Make your business plan a dynamic plan
In this series of 19 short articles, StratPad’s founder discusses the fundamentals of starting and running a small business.
Today he talks about the need for a dynamic, rather than static, plan:
Q: I always thought that once my business plan was written, that was it. That I didn’t need it anymore. Isn’t that the case?
A: Clearly businesses who plan are more successful than businesses who don’t plan, but still there’s a high failure rate amongst businesses even those who do plan. One of the ways of improving on their success is to make the plan a dynamic plan. You can do that in a couple of different ways.
One of them is to make sure that the plan doesn’t just provide a goal that’s out there 6 months or a year from now or 5 years from now. Make sure that we understand what that goal is, but that we also understand what the steps are to reach that particular goal. That’s the first thing. The second thing is look at your plan frequently. Every 3 months take that plan down from wherever it is, and go through it again, because what’s happened in the intervening 3 months is customer focuses have changed. New competitors have come online. You’ve developed new and different things so the whole landscape has changed.
Factor those things back into your plan. Adjust as you need, and then go forward until the next time you look at the plan in another 3 months.