how often should you review your business plan

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Run » finance, 8 signs it's time to update your business plan.

You should update your business plan more frequently than you might think. Here are eight signs it’s time to update your business plan.

Updating your business plan ensures that the information is up to date and in line with the changing goals of your organization. Here are eight situations where it’s necessary to update your business plan .

It’s been over a year since you updated it

Your business plan is never finished — you should constantly be reviewing and updating it. How often you update it is up to you, but it’s a good idea to schedule regular periods to review and update your plan.

For instance, you could do a minor review quarterly and then conduct a major review at least once per year. This will give you an opportunity to see what’s changed and if there are any outdated items.

You’ve added new products or services

Your company’s products and services are an integral part of your business plan, so when they change, your business plan should change as well. That's because adding new products or services affects your sales projections and how you manage company resources.

[Read more: How to Communicate a Product Discontinuation to Customers ]

The competition is changing

Paying attention to what your competitors are doing can help you determine when it’s time to shift your own business strategy. For instance, let’s say a competitor has copied your product or service or is undercutting you on price. You should take the time to evaluate their strategy and decide whether you want to do anything in response.

[Read more: 6 Steps to Market Your Business in a Competitive Market ]

The market is changing

Anytime there are changes in the market, you should adjust your business plan accordingly. For instance, businesses that relied on in-store traffic to make sales had to make adjustments during COVID.

Current issues like inflation or fears of a recession could affect a customer’s ability to buy your product or service. Any factors that could negatively affect your revenue warrant reviewing your business plan.

When you started your business, it may have just been you and one or two other employees. If your company has experienced substantial growth since then, it’s time to review your business plan.

You’ve experienced a financial change

It’s a good idea to update your business plan anytime you experience a significant financial change, whether good or bad. For instance, landing a major client is a great problem to have. But serving that client may require more time and resources than your team initially planned for.

Likewise, if a long-term customer cancels a major contract, that will affect your future revenue. Each of these scenarios requires you to revisit your business plan and develop a new strategy.

You’re going through internal changes

Internal changes can require you to update your business plan as well. For instance, let’s say you switch to a new tech platform to make your business more competitive. Or maybe you’ve recently switched vendors to deal with supply chain issues.

Losing a key staff member can also deal a major blow to your business. Perhaps that person had strong relationships with many of your customers, so you need to rethink how your business will operate without them.

[Read more: How to Talk to an Employee About Poor Performance ]

Your company has grown substantially

And when you update your business plan, it’s a good idea to involve several key employees. Getting buy-in from your employees helps ensure the implementation will be successful.

You’re trying to obtain funding

You'll need to provide a detailed business plan if you’re trying to obtain funding from a bank or investor. When an investor looks at your business plan, they should understand what your company does and your future financial projections.

Your business plan should include:

• An executive summary.
• An explanation of your total available market.
• A description of how you plan to use the funding.

This may sound complicated, but it isn’t if you follow a free business plan template .

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20 Questions for Your Q1 Business Plan Review

The end of Q1 is the ideal time for a business plan review.

So how do you even review a business plan?

You’ve heard me say before that having a business plan is an absolutely essential part of getting to where you want to be in life. But no matter how good of a plan you make, at the end of the day, it’s still only a plan – which means it’s meant to be followed, not written and set aside. That’s what this business plan review is for.

It’s the role of a good coach to check in on your progress and keep you on pace, so that’s exactly what I’m hoping to accomplish here in this blog.

According to your business plan , the strategies you’ve put in place so far can either:

• Launch you to where you want to be (if you refine them) or
• Send you spiraling into a crash (if they’re left unchecked)

It’s probably fair to say you’d prefer the first one, right? In that case, I’m giving you one of my favorite simple business plan review techniques. All you have to do is get all your numbers ready, pull up your business plan, and answer 20 questions.

Got everything ready? Then let’s get started…

How often should a business plan be reviewed?

Your business plan should be reviewed at least once per year. In today’s fast-paced business world, it’s easy to get caught up in the day-to-day operations and lose sight of the bigger picture. That’s why it’s crucial to schedule regular business plan reviews. Updating your business plan annually helps ensure that your company stays competitive and on track to meet its long-term goals. With so much at stake, you can’t afford to wait until the last minute to sift through all the numbers and make necessary changes. By reviewing your business plan regularly, you’ll be able to identify areas of improvement and make strategic adjustments. Don’t let your business plan become a static document. Keep it alive and thriving by scheduling regular reviews.

Business Plan Review Questions to Ask Yourself

Question No. 1: What’s your WHY? This is something you should already have written in your business plan , but it’s a question worth repeatedly asking not just at the end of every quarter but every day. So look at what you wrote down in December and then ask the question again. Has your answer changed? It’s okay if it has but make the adjustment.

