Here’s a request from a freelance journalist that came into my inbox this morning:
“I’m looking for someone with experience or knowledge of revising business plans: when it should be done, hidden benefits, little-known aspects, etc.”
My first reaction to this request was one of curiosity since a business plan is the living, breathing document from which all businesses make their decisions. How frequently it gets updated and reviewed is then likely daily for some aspects like finances, or task allocation between support staff or departments; and a weekly review of goals and targets and priorities is also a minimum requirement for growing companies.
The hidden benefits are obvious when you have a plan and are working the plan on a daily basis. There have been so many studies that show that if you have a written goal, you have a 95% higher probability of reaching that goal. So if your business plan and all its contents are the plan to reach the goal, it’s only natural to refer to it and update it almost constantly in order to succeed
So while my initial reaction was one of curiosity about why even ask the question about when to review plans, based on my experience, it’s likely that business owners don’t want to look at this information and would instead focus on doing the parts of their business they enjoy– therefore another question might be why so many business plans are collecting dust?
These are all principles that we teach in the MoneyMinding Makeover system along with the financial foundation to make cash flow projections, raise capital and to manage the money for the company and the owners.
