How to Conduct a Business Plan

Placing company data into charts and tables can be beneficial when re-evaluating a business plan.

A business plan plays an instrumental role in maintaining a business. Organizations typically establish business plans at the upstart level. Information contained in business plans includes financial data, company goals and objectives, and strategies for reaching these goals and objectives. According to the Small Business Administration (SBA), an important aspect of maintaining a business plan is reviewing the document on a regular basis. Proper management of a business plan can improve the chances of a business becoming successful.

Things You'll Need

• Business planrnBusiness data

Instructions

1. Establish a regular schedule for reviewing your business plan. Sample Plan, an informational resource for developing business plans, recommends reviewing your business plan monthly or at least quarterly.

2. Evaluate company progress using information you have collected about your business. For example, a retail store may use sale receipts to determine any growth in sales.

3. Determine new company goals and objectives based on your findings in Step 2. Factors to consider in this process include what has gone right and wrong for your business. Brainstorm about how you can capitalize off of what has gone right and how to fix problematic issues.

4. Repeat steps 2 and 3 when re-evaluating your business plan on the regular schedule you established in step one.

Tips & Warnings

• Changes to your business plan will typically be minor, according to Sample Plan. However, some situations may require major changes. These situations include a drastic change in your industry, change in competition, and change in products/services needs. For instance, the rise of the Internet has caused newspapers to do a major business plan re-evaluation.

References

• Sample Plan: How to Maintain a Business Plan
• Small Business Administration: Write a Business Plan