Question No. 2: What’s your role?

Define your job, because your job title defines how you approach both your work and your business plan review. Are you operating as a real estate agent or like the CEO of your company?

Question No. 3: Did you make enough money to achieve your WHY?

Before we dive into any of your actual numbers, let’s establish a monetary value for your WHY. Not everything in life has a price tag: love, peace, honesty… But most things do, or at least money plays a role in them. Maybe you want to pay for your kid’s college. Maybe you want to start investing in properties. So ask yourself if over the last three months you’re on the right track for these goals and what being on the right track would actually look like.

Goals vs. Reality

Question No. 4: Units Closed vs. Goal Units Closed?

Question No. 5: Volume vs. Goal Volume?

Question No. 6: GCI vs. Goal GCI?

Question No. 7: What’s your average price per listing?

Add up the sum total of what all your listings have sold for and divide by the number of listings taken.

Are You Following Your Plan?

Question No. 8: Are you using all the lead sources you said you would on your business plan?

Question No. 9: Which lead sources are you underutilizing?

Question No. 10: Have you put in place the systems you wanted to have by Q2?

Question No. 11: In what ways do you need to adjust your plan to catch up to where you want to be by Q3?

Question No. 12: Expenses vs. Income. Are you staying in the right range?

If not, how far off are you and where is that money going?

Finding Your Personal Metrics

Question No. 13: How many conversations did you have?

Then break this down to how many you had each day, week, and month. Create a daily average.

Question No. 14: How many appointments did you take?

Question No. 15: How many conversations does it take you to get an appointment?

It’s simple division that creates massive predictability for your business. You should know this number and “live it” every day. Remember: Appointments are the only currency that matters today.

Question No. 16: How many appointments does it take for you to convert a listing?

Important Questions to Have Framed in Your Office

Question No. 17: How much money do you make from each conversation you have?

Divide your GCI by the total number of conversations you had. Then take this number and put it somewhere that you and every person on your team can see every day. When you don’t feel like making your calls, just remind yourself that this is how much every call is worth to you.

Question No. 18: What went well for you in Q1 and how can you do more of it?

It’s important to not only focus on where you’ve fallen short, because you’re strengths are what you need to rely on here – which means it’s important to know what they are!

Question No. 19: What do you need to stop doing and leave behind in Q2?

It’s time to strip away all the baggage that’s slowing you down, whether that means it’s time to hire someone or maybe it’s a lifestyle habit that’s getting in the way of your success.

Question No. 20: Are you getting to support you need?

In my 35+ years in this business, I’ve never seen anyone figure everything out by themselves. Even for people who are thriving right now, imagine what you could do if you had professional support to guide you on your journey…

My guess is, you’d learn that you’re not setting your goals high enough. Because we don’t know what we’re capable of until we have a valued mentor bring it out of us, push us to new limits, and show us the blind spots we can’t see for ourselves. So, if you’re ready to take this next step and fully commit to becoming the best version of yourself in Q2 and beyond, self-schedule a free coaching consultation right here . It only takes about an hour and might just change your life.

And if you’re already a coaching member or Sphere subscriber , be sure to watch Kay Fairchild’s webinar on conducting a more detailed quarterly business plan review inside of illūm, where she takes you step-by-step through her own extremely valuable quarterly review process.

Need to create a business plan first?

With access to this on-demand business plan webinar , you’ll gain immediate access to our acclaimed seven-point business plan template, essential tips on fostering the right mindset to conquer today’s volatile market, engaging Q&A sessions, and more insights from Tom Ferry. Don’t miss this chance to arm yourself with the knowledge and tools to thrive. Unlock your access to the full video, business plan template, and more!

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Business Plan Review-When and Why Should I Review My Business Plan?

Almost all entrepreneurs should keep in mind the importance of a business plan review and also consider updating the strategies and tactics section of their business plan to meet constantly changing market realities.

The high-level overview

The projects in progress, the financial forecast, the benchmarks, your business plan is a living document, challenge… are you living inside your business plan, why put your business plan into writing instead of just keeping it in your head.

Writing your business plan may have been a pain, but updating a plan is easier because you already have a framework. During your business launch, you probably had little experience, and many of your marketing and operational forecasts were just educated guesses. Now that you have some experience and a proven track record, you know what works and what doesn’t.

Recognizing the important events and changes that may require you to update your tactics is an important skill to acquire. Here are some pointers on how to recognize those times.

You are ready to take your business to the next level. Getting funds from a bank or investors requires a more sophisticated plan. Even if you don’t need additional funding, a business plan based on a certain size of business might not be adequate to support a much larger one, which may need additional employees, square footage, etc.

