The beginning of a new year is always a time when we set new goals, both for ourselves and for our businesses. If you truly want to achieve the business goals you’re setting for 2015, the best way to do so is update your business plan.
It might have been years since you last looked at the business plan you wrote when you started your business. (Maybe you never even wrote one in the first place.) Either way, take some time as the year begins to think about how your business has grown and changed, and how you want it to grow even further in the coming year.
Here are five questions you should ask yourself when you are updating your business plan:
1. Mission: How has my vision for my business and my mission statement changed? You might have achieved your original vision and moved on to a bigger one. If so, that needs to be stated in your updated business plan.
2. Market: Your target market most likely has changed since you began your business. You might have expanded to a second location in a new city, started selling products online using ecommerce, or reached out to a different demographic than you originally focused on. You need to include this updated information in the market analysis section of your updated business plan.
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