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Your business plan: A road map to success

August 8, 2011 - Tags: Planning

Istock 000006000320xsmall cropWhen is the last time you consulted your business plan? If it's been filed away since you opened for business, you may be missing out on a powerful tool - one that is useful at all stages in the lifecycle of your business.

Regularly reviewing and updating your business plan is a valuable exercise. An up-to-date business plan provides you with a snapshot of your current position and can help you develop a road map for future growth. It can also help you stay focused on your goals and objectives, adapt to changing market conditions, and inspire your employees.

If you're starting a business, a business plan can help you:

  • Test the viability of your idea
  • Sell your idea to lenders and investors
  • Clarify your objectives and set goals for the future

If you're growing your business, a business plan can help you:

  • Discover opportunities for change and growth
  • Secure the financing you need to expand
  • Assess your performance against the targets you have set

If you are selling your business or passing it on to friends or family, a business plan can help you:

  • Establish the value of your business
  • Develop a plan to transfer ownership, sell, or close your business
  • Create a transition strategy

Effective business plans are monitored and updated as your business - and the environment in which it operates - changes. Taking the time to review your plan on a regular basis can give you the clarity and direction you need to succeed. Many entrepreneurs update their business plan on an annual basis, but you may want to review it more often if your business is going through a period of change.

To learn more about the benefits of ongoing business planning, visit our Business planning frequently asked questions page. For more information on creating and updating your business plan, check out the Writing your business plan section.

Comments

I am a self-employed person. How can I get credits from Government to do contribution to Pension and EI benefit program?

Which form should I complete?

By Galina on August 24, 2011

Hello Galina,

As a self-employed individual, you are solely responsible for contributing to your pension plan. For details, you may consult Service Canada’s website on Canada Pension Plan benefits for the self-employed (Link no longer valid) or call 1-800-0-Canada (1-800-622-6232) or TTY 1-800-926-9105.

By Canada Business on August 25, 2011

Hi I already have a business plan and I have been selling to my customers but I don’t knOw how much my sales will be if I get mOre customers. So I don’t know how to put that on my business plan. Alex

By Alex on November 4, 2011

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