What’s the (business) plan, Stan? If you haven’t taken a look at your business plan in a while, it’s horribly out of date. There are a ton of things that need to be changed that would drastically alter the way you do business.
Even if you reviewed your business plan last week there may still be some ways to fix it. You always want to make sure the path your company is on is the most profitable and the most ethical, so it’s worth it to reconsider your individual goals and milestones.
Before You Start Rewriting, Check out Enloop
Need some assistance with forming or restructuring your business plan? There’s no sense in doing it all alone! Enloop helps you automate a business plan perfectly suited for you and your goals. Best of all – it’s totally free unless you want to upgrade to the more complicated versions.
The best thing with using a program like Enloop is there are often minute details you’ll miss when you work up a business plan from scratch. Your financial plan may have some necessary fundraising details missing, for example, or you completely forgot to take a look at your competition. Enloop automates the process for you.
Everything comes to an end, and you leaving your company is no different. And it may seem so, so far off – 30+ years away or so – but leaving and making sure the company doesn’t immediately fold will come sooner than you think.
Think Steve Jobs only drafted an exit plan right before he died? It probably changed, sure, as all exit plans do. But a plan was in place long before that conversation ever came up. You want to ensure who takes over the reins knows where the company is going and how you want it to get there. (RIP Steve.)
Find the Original
Speaking of dusting off business plans, why not take a look at the original plan you drafted back in the day? Plans change all the time, and no doubt throughout the years your goals and business focus has shifted.
However, occasionally it’s a good idea to go back to when you were younger and hungrier – a time when your eyes were full of stars and your goals were a bit more ridiculous. Making a million dollars in your first year wasn’t doable for you, but perhaps making that million isn’t that far off after a few years of knowing the ropes.
Going back to your original business plan can also reinvigorate your sense of adventure. Perhaps you completely forgot one of your goals was to invent a new product every year. Just because you haven’t been doing it this far doesn’t mean you can’t start now!
Dusting off your business plan will give you a chance to reminisce about where you’ve been while reevaluating where you’re going – and it will probably give you a new sense of purpose, while you’re at it. Happy business planning!