{"id":94,"date":"2007-12-16T00:00:45","date_gmt":"2007-12-16T06:00:45","guid":{"rendered":"http:\/\/www.financenewmexico.org\/articles\/?p=94"},"modified":"2013-06-24T15:28:28","modified_gmt":"2013-06-24T21:28:28","slug":"business-plans-arent-just-for-start-ups-j-roy-miller-state-director-nmsbdc","status":"publish","type":"post","link":"https:\/\/financenewmexico.org\/sandbox\/articles\/starting-or-managing-a-non-profit\/business-plans-arent-just-for-start-ups-j-roy-miller-state-director-nmsbdc\/","title":{"rendered":"Business Plans Aren’t Just for Start-Ups"},"content":{"rendered":"
\"J.

J. Roy Miller, State Director, NMSBDC Network<\/p><\/div>\n

Once you open your business, don\u2019t think that you have finished with your business plan.\u00a0Your business plan should be a dynamic working document, helping you stay afloat and remain focused on progress during your journey.<\/p>\n

Business planning is a continuous cycle.\u00a0Examining your position against the chart and making course corrections is part of the process.\u00a0Sometimes you will find that you\u2019ve strayed off course or are out of the bounds of your budget.\u00a0In these instances you will need to take actions to bring things under control and to get back to your plan.\u00a0At other times you may be forced to change it because your original concept just doesn\u2019t square with reality, or because unforeseen market changes or product innovations make your assumptions invalid.\u00a0In any case, an annual review and update of the plan will enhance your success.<\/p>\n

As part of this review you will want to reconsider some of your major assumptions.\u00a0Have any external influences changed?\u00a0Consideration should be given to such things as competitors, current and potential customers, suppliers, technology, trends, demographic changes, government policies and regulations, and, of course, the economy.
\n<\/p>\n

Against this backdrop, think about your strengths and weaknesses.\u00a0Are there new opportunities?\u00a0What factors might threaten your business?\u00a0Ask yourself what your competitors could do to drive your enterprise out of business.<\/p>\n

Given this review, think about any changes you should make regarding your assumptions of market share, revenue growth, inflation, and expenses.\u00a0If necessary, rework the calculations on your financial projections.<\/p>\n

Take a close look at your performance objectives.\u00a0Are they still relevant?\u00a0Are there others that would be more appropriate?\u00a0Are you achieving your objectives?\u00a0Have you met key deadlines?\u00a0Are your financial controls working?\u00a0Identify any barriers that may inhibit or prevent you from reaching your goals.<\/p>\n

Once you have completed this step, ask yourself a series of questions that start with \u201cHow do we \u2026\u201d Broad answers to these questions should provide you with strategies that you may consider for implementation.\u00a0For example, \u201cHow do we increase sales to 500 units within six months?\u201d\u00a0This will result in a list of possible answers that may include things like initiate a telemarketing program, increase advertising visibility, and so on.\u00a0You may end up with dozens of answers.<\/p>\n

Select two or three answers that best utilize your strengths, and begin to look at steps or actions you need to take to put your strategies to work.\u00a0Check your business plan to see if this will result in any changes to your operating, manufacturing, personnel, facilities, or marketing plans.By understanding such a process, you should be able to monitor not only the performance of your business, but also those accountable \u2013 including yourself \u2013 for its success.\u00a0Keep in mind that you will never be able to eliminate every problem in your business, but there will always be room for improvement and change.<\/p>\n

By following your plan, you should be able to respond quickly to external factors \u2013 such as changes in the business environment \u2013 and internal factors that may include poor performance or a decrease in quality.\u00a0You will be able to make improvements and cope with change.\u00a0Most importantly, you will continue to reduce your risks and to find new opportunities.<\/p>\n

Learn more about the Small Business Development Center<\/span><\/strong><\/a>.<\/p>\n

Download 12_Business Plans for On-Going Businesses PDF<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Business planning is a continuous cycle. The business plan, as a dynamic working document that helps you stay afloat and remain focused on your business progress, is discussed. Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[9,4],"tags":[],"_links":{"self":[{"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/posts\/94"}],"collection":[{"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/comments?post=94"}],"version-history":[{"count":8,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/posts\/94\/revisions"}],"predecessor-version":[{"id":97,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/posts\/94\/revisions\/97"}],"wp:attachment":[{"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/media?parent=94"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/categories?post=94"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/tags?post=94"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}