5 Reasons to Update Your Business Plan

A business plan is crucial since it’s a roadmap of your operations. Therefore, you need to update it as your company evolves or changes. By revising your business plan, it reflects how your business is doing. Here are five primary reasons why you should update the plan regularly.

The shift in Target Audience

If your customer target shifts, you should update your business plan. The document needs to have information on how you’ll find new customers and retain them. The master plan should entail how you’ll meet the needs and preferences of your target audience. It is crucial to include the date since new customers come with different wants and habits.

Change in Supply Chain and Technology

When you change your suppliers, the business plan should be on par with them. The move will help you cut costs and go for eco-friendly products. When you introduce new tech to the company, your investors and customers might want to know about it. Hence, it is essential to adjust your plan to align with company goals.

Expansion into New Markets

There are new market opportunities waiting for you to explore. When you expand into a new city or country, you need to update your business plan. You can define goals and communicate them to your team. This way, your employees will know how to work towards achieving the set goals. The time and finances that you will allocate will be used efficiently.

The Need to Launch a New Service or Product

You require sufficient funds to launch a product or service to the market. Thus, an updated business plan will stipulate how you intend to carry out the activity. With the document, you can convince investors and partners to fund the whole process. Plus, customers will get to know about the products or services to buy them.

Keeping Abreast of Competition

The business world is dynamic; hence, new competitors are cropping up every day. New ventures in the industry should be part of your business plan. The updates will help you know what others are doing to acquire and retain customers. You will strive hard to explore new areas and bridge gaps to generate revenue. Therefore, you should change your business plan to stay abreast of your competitors.

Published by mattdapore

Based in Columbus, Ohio, Matt Dapore brings his over 20 years of experience in healthcare operations into his current role of Chief Operating Officer at Hillstone Healthcare, Inc. Hillstone, which was founded in 2010 and assumed by Matt and the team in 2013, currently owns and manages 17 nursing facilities in the state of Ohio. The unique thing about Matt – in addition to his professional acumen – is his ability to bring compassion and a constant patient-first mentality to his work on a daily basis. As a direct result of Matt’s guidance, Hillstone Healthcare has grown over the last five years to become an actively growing management company. Matt Dapore’s work in healthcare extends farther back than his college days, as he started working with adults with developmental disabilities at only 13 years old. Ever since then, Matt has pursued his passion for caring for the elderly and spreading his passion for compassion. Prior to his work with Hillstone, Matt was an Administrator at Provider Services for almost six years, where he operated multiple facilities through acquisitions and turnarounds. During that role, he negotiated labor contracts with SEIU, implemented and educated Person Centered Care programs on a company wide basis, and operated all homes at a 25-30% profit margin. Prior to that, Matt was also an Administrator at Altercare of Ohio, Wallick Properties, and Director of AIT at St. Leonard Center. Upon graduating college he served as a Recreational Therapist at St. Francis, St. George Hospital. Matt serves as President of the Board of Directors for the Ohio Person Centered Care Coalition, and Board Member for the Ohio Academy of Senior Health Sciences. He is the five-time recipient of the Ohio Academy of Nursing Homes Outstanding Survey Award (2006-2010). Matt Dapore is a graduate of Ohio University with a Bachelor of Science in Therapeutic Recreation. For more on Hillstone Healthcare, be sure to check out their website here. For even more, be sure to follow Matt online for the latest insights and updates!

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