Planning for profit

Many young and growing businesses fail during the early years because the owner is too close to the action – so involved in the day-to-day running of the business that he or she forgets to step back once in a while to see how the business is doing and whether or not the business plan needs updating.

It is vital at every stage of a business to set aside time to review its progress, but it is especially important in the early years. Using information from your financial and management reporting systems, you should monitor actual performance against projected performance and, where necessary, adjust your business plan accordingly.