Update Your Business Plan | Business Tips
May 26, 2019
Update your SME’s business plan
In Mexico 75% of SMEs created by entrepreneurs close before their second year. A problem that generates this and possibly in your SME, is the lack of control and administration.
Entrepreneurship marks a point in your life that requires complete effort and dedication to your project. If you want your SME to continue its life course it is good to have an updated business plan.
As time goes by, all businesses evolve their way of operating to adapt to the world. In addition to money, other characteristics are required to achieve it.
There are new trends in business plans that you can adopt to complement yours and meet your goals:
The most productive way of working is through objectives, since short-term goals are set. A business plan by objectives shows in detail what you want to achieve to continue with your SME.
In this way you will have an overview of what steps are needed to get to where you have set your main goal. That is, how far you want to take your business and what you want to achieve with it.
You may need financing to meet your objectives, and this must be included in your plan. Keep in mind that the possibilities of fulfilling them are greater nowadays.
It could be said that most entrepreneurs leave strategies aside. A strategy is defined as the action to be taken to achieve an end.
The fact that you own your own SME and can direct it in the way you want does not mean you should not have control. Defining a business plan with strategies helps you to plan what should be done to achieve your goals.
Remember that in each of these different plans you must evaluate and analyze the environment since it is what will generate the greatest impact on your business.
For example, a goal in your plan may be to open a branch instead, but the policies of that establishment and the locality limit your strategies and functionality. According to your analysis of the environment you can already have some backup strategies for these events.
Entrepreneurship is hard but there are always ways in which you can help the growth of SMEs. Today you can rely on digital tools that allow you to visualize the performance of your business.
In Konfío we have developed Kompás that will help you monitor the finances of your company and achieve your goals, the best is totally free.