You should update your business plan when: You have a new location or change your existing one. You have a new owner or add a new partner. You have a financial snag like falling revenue, a decline in sales figures, you don’t meet your financial projections, or important customers are leaving.