GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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it never needs to be revised
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A business plan is not necessary.
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it should be revised yearly
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lenders don’t consider them when funding a business
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Detailed explanation-1: -Since your business and competitive market is always changing, your business plan should change too. Stubbornly hewing to a long-term plan that isn’t working could doom your company. So regularly revise assumptions and growth projections based on real world results.
Detailed explanation-2: -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-3: -Updating your business plan regularly can help ensure that you and your partners or co-owners are on the same page if there are multiple owners of your company. When major changes occur at your company or in your industry, this is also a good time to update your business plan.