Uncle Sam throws you a curveball, in other words, regulatory changes impact your business. One potential change in many states is the imposition of a sales tax on all internet purchases. The result could be a leveling of the playing field that will make online and brick-and-mortar stores more competitive with each other.

The economy has changed inflation, recession, and unemployment rates, all impacting your customers’ ability to buy your product or service. This will impact your revenues in a bad way, and depending on your staffing, adjustments may be needed there as well.

Here are some stages that how often should a Business Plan be reviewed

How often : daily The high-level overview is the section I look at most often. It’s my big picture part of the plan. Here’s what it includes:

• What I’m doing – the problems I’m solving
• Why I’m doing it – my vision
• Who I’m doing it for – their problems, needs and wants
• My tagline – so I’m always focused on my business mission
• My sales and marketing strategy – the sales and marketing activities to focus on
• Finances – a summary of major income and costs

Your business plan review is just that – a surface-level overview.

How Often Should I Review My Business Plan: daily and weekly This part of my business plan gets looked at daily, especially when I’m creating things in my business or working on a specific task.

Sometimes I’ll leave it for a few days while I’m focused on client work and routine tasks. But whenever I’ve got projects on the go, which is pretty much always, I check in with this part of my business plan.

I find it really useful to refer to whenever I need to make a decision. For example, I might be thinking about registering a new domain name for my website (buying URLs is fun, right?). But I can look at my plan and ask myself, “Do I really need this?”.

Then I’ll use my template to write a paragraph about the item and how it fits into my business. If I can’t think of what to write, I don’t have a good enough reason for what it would mean to the business and how it fits into the bigger picture. Then I don’t buy it.

I’ve got the same rule for software programs and it stops me from spending all my money on Xero Add Ons ! Because there are few things I love more than looking at all the latest software and seeing what I can implement to make my business (and my clients’ businesses) more efficient. But I know that it’s not efficient to add too many tools to the mix, especially if I’m not really going to have the time or patience to use them.

How often: Monthly I work on my financials and forecast at least every week or once a month. This was an area of real struggle for me.

That was a big shock to me and I never would’ve picked up on that fact if I hadn’t reviewed my finances and thought about how I could do things differently. Once I started to implement some different processes, and actually reviewed the numbers every week, I brought my finances under control.

You’ve really got to practice and discipline yourself. That’s why it’s gotta happen regularly.

It’s a useful way to look at projections and add credibility to your plan, but it’s always important to remember that there’s no business out there exactly like yours.

So your benchmarks are only useful to a certain point. I only look at benchmarks when I do quarterly plans and reviews. It’s interesting to see how I’ve gone over the previous quarter and it’s a useful planning tool for the future. But it’s not something you need to get stuck into every day or even every month.

A business plan is a perfect foundation for your business. Think about the foundation of the home you live in. You wouldn’t just wake up one day and decide to take out that foundation! And you certainly wouldn’t engage a builder who didn’t believe in foundations.

It’s there, underpinning everything you do in your home, adding strength and security. It’s the same with your business plan. You put it in place, and then you build your business on top of it… and it’s there every single day, holding your business firmly together.

I want to know… do you look at your business plan every day like I do?

Maybe you’ve got a business plan (and it’s not working for you), and you’re halfway through one. Maybe you’ve never started one or you’re a bit skeptical and you don’t even know if you actually need one.

I want to challenge you to be your best in your business, step out and start achieving your goals. A lot of the time, the first step is writing out your business plan. The next step is making sure you review it regularly.

Pro Tip: For a perfect business plan you can visit our page on business plan writing services

Writing down your business plan will make it more powerful and real. But let’s get more specific. Here are 6 reasons why you should write a business pla n :

• Keep it real . Once you see things in black and white in writing, they’re much more tangible. Your written business plan can work as a reality check where things aren’t going as well as you thought they were.
• Spot gaps . When you write it down, you can see the gaps and holes that you hadn’t thought of.
• Be accountable and collaborate . Having it written down allows you to show it to others and be accountable.
• Create SMART goals . A written plan can be broken down into steps and scheduled into your calendar. This makes it far more likely that you’ll achieve it.
• Measure your progress. When your plans are written down, you can review them and see your progress. This is especially useful if you’re a type-A personality like me.
• Free up your brain cells . Having your plan written down actually (and literally) frees up your headspace so you can use your mental energy for other more important things.
• Preparing for the future . And let’s not forget the importance of preparing for the future. Keeping your business in your head is not a good business practice for so many reasons.

