Keep Your Business Plan Current

It’s important that the franchisee has a business plan, but it’s equally (or more) important that you do. Your business plan is a living document that provides direction for growth and a framework for operations. It should include the current year forecast, a 5-year forecast and a 10-year forecast. Every month you reconcile actual versus forecast and thereby gauge performance. This way you know if there is a problem and you know in time to respond with a corrective action. If you operate your business – and your franchisees – without goals or measurements you’re not going to be able to stay competitive. The market changes constantly. You must realize the changes as they occur and be in a position to capitalize on them. If you decide to expand farther and need investors or if you take your company public you will have to have a current business plan. Don’t let this slip – it’s too critical a document.