Now that your business is up and running, what’s next? When is it time to review the business plan of your company, and when and how should you change direction?
Ask yourself if there have been major changes in your business environment such as new legislation, gaining or losing core customers, or competitor consolidation. If so, it’s time for a review of your strategic objectives.
When you perform your review, keep in mind the most basic measure of a successful plan. Are you accomplishing your business goals? Will your current direction allow you to accomplish your objectives? If the answer is no, it’s time to alter your course to get back on track for success.
You may want to use business plan software to help teach you how to review a business plan. If you do decide to use software, be sure to research business software reviews to find a program that fits your needs. Another option is hiring an outside consultant to assist in auditing your plan.
If you decide to hire a consultant, here are some criteria to consider:
• Is the consultant experienced? How many years of experience does this consultant have? You want someone who has a solid background of successful consulting. Your business is too important to be someone’s learning experience.
• Does the consultant ask questions? No matter how much experience a consultant has in your industry, every business has its own challenges. A good consultant will ask questions to establish your individual situation.
• Is the consultant a member of a recognized industry association? A legitimate consultant will belong to appropriate industry associations. Call the associations to verify that the consultant is truly is a member in good standing.
• Does the consultant appreciate the value of your money? A competent consultant understands that your business money should not be squandered and will be able to clearly justify the value of any expenditure he proposes.
• Does the consultant come highly recommended? Any qualified consultant should be able to provide a list of references. Take some time to verify that the companies listed are active, and call the people who provided the references. Ask detailed questions about their time working with the consultant, and establish if he has experience relevant to your business. Remember, this person has the future of your business in their hands.
Once you establish the direction of your plan, you may find you need new business funding to carry it out. AmeriMerchant knows that every business is unique with different working capital needs and has 10 years of experience offering cash flow solutions to businesses. AmeriMerchant’s Merchant Cash Advance can assist with funding your business so you have the cash you need to grow. For more information contact our East Coast representatives at 1-800-267-3790 or our West Coast representatives at 1-877-279-7199.