A business plan needs to be evaluated every year

An owner of a Maryland business with a fiscal year that ended on Dec. 31 is most likely spending some time reviewing last year's finances during the month of January. As part of that process, it might be beneficial for an owner to review his or her business plan to see if any adjustments need to be made. This can include reviewing employee benefits and other incentives, customer service, customer satisfaction, and the company's financial strengths and weaknesses.

Every business's primary function is to make money. Without a solid financial plan, it may not succeed. This planning includes budgeting and creating goals. Having a five-year plan is a good place to start, but failing to review a plan to determine whether it is working could be a recipe for disaster.

Things change and a company needs to be able to adjust to those changes. Setting goals for the years ahead can provide direction, but the way a business moves toward those goals may need to change from time to time. Every plan needs to allow for changes and periodic reviews to keep the business on track to reach its goals.

A Maryland business owner may need assistance in reviewing his or her business plan to ensure that the company's goals are realistic and achievable. Further, when changes need to be made, it would be advantageous to determine whether there are any legal or business issues that should be considered before the proposed changes are executed. Rushing through the process could result in complications in the future that could put the business in jeopardy.

Source:, "4 Goals Every Small-Business Owner Should Set in 2015", Sabrina Parsons, Jan. 12, 2015

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