Michael Babyak in Business Strategy, Administrative, Business President • Precision Financial Services Nov 8, 2019 · 1 min read · 4.4K

How to Modernize Your Business Plan

How to Modernize Your Business Plan

The dramatic growth of business technology, both longitudinally and latitudinally, can often outrun businesses. No business wants to be left behind in a cloud of dust, which makes it important to update not only how the business goes about its daily tasks, but also how the business goes about achieving its overarching goals. In this regard, modernization of the business plan is an essential step in maintaining your business’ relevance and market share. 

Account For Constant Change

The growth of business tech isn’t just dramatic—it’s constant. Older business plans from before the tech boom may not incorporate the mindset of continuous development. Because of this, some business plans are obsolete. How do you know when your business plan requires a face-lift? According to entrepreneur and business planner Tim Berry, business plans are like plants—they require love and care every single day. As Berry writes, “Whenever things change, you update your plan. And things always change.” 

Of course, daily changes are not drastic ones. What Berry means is that you should consider how to accommodate successes and new directions into your business plan, as opposed to limiting yourself because of a business plan. While annual changes are the major ones, daily changes should account for the fast-paced reality of modern business.

Incorporate New Technologies

One of the major keystones of the modern business plan is a drastic increase in technology incorporation. After all, adapting to advancements in tech can make or break a business’ success, setting it apart from its competitors. Lilach Bullock of Smart Insights puts it best when she suggests an “Adapt or die” strategy. In an article about the importance of leveraging digital tools to improve your business, Bullock writes, “With the speed of technological evolution more rapid than ever, even comparatively new companies can effectively modernize one or more of their systems.” Many of the technologies she suggests are new ones that have gained traction over the past decade, such as cybersecurity measures and the Cloud, while others are old types of business strategies that have been significantly updated in recent years, including software APIs and communications. Incorporating these types of technologies into your business plan will help you and your business to stay on top of everyday operations, as well as changes in the market.

Reevaluate Your Goals

Just as the goals of everyday people can change and grow, so too are the goals of businesses malleable. While your core values can stay the same for decades, your goals are bound to change as eternal and internal developments influence your business’ direction. In line with accounting for constant change, you should make a habit of annually checking in on your goals, and how those internal and external factors have reshaped them. It’s possible that, as the world changes and the shape of your business changes, some of your goals may become less desirable, while new ones may crop up. Make sure you take time to consider the here-and-now of your business’ strategy, and realign your business plan to accommodate for these changes.

This blog was originally published at MichaelBabyakFinancialAdvisor.net.