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If you regularly assess your performance against the plans and targets you have set, you are more likely to meet your objectives.
This should include regular business planning meetings which involve key people from the business.
To find out more, see our guides on how to review your business performance and how to assess your options for growth.
A business plan will also ensure that you meet certain key targets and manage business priorities.
You can maximise your chances of success by adopting a continuous and regular business planning cycle that keeps the plan up-to-date.
The individual business plans of the departments and separate business units will need to be integrated into a single strategy document for the entire organisation.
This can be a complex exercise but it's vital if each business unit is to tread a consistent path and not conflict with the overall strategy.
Although many businesses are tempted to use their business plans solely for this purpose, a good plan should set the course of a business over its lifespan.
A business plan plays a key role in allocating resources throughout a business.
Ongoing business planning means that you can monitor whether you are achieving your business objectives.
A business plan can be used as a tool to identify where you are now and in which direction you wish your business to grow.