2.2 Reviewing your plan
Once you’ve created your business plan, don’t just file it away to gather dust on a shelf! This should be a living document that you regularly refer back to and adapt as your business grows and develops. This allows you to monitor your progress and make changes if things aren’t going to plan.
Most businesses will at least review their business plan on an annual basis, but others assess it every three to six months or when something unexpected happens.
Watch this short video from nibusinessinfo.co.uk, which explains how to review your plan. The quality of the film isn’t perfect, but the content provides a useful overview.
Reviewing your plan can help you to reset your business goals in order to expand your business. The Work Crowd (2017) has these suggestions:
- Expand your services – what complementary offerings could you add to your repertoire?
- Work in a team – could you team up with other freelancers to handle bigger clients?
- Upskill – adding new skills to your portfolio might allow you to diversify.
- Increase what you charge – regularly review your charges against those of competitors.
- Grow existing clients – could you provide new products or help them in different ways?