Updating your business plan

Prescription for live planning After your plan starts, save a copy of your plan in Business Plan Pro and then type actual results into the sales forecast, profit and loss, and milestones Actual tables. Note when actual results indicate you need to make changes.

Stay in the Business Plan Pro Actual mode and make adjustments to future months of your Actual cash plan.

After all, it is already more accurate than the original plan, because it has actual results for the months already completed.

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It clarifies your long‑term goals and the steps necessary to attain them over the next two to five years.

But strategic planning is not a set‑it‑and‑forget‑it exercise.

27/02/2013 By Guy Rigby, Head of Entrepreneurs at Smith & Williamson A well-drafted business plan is crucial when raising finance or trying to attract investment, but it is also, of course, an essential tool for the successful management of a business.

A carefully researched ‘roadmap’ which includes the right information provides focus, prevents business drift and reduces risk.

The evaluation and review of your strategic plan is an opportunity to take a step back, assess and evaluate the state of your business and industry, and re‑align your vision, goals, priorities and action plan.

With your management team, you need to decide how and when your strategic plan will be reviewed and what information you will need to do so.Businesses need to revisit their strategy, monitor progress against milestones and adjust to changing conditions.That means your strategic plan needs to be revised and adjusted regularly.The starting sales plan The example begins in this first illustration with the sales forecast imported from a finished business plan, developed in Business Plan Pro.Illustration 1: Beginning Sales Plan Actual results for sales In the next illustration, you see the actual results for the same company for the first three months of the plan, at the end of March, showing actual sales numbers. actual sales The third illustration below shows you the plan vs.Although changes should be made only with good reason, don’t be afraid to update your plan and keep it alive.

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