Your business plan should be developed with your business
Sometimes a business plan is considered a document that you put together, show it to some people and then archive it with the rest of the things you do not need. However, a business plan is a living document and is intended to reflect where your company stands today. As your independent insurance agency moves through various stages, your business plan should be updated to reflect the steps taken during that time.
Every start-up company should write a business plan outlining how it will work. Right now you may think it's too early to make any changes to it, but refining it can be beneficial. Some circumstances that may require you to update your business plan at this stage are:
- A change in your target audience: to define the best method to meet their needs.
- An update to your current goals: Reevaluating your goals and adjusting them as needed is crucial at this stage.
- A new competitor who has entered the scene: defines new ways to stand out from the competition.
Growth phase updates
As your business grows, it is important to review and fine-tune your business plan so that you can adapt to change and new opportunities. How often you do this depends on how quickly things change. These are some of the reasons why you may need to update your business plan at this stage:
- Changes in products or services: As your business develops, it is natural for your product and service offering to do the same. It would be best if you accounted for these changes in your business plan.
- Updated brand image: Document any changes in the assignment and the values, which may come from redistribution of your company.
- Business refinancing: Growing companies tend to look for refinancing. An update of the financial sections of your business plan is necessary to ensure that all information is correct.
Maturity Stage Updates
Mature companies are productive and their sales increase, but it tends to happen at a slower pace. Finding new opportunities to grow or expand your business is crucial at this point in time, which will require you to freshen up your business plan. For example, entering a new market means that you will have a lot of additional information that should be needed, including in your business plan, from administrative details to financial details.