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Today’s FedEx top tip: Revisit your business plan

Update your business plan thoroughly at least once a year as your business evolves. Bringing it up to date will allow you to step back from day-to-day activities and re-align your strategy, ensuring the big picture still makes sense.

Make sure you have a monthly review of the difference between planned results and actual results for your sales, profits, balance and cash. A periodic refresh of the plan will allow you to review important factors such as actual business results, changing business environment and new competitors.

However apparently simple, it’s vital to recognise the full potential of your business plan. It’s a critical tool with insights into all aspects of your business – from day-to-day operations to long-term strategies and forward planning. Regularly revisiting and updating your business plan puts you in the best possible position to review and respond as efficiently as possible.

In today’s global economy, there are countless opportunities to improve key areas of your business, ranging from raising your profile to expanding overseas.

To help give your business a boost and potentially win up to £20,000, enter the FedEx Small Business Grant Contest. For more information, click here.

This was posted in Bdaily's Members' News section by FedEx .