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Control of an undertaking consists of seeing that everything is being carried out in accordance with the plan which has been adopted, the orders which have been given, and the principles which have been laid down.
Video: What Investors Really Think About Your Business Plan.
At our Entrepreneur magazine Roundtable, financial pros offer tough talk about the business plans of first-time entrepreneurs: Related: What Investors Really Think About Your Business Plan Video: How Can I Hire Someone to Help Write My Business Plan?
For example, if your marketing plan calls for you to launch a major media campaign, but your business plan’s revenue projections are weak, revise each to stay on track. Consider it a fluid plan that can be tweaked and updated as your business changes and grows.
Don’t cling to elements of your plan that are outdated or no longer useful.
These credentials document basic knowledge of business management concepts including making decisions and managing change, planning and controlling daily business operations, communicating with all stakeholders, managing and supervising people, and leading the organization towards its goals.
In addition, the successful business manager must understand the business environment, business structure and organization, business ethics and social responsibility, principles of marketing and product promotion, quality management, information systems, human resources, and basic business financial concepts.
If your business plan contains measurable goals, develop a tracking system to assess where you stand regularly.
For example, if the plan calls for earning a certain amount of revenue per month, track revenue on a daily or weekly budget to monitor and control the process.
Align your review dates with the short-term and long-term goals outlined in the original business plan and conduct a comparative analysis.
Depending on your business, this could be a monthly, quarterly or annual review.