Related Article: 25 reasons why you need a business plan

It is recommended to review your business plan regularly, at least annually. Additionally, you should consider reviewing your plan during significant business milestones or changes, such as entering new markets, launching new products or services, or experiencing shifts in your industry or competitive landscape.

Reviewing your business plan helps ensure that it remains relevant and aligned with your current business objectives. It allows you to assess the progress made, identify any gaps or areas for improvement, and make necessary adjustments to your strategies, goals, or financial projections. Regular reviews also enable you to adapt to changing market conditions and seize new opportunities.

Reviewing your business plan offers several benefits, including:

• Assessing Performance: Determine how well your business is performing relative to your initial projections and goals.
• Strategy Alignment: Ensure that your strategies are still effective and aligned with your current market positioning and customer needs.
• Financial Analysis: Evaluate your financial projections and make any necessary adjustments based on actual performance and market conditions.
• Risk Assessment: Identify potential risks or challenges that may impact your business and develop contingency plans.
• Opportunity Identification: Recognize new opportunities, emerging trends, or untapped markets that you can leverage to drive growth.

During a business plan review, pay attention to the following key areas:

• Goals and Objectives: Assess whether your goals are still relevant and achievable, and adjust them if needed.
• Market Analysis: Evaluate changes in your target market, customer preferences, and competitive landscape.
• Strategies and Tactics: Review the effectiveness of your marketing, sales, and operational strategies and identify areas for improvement.
• Financial Performance: Analyze your financial statements and compare them to your projections, identifying any gaps or discrepancies.
• Risk Management: Identify new risks and evaluate the effectiveness of your risk mitigation strategies.

It is beneficial to involve key stakeholders in the business plan review process. This may include business owners, management team members, department heads, and external advisors or consultants. Their diverse perspectives and expertise can contribute to a comprehensive assessment of the business plan and generate valuable insights and recommendations for improvement.

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Review your business performance

Once your business is established and running well, you may be inclined to let things continue to run as they are.

However, it's actually time to plan again. After the crucial early stages, you should regularly review your progress, identify how you can make the most of the market position you've established and decide where to take your business next. You will need to revisit and update your business plan with your new strategy in mind and make sure you introduce the developments you've noted.

This guide takes you through this essential process, detailing the stages you should go through to assess how well your business is performing, highlighting your strengths and areas that could be improved and suggesting the actions you need to take to implement the improvements that you've identified.

Why it's vital to review the progress of your business

Assess your core activities, assess your business efficiency, review your financial position, conduct a competitor analysis, conduct a customer and market analysis, use your review to redefine your business goals, models for your strategic analysis, breaking down your strategic review.

It's easy to focus only on the day-to-day running of your business, especially in the early stages. But once you're up and running, it can pay dividends to think about longer-term and more strategic planning. This is especially true as you take on more staff, create departments within the business, appoint managers or directors and become distanced from the everyday running of the business.

Reviewing your progress will be particularly useful if you feel:

• uncertain about how well the business is performing
• unsure if you're getting the most out of the business or making the most of market opportunities
• your business plan may be out of date, e.g. you haven't updated it since you started trading
• your business is moving in a direction different to the one you had planned
• the business may be becoming unwieldy or unresponsive to market demands

It is also useful if you have decided that your company is ready to move on to another level.

Setting the direction

A clear business strategy will help to answer any concerns and show practical ways forward.

Questions you might want to ask include:

• What's my direction? To answer this you need to look at where you are now, where you want to go over the next three to five years and how you intend to get there.
• What are my markets - now and in the future? Which markets should I compete in, how will they change and what does the business need in order to be involved in these sectors?
• How do I gain market advantage? How can the business perform better than the competition in my chosen markets?
• What resources do I require to succeed? What skills, assets, finance, relationships, technical competence and facilities do I need to compete? Have these changed since I started?
• What business environment am I competing in? What external factors may affect the business' ability to compete?
• How am I measuring success? Remember, measures of performance may change as your business matures.

It's doubtful whether you will be able to answer these questions on your own - involving your professional advisers, your fellow directors and your senior staff will all help to make your review more effective.

A good starting point for your review is to evaluate what you actually do - your core activities, the products that you make, or services that you provide. Ask yourself what makes them successful, how they could be improved and whether you could launch new or complementary products or services.

Key questions about your products or services

It's useful to address these questions:

• How effectively are you matching your goods and services to your customers' needs? If you're not quite sure what those needs are, you could carry out further market or customer analysis. See the page in this guide on how to conduct a customer and market analysis.
• Which of your products and services are succeeding? Which aren't performing as planned? Decide which products and services offer both a high percentage of sales and high profit margins.
• What's really behind the problems of a product or service? Consider areas such as pricing, marketing, sales and after-sales service, design, packaging and systems during your review. Look for "quick wins" that give you the breathing space to make more fundamental improvements.
• Are you reviewing costs frequently? Are you keeping a close enough eye on your direct costs, your overheads and your assets? Are there different ways of doing things or new materials you could use that would lower your costs? Consider ways in which you can negotiate better deals with your suppliers.

