“Good business plans are never complete, they are instead in a continual state of improvement as new information becomes available” – Greg Stoller, Boston College
This is a quote from a former graduate professor of mine, Greg Stoller, at Boston College’s Carroll Graduate School of Management. I heard it last week at a networking event covering the topic of business plans versus business models. It’s not the first time I heard this advice, but this time it hit much closer to home.
Reviewing your business plan regularly seems pretty obvious, huh? More often than not though, we get caught up in the momentum of our day to day work, and often forget to check back to our original plan.
I admit, I haven’t regularly reviewed my business plan. I’m on track, but I should have been updating it all along. Shame on me. It’s OK though, there’s time to your change ways and get back on course. This simple, yet important advice certainly reminded me to make it a regular ritual. In fact, I now have “Business Plan Review” noted in my calendar for every other Friday.
For those already doing this, Kudos! And for those who aren’t don’t sweat it, just get to it.