Business Plan Updating Checklist

Here are seven reasons to think about updating your plan. If one applies to you, it's time for an update.
1 min read
Opinions expressed by Entrepreneur contributors are their own.

Here are seven reasons to think about updating your plan. If one applies to you, it's time for an update.

A new financial period is about to begin. You may update your plan annually, quarterly or even monthly if your industry is fast changing.

You need financing, or additional financing. Lenders and other financiers need an updated plan to make financing decisions.

Significant markets change. Shifting client tastes, consolidation trends among customers and altered regulatory climates can trigger a need for plan updates.

Your firm develops or is about to develop a new product, technology, service or skill. If your business has changed a lot since you wrote your plan, it's time for an update.

You have had a fresh change in management. New managers should get fresh information.

Your company has crossed a threshold, such as moving out of your home office, crossing $1 million in sales or employing 100 people.

Your old plan doesn't seem to reflect reality anymore. Maybe you did a poor job last time; maybe things have just changed faster than you expected. But if your plan seems irrelevant, redo it.

More from Entrepreneur

Get heaping discounts to books you love delivered straight to your inbox. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur

Entrepreneur Media, Inc. values your privacy. In order to understand how people use our site generally, and to create more valuable experiences for you, we may collect data about your use of this site (both directly and through our partners). By continuing to use this site, you are agreeing to the use of that data. For more information on our data policies, please visit our Privacy Policy.