Answering these questions will give you the basis on which to improve performance and profitability.

Many new businesses work in a short-term, reactive way. This offers flexibility - but can cost time and money as you move from getting the business going to concentrating on growing and developing it.

The best option is to balance your ability to respond rapidly with a clear overall strategy. This will help you decide whether the actions you take are appropriate or not.

At this stage you should ask yourself if there are any internal factors holding the business back, and if so, what can you do about them?

Consider the various aspects of your business in turn.

• What are your long-term commitments to the property?
• What are the advantages and disadvantages of your current location?
• Do you have room to grow, or the flexibility to cut back if necessary?
• If you move premises, what will be the cost? Will there be long-term cost savings and improvements in efficiency?
• If you manufacture products, how modern is your equipment?
• What is the capacity of your current facility compared to existing and forecast demand?
• How will you fund any improvements?
• How do you compare with your competition?

Information technology

• What management information and other IT systems do you have in place?
• Will these systems cater for any proposed expansion?
• Will they really make a difference to the quality of product or service your business provides? If they don't, can you change them to make sure they do?
• Do you make best use of technology such as wireless networking and mobile telephony to allow for more flexible working?

People and skills

• Do you have the right people to achieve your objectives?
• Do they know what is expected of them?
• Do you operate a training and development plan?
• Do you pay as well as the competition?
• Do you suffer from high staff turnover? Are staff motivated and satisfied?

Professional skills

• Do you have the right management team in place for growth?
• Do you have the skills available that you need in areas such as human resources, sales and IT?
• Do your staff need new or improved skills or to be retrained?

Businesses often fail because of poor financial management or a lack of planning. Often the business plan that was used to help raise finance is put on a shelf to gather dust.

When it comes to your business' success, therefore, developing and implementing sound financial and management systems (or paying someone to do it for you) is vital.

Updating your original business plan is a good place to start.

When reviewing your finances, you might want to consider the following:

• Cash flow - this is the balance of all of the money flowing in and out of your business. Make sure that your forecast is regularly reviewed and updated.
• Working capital - have your requirements changed? If so, explain the reasons for any movement. Compare this to the industry norm. If necessary, take steps to source additional capital.
• Cost base - keep your costs under constant review. Make sure that your costs are covered in your sale price - but don't expect your customers to pay for any business inefficiencies.
• Borrowing - what is the position of any lines of credit or loans? Are there more appropriate or cheaper forms of finance you could use?
• Growth - do you have plans in place to adapt your financing to accommodate your business' changing needs and growth?

Now that you have been running your business for a while, you will probably have a clearer idea of your competitors. Gathering more information may cost time, money and effort, but there are many benefits to knowing more about what your competition is doing.

What you need to know

The type of competitor information that will be really useful to you depends on the type of business you are and the market you're operating in. Questions to ask about your competitors include:

• who they are
• what they offer
• how they price their products
• what the profile and numbers of their customers are compared to yours
• what their competitive advantages and disadvantages are compared to yours
• what their reaction to your entry into the market or any product or price changes might be

You will probably find it useful to do a SWOT (strengths, weaknesses, opportunities, threats) analysis. This will show you how you are doing in relation to the market in general and specifically your closest competitors. See the page in this guide on models for your strategic analysis.

How to find out more

There are three main ways to find out more about your competitors:

• What they say about themselves - sales literature, advertisements, press releases, shared suppliers, exhibitions, websites, competitor visits, company accounts.
• What other people say about them - your sales people, customers, local directories, the Internet, newspapers, analysts' reports, market research companies.
• Commissioned market research - if you need more detailed information, you might want to commission specific market research.

When you started your business, you probably devised a marketing plan as part of your overall business plan. This would have defined the market in which you intended to sell and targeted the nature and geographical distribution of your customers.

From that strategy you would have been able to produce a marketing plan to help you meet your objectives. When you're reviewing your business' performance, you'll need to assess your customer base and market positioning as a key part of the process. You should update your marketing plan at least as often as your business plan.

Revisiting your markets

A business review offers you the opportunity to stand back from the activity outlined in your plan and look again at factors such as:

• changes in your market
• new and emerging services
• changes in your customers' needs
• external factors such as the economy, imports and new technology
• changes in competitive activity

Asking your customers for feedback on your business' performance will help to identify where improvements can be made to your products or services, your staffing levels or your business procedures.

