As the new year surfaced, we felt empowered and ready to take on this new year (but hey, name a person who didn’t). In doing so, we decided to start attending networking events. At the first networking event, we met everyone from chiropractors, to real estate agents to venture capitalist. After 5 mins of awkward stares and trying to figure out what forced conversations were about to take place, we didn’t know what the hell we were getting ourselves into - but we walked in with our heads high, ready to take over.
We had our reel together and everything went great!!! There was no doubt we knew who we were as a brand, our services and who we targeted. We went home all smiles with the new relationships we made and were eager to go to our next event. But the next day after our conference call, the first thing we all said was, “We need to go over our business plan.”
It’s been over a year since we last visited it and there were so many changes that needed to be made. Here are a few things we found out about ourselves as entrepreneurs and why it’s important to look back at your business plan to make sure it makes sense and is actually aligned with your company’s goals.
New Mission & Vision: When we first started as a company we thought we knew our values and who we were as a company along with what message we were trying to convey. BOY. WERE. WE. WRONG.
New Services: Over the year, we realized although we were a branding agency, there were services that just didn’t interest us, so we had to ex them out. There were also services we loved doing and were amazing at, so we added them in.
New Team Roles: Positions change, it is what it is.
Marketing/Trends: Our target market/clients totally changed and we realized trends in our industry had shifted as well.
Finances: This was the most important topic that needed editing. There was a major need to update our annual, quarterly and even monthly financial statements. You also never know when you may want to bring in investors.
To say the least, we did a poor job the first time we created our business plan. Just like everything else, practice makes perfect. As quick as things changed, so did our business plan...and sadly, we fell behind with editing it. The best way to not become stagnant as a company is to constantly skim through your business plan as often as possible. Are we meeting the goals we have set for ourselves? Are we exceeding them? Are we staying true to our mission? Values? All of these things are super important to remember and keep track of, and all of it can be found in your business plan!
We hope we’ve inspired you to get those cobwebs off yours ;)