Your Business Plan is Your Roadmap: Do You Know Where You Are Going?

When is the last time you consulted your business plan? If it's been filed away since you opened for business, you may be missing out on a powerful tool - one that is useful at all stages in the life-cycle of your business.

Regularly reviewing and updating your business plan is a valuable exercise. An up-to-date business plan provides you with a snapshot of your current position and can help you develop a road map for future growth. It can also help you stay focused on your goals and objectives, adapt to changing market conditions, and inspire your employees.

If you're starting a business, a business plan can help you:

Test the viability of your idea
Sell your idea to lenders and investors
Clarify your objectives and set goals for the future

If you're growing your business, a business plan can help you:

Discover opportunities for change and growth
Secure the financing you need to expand
Assess your performance against the targets you have set

If you are selling your business or passing it on to friends or family, a business plan can help you:

Establish the value of your business
Develop a plan to transfer ownership, sell, or close your business
Create a transition strategy

Effective business plans are monitored and updated as your business - and the environment in which it operates - changes. Taking the time to review your plan on a regular basis can give you the clarity and direction you need to succeed. Many entrepreneurs update their business plan on an annual basis, but you may want to review it more often if your business is going through a period of change.

Rosia Bay offers business support to SME's across all sectors.

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