At the same time, it is important to remember that while reviews of this kind can be very effective - they can give your business the flexibility it needs to beat off stiff competition at short notice - it is important to think through the implications of any changes. In the new phase of your business you'll need to plan your finances and resourcing carefully at all times.

To remain successful it's vital that you regularly set time aside to ask the following key strategic questions:

• Where is the business now?
• Where is it going?
• How is it going to get there?

Often businesses are able to work out where they want to go but don't draw up a roadmap of how to get there. If this happens, a business will lack the direction needed to turn even carefully laid plans into reality.

At the end of any review process, therefore, it's vital that work plans are prepared to put the new ideas into place and that a timetable is set. Regularly reviewing how the new plan is working and allowing for any teething problems or necessary adjustments is important too. Today's business environment is exceptionally dynamic and it is likely that you will need regular reviews, updates and revisions to your business plan in order to maintain business success.

Continuous improvement

In addition, a simple planning cycle can greatly enhance your ability to make changes in your business routine if necessary. Good planning helps you anticipate problems and adapt to change more easily.

Expert input

You may find at this stage in your business' development that you need external skills to help you with the changes you have to make. In this case you might consider:

• employing skilled consultants in areas where you cannot afford to develop inhouse skills
• appointing an experienced non-executive director who can provide a regular, impartial assessment of what you are doing
• using a management consultant to help you identify how you can strengthen or change your management structure to grow the business

There are a number of useful business-analysis models that may help you think more strategically about your business.

The SWOT analysis (strengths, weaknesses, opportunities, threats) is one of the most popular. This involves looking at the strengths and weaknesses of your business' capabilities, and any opportunities and threats to your business. Once you've identified all of these, you can assess how to capitalise on your strengths, minimise the effects of your weaknesses, make the most of any opportunities and reduce the impact of any threats.

Opportunities and threats in the external environment

It's important to remember that opportunities can also be threats - for example, new markets could be dominated by competitors, undermining your position. Equally, threats can also be opportunities -for example, a competitor growing quickly and opening a new market for your product or service could mean that your market expands too.

A SWOT analysis can provide a clear basis for examining your business performance and prospects. It can be used as part of a regular review process or in preparation for raising finance or bringing in consultants for a review.

Once you have collected information on your organisation's internal strengths and weaknesses, and external opportunities and threats, enter this data into a simple table.

Other tools include:

STEEPLE analysis - a technique for understanding the various external influences on a business – Social, Technological, Economic, Environmental, Political, Legal and Ethical.

Scenario planning - a technique that builds various plausible views of possible futures for a business.

Critical success factor analysis - a technique to identify the areas in which a business must succeed in order to achieve its objectives.

The Five Forces - the theory that there are five defined factors that influence the development of markets and businesses - potential entrants, existing competitors, buyers, suppliers and alternative products/services. Using this model you build a strategy to keep ahead of these influences.

As owner-manager of your business or as a member of its management team, you should stand back once in a while and review your business' performance.

The areas you need to look at are:

• Your market performance and direction - how well you are performing through your sales results, which markets to aim for next and how to improve your performance.
• Your products and services - how long your existing products will meet your customers' needs and any plans for renewal.
• Operational matters - your premises, your methods, technologies used, your processes, IT and quality. Are there any internal issues that are holding your business back?
• Financial matters - how your business is financed, levels of retained profit, the sales income generated and your cash flow.
• Your organisation and your people - your structures, people planning issues, training and development.

The five steps above will give you a clear indication of any issues that you need to address quickly in order to maintain your business in its early stages.

If you feel all of the areas above are strong, you can start to plan for the next phase and build a cohesive strategy to develop your business. However, if there are areas that need attention, deal with them now so that you can move forward. There are a variety of growth options for every business - it's important that you settle on the right one for you.

Also, once you've isolated your best route for developing your business, you can boost your chances of success by planning it carefully and monitoring your progress against an updated business plan.

Original document, Review your business performance , © Crown copyright 2009 Source: Business Link UK (now GOV.UK/Business ) Adapted for Québec by Info entrepreneurs

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Business Plan Review

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A business plan review is an in-depth examination of your business plan and its viability. It can be conducted by a single expert, a panel of experts, or you and your colleagues.

What Is a Business Plan?

A business plan is essential for any company wishing to start or expand its operations. It provides a framework for decision-making and helps to make sure that all sections of the organization are working together towards common goals. A good business plan can also help attract investors or obtain loans from banks or other lending institutions.

The main purpose of a business plan is to provide investors with information about the opportunities and challenges facing your company so they can make informed decisions about whether or not they want to invest in it. If they decide to invest, they'll know how much money they are likely to make and what risks might arise during their investment term (usually between five years and ten years).

