Question

Respond to the following statement (100–150 words):

A business plan is a useful tool that makes you think about all the things you need to do to set your business up. After that, you get so swamped in the day-to-day running of the business that the plan is of little use. There is no point reviewing and updating the plan.

Answer 1

Answer)

A Business plan must be reviewed and updated for every here and then as the business follows the same rule what a jungle follows "Kill or get Killed". This is due to there may be change in environment like preferences of people, technology or introduction of new substitute products etc where are products may be replaced by other products because of their new design, cost, better value of money, features and so on. Not only that one should always try to find a new plan although the above mentioned things may not happens for reduction of costs and much efficient operations which in turn reflects at increase in profits. Hence, to survive in the competition, a business plan must be update regular based on changes happening in that business environment.