As a matter of fact, how to Review Your Wholesale Business Plans periodically involves the use of business plan review template, business plan review examples, standard business plan review process and business performance analysis. These are essential tools to reviewing your business plan.
Short, medium and long-term goals
It’s crucial for all business owners to set short, medium and long-term goals. In the same vein there should also be in place periodic – Long, medium and long term periods to review the set goals. Here are some reasons why and how to do this from time to time.
What is the importance of reviewing your business plan?
After you write your business plan and put it into practice, you should continually monitor it to make sure that you are achieving the business objectives. This is to enable you:
- assess your progress to date
- analyse the most promising ways to develop your business
When do you review your business plan?
The business plan circle is about the periodic process of reviewing and analysing your business plan. This can be quarterly, half yearly etc. Sales driven businesses like wholesale businesses must install monthly or even weekly business operating plans.
There is also the need to review business plan project by project and also yearly. Sometimes, business plans are run like a rolling plan. Business plan review process is must be:
- continuous – with the plan being regularly updated and monitored
- annual – with the plan broken down into four quarterly operating plans
Major happenings in and around your business, eg changes to competitors or customers or in the broader environment, eg new legislation or change of government of the day, should trigger a review of your strategic objectives.
The truth here is, regardless of whether or not there are fixed time intervals in your business plan, the review process must be part of a rolling process. Therefore, regularly assess performance against the business plan and agree a revised forecast if necessary.
Why & How to Review Your Wholesale Business Plan:
How do you go about your wholesale business plan periodic review?
Use gained understanding:
As you do your business, you gain understanding of the business. This is the starting point for the review. Reviewing your goals quarterly is a good way to check your progress and review what you did to get there. It will further provide a good opportunity to understand your business better and what you still need to do to reach your longer-term goals.
Break it down
Break down your long term and medium term plans/objectives and goals into smaller monthly and quarterly targets. Quarterly reviews allow you to break down your longer-term goals into smaller, more achievable ones.
Once you break your goals into four shorter ones over 12 months, they will appear much more attainable.
Don’t isolate any part of the business:
Involve the whole business. Staff will be more inclined to work towards shared business goals, so consider using this opportunity to ask them about which direction they’d like to see the business to go in. They may also have their own goals they want to achieve. Offering employees rewards can also give them an extra incentive to work harder towards achieving goals.
Long-term goals are more achievable with some amount of flexibility in the business plan review approach. Reviewing your goals regularly allows you to check if your business is meeting the milestones it needs to and to factor in any changes you need to make.
Quarterly and other short term review approaches provide a good opportunity to assess and adjust your goals or change the way you’re working towards them.
Celebrate the small wins
Once your review shows you have hit the target , please note it and how you got there. Quarterly reviews allow you to celebrate any short-term goals you’ve reached and motivate you for the rest of the year. They will also help you and your employees to be recognised for all the hard work you’ve done and give you the confidence to keep going.
Have a Reminder
Set up a reminder alarm in your business management operations. Document your review processes and set time table for the review operations. Regularly reviewing your goals provides you with a good reminder of what you’re working towards and helps keep you on track. So use them to set a reminder.
Why & How to Review Your Wholesale Business Plan/Goals Regularly
No matter the type of wholesale business you are into, try to adhere to this wholesale business plan review principles. If you are having problems in doing these things, don’t hesitate to contact us on the contact details below.
If you need our services: Contact
Phone: +234 8034347851, +234 8097900795
Founder/Managing Partner of Complete Full Marks Consultants Ltd. An Economist turned Chattered Accountant and Tax Practitioner with over 37 years of industrial experience.