- 1). Manage the financial aspects of your business plan. Financial projections need to be updated regularly to reflect the current profit and expenditure trends of your operation. Assess the financial status of your company including the balance on business loans. If your business loan is taking longer than expected to pay off, you will need to factor the additional interest into your business expenditures. If you underestimated your profitability, you will need to revise your business plan to better allocate for reinvestment strategies for your company.
- 2). Assess your current business growth and compare it to the growth projections in your business plan. Uncontrolled growth can harm your business in various ways. It can disrupt your management and distribution plans and make your company too large for your competitive niche. Assess the business plan for areas that need updating, and make sure company growth fits with your original marketing and management plans.
- 3). Develop the marketing sections of your business plan over time. As you gain experience running a business, you will be able to analyze your most effective marketing techniques and capitalize on them. Revise the marketing section of your business plan to encompass the new information. Examine the demographic profiles of your customers and compare this updated information to your business plan. The Small Business Administration suggests you use customer information to plan strategies for addressing their needs as your business evolves.