Discuss How Often a Business Plan Should Be Updated and Why

Question

Examlex · Accepted Answer

The Answer is A business plan should not be a one-time-only or single-purpose document; it should be a "living" plan and updated on a regular basis based on new information.It is also important to revise the business plan in anticipation of new activities such as major expansion of an existing firm.Or,a business plan may be a response to some change in the external environment that presents new opportunities or challenges.In today's fast-paced world,it needs to be examined at least once a year.Also,the goals that were set should be examined to see if they were met and new ones established for the next time period.Numbers on financials should be updated to examine variances and plans for the future.It should be thought of as an ongoing process,not a means to an end.

Discuss How Often a Business Plan Should Be Updated and Why

Definitions: