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Chances are, your business has evolved over time. This means your business plan should evolve, too! So, how do you know if your strategy is ready for an update? Take a look at some of the main reasons for updating your plan below.
The New Year or your business’ new financial period is a great time to perform an annual update, especially if things change quickly in your business’ industry. You can start with your old plan and revise it by taking a look at things from a distance. Is there a new market segmentation you should be trying to reach? What changing trends and technologies will affect your business this year, and what solutions can you offer?
If you’d like to refinance or you need additional financing, a lender will request to see your business plan. Your business plan should reflect how you intend to utilize the financing you’re requesting. FORUM Credit Union offers business loans that can help you achieve your goals. Whether you want extra cash flow, to purchase equipment, or to purchase a property, we have a loan to fit your needs.
Market or Business Change
If you are moving into a new market or if the market itself has changed with consumer trends, it’s time for a plan update. It’s also good to be aware of the competitors in your industry. Are there new competitors or have your current competitors changed course? If your business is offering a new service, product, or technology, this also necessitates revising your plan as these new offerings will affect your resources.
If you would like additional assistance when you reevaluate your business plan, FORUM can help. We offer a wide range of advisory and business consulting services. For more information, call 317.558.6322.
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