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This does mean you need to plan to update the plan. Strategy works only when it is consistently applied over a long period of time.
There are two intervals to look at when it comes to reviewing your business plan. That means that you can’t implement strategy without following a long-term plan.
However, blindly following a long-term plan can also kill a company that stubbornly insists on following a plan that isn’t working.
That’s why you have to “manage” that business plan.
Put simply, you won’t really know whether you’ll need that merchant cash advance or equipment leasing contract if you’re unsure of where your business currently stands and where it’s going.
Chances are you had a detailed business plan when you first entered the small business world.
The question now is: Does your original business plan still make sense?
Many things can change in a short amount of time, and nowhere is this more true than in the small business world.
At the very least, revisiting your business plan on an annual basis is a sensible routine to develop.
Or perhaps everything is still in line with your original business plan.
Either way, some things will probably need to be updated.
I have a knack for helping my clients get ahead of the trends so they can get ahead and stay ahead of their competition. Even as I write this blog post I’m presently re-evaluating my entire business model in preparation of ramping things up for 2018.