Of course, not all startups need a full-blown business plan — but if you seek outside funding or investment, it's best to start developing yours as early as possible. And even if you don't seek outside funding, it's still smart to develop a comprehensive plan for your business to clearly define what success looks like and how you'll get there.

What Is a Business Plan Review?

A business plan review should be conducted before you begin your venture, at least once during its life cycle (preferably after you have experienced some success), and when it comes time for you to close up shop. The objective is to identify strengths and weaknesses in your plan so that you can take steps toward improving those areas.

The purpose of a business plan review is not to evaluate the likelihood of success for a given project or company but rather to determine whether the project has been adequately researched and whether the information presented is accurate and comprehensive enough for investors or other stakeholders to make an informed decision about investing in it.

Why Should You Have Your Business Plan Reviewed?

Your business plan is a living document. Over time, it will change as you grow and learn more about your business, market and competition.

But even when the plan isn't changing, it's important to review it regularly to ensure that you're still on track. Here are seven reasons why:

A good review will give you an unbiased look at your plan, highlighting areas where more information is required or gaps in your thinking. This can help ensure that your plan contains everything it needs to, which makes it easier to manage and gives investors confidence in your business.

A business plan is a blueprint for reaching your long-term goals. But a good review will help you see how well your current strategy aligns with those goals and whether there are any holes in the plan. If there are gaps, the reviewer can help you identify what needs to be changed and where resources must be allocated to achieve those goals.

Having someone look over your plan from an objective point of view can help you see potential problems before they become major issues. You might find that something is missing from your strategy or that too many steps are involved in achieving your goals. It could also reveal other important information that will help improve the overall quality of your plan.

Business plans don't just cover what's happened so far — they also forecast what's going to happen next year, six months from now and beyond. So if things change along the way, they may not be reflected in the plan written today. A review can help keep your focus on where you want to go in the future by reviewing your progress each month and adjusting accordingly if needed.

A good consultant will give you constructive feedback about areas where your business plan falls short. This is invaluable when it comes time to revise your plan to more accurately reflect the reality of what's happening in your company, whether due to external factors or internal mistakes. A comprehensive review will also show you where there are holes in your strategy and suggest how they can be filled to strengthen your company's position in its marketplace.

Looking at how your business has performed over time, you can identify areas of concern before they become serious problems.

For example, if sales are declining or profits are shrinking, these trends might be due to temporary factors that can be corrected with better marketing or product development. If sales continue to fall despite these efforts, however, there could be deeper-rooted problems that need addressing.

A good business plan will give you an idea of what your company can accomplish in the short term and over time.

A good business plan also helps potential investors understand what your business is about and why it has the potential for success. This means that if they invest in your company, they can be more confident that they're making a smart choice that will make them money.

• Business Strategy: Planning a company's strategic direction and goals. The business strategy consists of setting a business's vision and mission, identifying its strengths and weaknesses, and evaluating growth opportunities.
• Business Forecast: A business forecast predicts how well the company's revenue and expenses will fare for the next few years. It typically includes financial statements for the current year, estimates for the following year, and projections for two or three subsequent years.
• Bank-Ready Business Plan: A business plan that has been carefully prepared to meet all criteria set by banks when applying for a loan. The bank will want financial projections showing how your business can repay the loan and reasonable evidence that you have identified all costs associated with starting and operating your new business.

Hire the best lawyers for a business plan review through Contracts Counsel where you can find many qualified and vetted lawyers to help you go over your business plan.

ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.

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Updating Your Business Plan Our coach explains why constantly updating your business plan is the key to growing successfully.

By Tim Berry

Opinions expressed by Entrepreneur contributors are their own.

"When should I update my business plan?" The answer to that question is always . You should be updating your business plan every month, every week and every day; whenever things change, you update your plan. And things always change. You should update your business plan when you're alone in the shower, when you're caught in traffic on the way to work, and when you're walking alone. Update your business plan when listening to customers and other managers.

While this might seem like chaos, it's actually the opposite; the constantly-updated business plan is what makes order out of chaos. It becomes a long-term planning process that sets up your strategy, objectives and the steps you need to take by constantly being aware of the results of these steps.

Managing the Planning Process

The annual update.

Update your plan thoroughly at least once a year. You can start with an old plan and revise, but make sure you're taking a fresh look--distance yourself from the trees and look at the forest.

• Talk to your customers and potential customers. Review your value proposition. What are your customers buying? What problems do you solve? What other solutions can they choose?
• Try to come up with a new market segmentation. Segmentation is the grouping or divisions you see in the market. For example, if you normally view your market by type of product, look at it by channel or buyer. If you divide by region, divide by size of buyer company. Think up a new segmentation to give you a fresh view.
• Look at the larger potential market for the problems that need solutions. Look at contiguous businesses. Look at changing trends and technologies.

