That is assuming it is up to date. To make certain that it is, you, as the owner, must be aware of the changes that are occurring not only in your business, but also in your industry, your market, and your community. Two important areas to note are changes originating with the customer such as customer preferences, trends, ages, interests, etc., and changes in technology. Once you have researched these areas, be sure to revise your business plan accordingly. Use your business plan to communicate both inside and outside your business.
Many businesses view a business plan as an external document used to raise outside capital.
This is only half of the picture. Your business plan can also be one of the primary tools used inside of your business to communicate with your employees and to keep everyone focused and on the same wavelength. Make sure you tell your employees about the goals outlined in your business plan along with what you expect of them in reaching those goals. People who are let in on the goals of the company feel like they are a part of making the goals happen. The result should be higher productivity, motivation, and satisfaction.