Updating business plan
Sahlman explains that you need something that moves with your business.However, capturing all of the unknowns while not sounding wishy-washy is challenging.
Each of these elements is subject to rapid change, and you should remain aware of where you stand with regard to these issues.Business and marketing plans overlap in several ways, so reviewing both documents simultaneously on a regular basis helps you monitor and control the goals and measurements of each plan.If an element of one plan changes dramatically, evaluate the impact it has on the other plan.Readers of your business plan don’t expect you to have it all figured out, especially at the start of a new venture.Rather, your plan should describe how you’ll evaluate the best way to make and/or sell your proposed product or service.Be sure to explain what you will do with the data coming out of the experiments as well.
Include risk assessment and contingencies Any entrepreneur will tell you that the chances of everything going according to plan are zero.
Below are several ways to make sure your plan is a fluid, useful document. Value is created when the right people seize the right opportunity and your plan needs to describe both.
Focus on your largest asset For many budding businesses, people are the most important asset. “To the external folks, it’s about: can you do this? Feature your most important people prominently in the plan.
One way to keep your plan dynamic is to include a risk assessment.
Many companies do this on a large scale but it’s important for nascent businesses to do it as well.
For example, if your marketing plan calls for you to launch a major media campaign, but your business plan’s revenue projections are weak, revise each to stay on track. Consider it a fluid plan that can be tweaked and updated as your business changes and grows.