Tips on Updating Your Professional Business Plan
Business Plan Writing Tips

Professional business plans are not rigid. They are exciting and organic documents that are often changing, seeing as they contain several areas that require regular updates. These include milestones, competition, management team and your financials.

The Milestones:

What milestones have been achieved since the last version of your business plan? Gaining an investment shows investors that your company is following through on the opportunity and meeting its milestones.

The Competition:

Competition changes rapidly, especially in emerging markets. New companies are constantly vying to get their "lines in", and management and investors need to know about the rapid changes being made.

The Management Team:

When companies add new team members they need to update their management bio's accordingly. Nevertheless, a team that is growing and expanding is a good indicator of success in the eyes of potential investors.

The Financials:

Your business plan financials most likely include market "assumptions" - things like customer penetration rates, prices, margins, etc. However, with time and participation in the market you can begin to add some real figures. These additions to the financial model are imperative to understanding your cash flow needs on the whole. Failure to understand these financial needs is why many companies fall to the wayside.

Strong management teams know that their "action plan" will always need updating, and that sharing these additions and changes with investors will keep everyone on the same page.

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