Businesses frequently run into new problems as well as opportunities, so sometimes it is a good idea to review an organization’s policies and goals. It is not necessary to completely rewrite an existing business plan, but there may be areas where the process currently in place needs to be improved or changed.
Going over an existing plan should help an organization determine what is being done right and what needs to change, and it is far less challenging than writing a new plan. Processes are already in place, and data exists where there might not have been any regarding sales forecasts and costs.
There are a number of situations that may require the reviewing of a business plan, such as when competition increases, suppliers change their terms or an important customer is gained or lost. These events may trigger the need for adjustments of pricing, staffing and policies within a business. Another time that reviewing a business plan is a good idea is when someone is considering expanding their organization. Expansion generally involves major changes to the way things are done, and capital may be necessary for it to happen, so a plan of action is important.
If someone is considering growing their business, such as by opening a new location or adding to their existing line of products, a business and commercial law attorney may be able to help make this process go smoothly. Adding new employees or purchasing a new location may require a business to abide by legal regulations, and failing to do so can cause delays, but an attorney could ensure these issues are dealt with properly and before they cause problems.
Source: Business 2 Community, “When is a Good Time to Review and Renew Your Business Plan? “, Hal Shelton, July 26, 2014