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Editing your business plan

There are many tasks none of us want to return to since our businesses have been up and running.

Often times this never-return list includes looking for the perfect space, starting from scratch, and (you guessed it) writing a business plan.

Well I’m here to tell you that—like most things in this world—you’re going to have to go back to the drawing board!

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And that’s okay, the preconceived notion that a business plan is a firm document is simply wrong, business plans should be flexible and should change with the company.

So, how should you go about editing your business plan? Thankfully you don’t have to start from nothing. Unless you’re making major changes, choose one section of your plan and make gradual changes. Remember that each change should meet your new goals.

Further, it can really help if you have a supporting document to keep track of all the numbers. That means with any new purchase you make, you can update the number spreadsheet to make editing your business plan easier when that time comes around. Keeping a number spreadsheet helps keep things accurate and factual. (Pro tip: insert another column titled something along the line of “updates” so you know what you changed and when).

When figuring out what changes to make, it sometimes helps to look at other businesses outside the industry. Think about other local businesses; what do they do well and what could they do better? Think about changing technologies and how you can get them in your door, too.

Editing your business plan doesn’t need to be done more than once a year, unless you’re a new business or have encountered some major change in operation. Don’t forget to add changing your business plan to your list of annual tasks to keep your business moving forward.

If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you.

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