Like the ever-changing business from time to time , marketing plan and business plan should also keep abreast of change . Business objectives of your company should ideally be revised periodically as the superior competitor is also growing , maps are continually changing business and your product line continues to grow .
These are the five important moments that should be utilized as a golden opportunity to do a review of your entire business plan for the period ahead.
New financial period
Whether it’s a new month, a new quarterly period, or new fiscal year, provide a little bit of time to review the plans that you have set up to find out if you ‘v e achieved or not. If you recently make changes to the structure of your business, be sure to add it to your plan.
Changes in financial need
Maybe this year you decide that you want to expand the business to accommodate the increase in incoming requests. You will need financial assistance from someone either a banker, investor, or shareholders. Now is the best time to update your marketing plan and your business plan so that both can accurately reflect your current position.
If you are in an industry that is highly dynamic and constantly fluctuate like oil and gas, you have to make changes more often. Make sure your business plan is also adjusted to the changes.
The addition of product lines
When you add a product, then Ana had to make changes or implement new technologies to save on the budget, this will more or less affect your future plans.
It has been the achievement of objectives
Your business plan may include achievement of revenue goals and you have exceeded this target last period. Decide what your goals for the future and revision of the plan by consulting the the purpose.