When is the last time you dusted off that business plan and made some changes? Regardless if your business is flourishing or slowing down, a well-drafted business plan is something you should always keep updated. Whether you want to make changes or notice a need for more coverage (extra liability insurance, group benefits, company vehicle protection, etc.) now would be a good time to make some moves. Is it time to update your business plan?
Update Your Business Plan
If you are having trouble seeing the reasons to update, allow us to help. Here are just a few reasons why it might be time to update your business plan:
- The economy continues to improve and grow. Is your business growing as well? Maybe some changes need to be made to your marketing or other growth strategies.
- Your mission statement is outdated. Does your mission statement reflect the core values of your company? Does it appeal to a younger generation of consumers? Consider whether your mission statement needs to be updated to reflect the changing times.
- The budget has changed. If you’ve grown, does your current budget reflect adequate expenditures for marketing, advertising, and other critical areas?
- Your insurance needs have changed. As your business grows and evolves, so should your insurance coverage. Business insurance is meant to be customized to the needs of your company.
So what are you waiting for? Take the time to update your business plan, today!
Update Your Business Insurance
When you update your business plan, do not forget the importance of reviewing your business insurance needs. This could mean increasing liability coverage limits, property coverage limits (i.e. inventory and equipment), or perhaps considering additional coverage you’ve not carried in the past, such as employment practices liability and cyber liability.