Keep Your Business Plan Up To Date
Your Business Plan should be update as changes happen in your business:
- Additions or changes to Partnerships
- Additions or changes to Major Suppliers
- Changes of Products or Services Offered
- Changes in Financial Status, Banks, or Investors
- Changes in Market Segmentation
- Changes in Business Organization (LLC, corporation)
- Changes to Legal Status
- Date and Version Control
- Retention and Destruction
- Statuatory Endorsements
- Witnessed and Notarized Signatures
Security and Protection
Your Business Plan should be secured and protected. It may contain personal or financial information.
- Electronic protection, like a password for a digital copy of your Business Plan, deters casual intrusions.
- Secure Digital Storage – like encryption, Cloud Storage
Safe or Safe Deposit Box – for physical copies
Schedule periodic review of your Business Plan and associated business documents, licenses, policies, procedures, etc.
I schedule business plan reviews quarterly, coincident with quarterly tax filings.
After quarterly financial close, I attach my Profit & Loss report and Balance Sheet to my Business Plan.
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