A business plan is a road map that defines how your company will achieve its commercial goals. It considers the resources, opportunities, limitations and challenges the company faces. The plan includes actions, time frames and accountability to complete the actions. Most importantly, your business plan should be dynamic and flexible to adapt to changing market conditions.
Don’t write your plan and then put away until it’s time to write a new plan. Your plan is a guiding document that you should review and update regularly (monthly is good) to reflect changing market conditions (customer situations, competition, technology, economy, etc.). As conditions change, quickly or slowly, unexpectedly or not, your plan should be able to accommodate the new conditions. Wherever possible, the plan should not limit your options, but should provide you with the foresight to have more options.
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