12/7/2004
Looking Ahead to 2005, Business Plan Review
by Heather Robinette, Business Consultant, UALR Lead Center
As we all know, a business plan can be a very important document to any small business, but business planning is one task that is never truly complete. No matter how long you’ve been in business, it is always important to periodically review the plan and update it for the future.
In reviewing an existing business plan, consider previous expectations and projections for 2004. Did you accomplish your goals? Did you correctly anticipate your sales and expenses? If business performance varied from expectations, it is important to understand the reasons. Update your plan to include the events and changes that occurred throughout the year. In addition, include actual financial statements for 2004.
In preparation for 2005, update the plan with goals and objectives. Be sure to include an action plan for achieving those goals and make sure the proper resources are in place. For example, will the business need additional employees, equipment, or working capital? Include financial projections on a monthly basis for 2005 as well as a plan for obtaining any needed financing or resources.
Most importantly, don’t wait another whole year to review your business plan. Schedule time throughout 2005 to regularly revisit and update the business plan.
Recent | 2007 | 2006 | 2005 | 2004 | 2003
Subscribe right now to our FREE
bi-monthly E-News service!
You will receive articles two full weeks before they appear on the Arkansas SBDC web site!