The Monthly Update

Accounting and financial analysis normally works in months since the books close after every month. Make sure you have a monthly review of the difference between planned results and actual results for your sales, profits, balance and cash.

• For each of the standard pro-forma projections, always maintain a table with the plan, another with actual results, and a third with the difference between plan and actual, which is called variance.
• As an annual plan marches through the months, you can use the table reserved for actual results to include changes in budget that affect the near future. For example, if the annual plan starts in January, then by the end of May you have an actual Sales Forecast that includes actual results for January through May and the latest revised forecast for June through December.
• You must also review the activities, deadlines and planned results that don't fall into the financials. A good plan is full of milestones, assumptions and tasks, all of which should be measurable. Make sure you review and update these measured results every month.

Managing the Major Revisions

The business planning process involves an important paradox. Strategy works only when consistently applied over a long period, which means that you can't implement strategy without following a long-term plan. However, blindly following a long-term plan can also kill a company that stubbornly insists on following a plan that isn't working.

Resolution of the paradox is called management . It involves judgment. The owners, operators and managers of the business have the responsibility of distinguishing between consistently applying long-term strategy and blindly following a failing plan. There are no easy rules for this, but the first place to look for clues is in false assumptions. Has the real world proven wrong the assumptions on which your strategy is based? This kind of subjective judgment is what makes business management so important. The planning process, with its regular review, is critical.

Every Business Plan is Wrong

You have to realize your business plan is wrong. All business plans are wrong. Plans are about the future--and nobody gets the future right very often, so keep the plan fresh and watch closely as reality moves forward. A planning process constantly watches the difference between the plan and actual results. Reality swallows our assumptions and we need to keep track of where, why and how we were wrong. This kind of tracking becomes the key to management.

A Good Business Plan is Never Done

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Original text

In this post, you will learn what events trigger a need to update your business plan, how updating a business plan differs from creating the original, and who should be involved in the updating process.

Do i need to update my entire plan.

Rarely is a complete update required, but frequently the marketing section strategies and tactics need review and updating to meet constantly changing market realities.

For example, which of your actions/activities worked well and should be continued, and which should not? If everything is working, then you are not experimenting enough — not everything will work as planned and you can only grow from the lessons learned.

If updating your plan fills you with dread, don’t worry

Creating your first business plan may have been a chore, but updating a plan is easier and more fun. During your start-up, you likely had little direct experience and no track record or historical information, so many of the marketing and operational forecasts were educated guesses. Now you have some experience and a track record, and you have experimented and know what works and what doesn’t. Plus, you have already existing information to use as a foundation.

Situations That May Trigger a Plan Update

Business plans are living documents and need to be revisited every so often to ensure they are still relevant. In this way you can continue to use and benefit from the strategies and tactics.

Further, business plans are forward-looking, so they are based on estimates, which mean updates are often necessary. Following are some specific situations that may be cause for you to look at updating your plan.

1. Competitors have reacted to your market entry by reducing prices for similar products, extending business hours, liberalizing their return policy, providing free shipping, etc.

You must decide whether to match their tactics or stick to your plan. In either case, your revenues will be lower, so you will need to plan a course of action. These situations may affect your plan’s marketing, products & services and operations sections with a resultant impact on the financial section.

2. A competitor has copied your product or service.

Do you have intellectual property protection (patents, copyrights), and is it economically feasible to go after the perpetrators? If yes, there will be legal expenses, and revenues may decline with the increased competition.

3. The economy has changed (inflation, recession, unemployment rates), impacting potential customers’ ability to buy your product or service.

This will negatively impact your revenues, and depending on your staffing, adjustments may be needed there as well.

4. You land a major new customer, or an existing customer cancels a big contract.

The first is good news and might require more resources than originally planned, but the latter is not good at all and will require you to come up with a fresh approach.

5. A major vendor has cut you off or changed their terms and conditions.

For example, they previously allowed a 30-day grace period but now require cash in advance. If you are cut off, you must scramble to find a replacement. Maybe you stop buying from a vendor due to quality and dependability issues, or your business has outgrown a vendor’s limited services.

6. Regulatory changes impact your business.

One potential change in many states is the imposition of sales tax on all internet sales. A possible result is that online sellers and brick and mortar stores will have the same prices — and no competitive edge.

7. You lose a key staff member, which affects productivity.

Reduced resources mean either your business must reduce its size or you need to find alternatives.

8. You are ready to take your business to the next level.

Obtaining growth funds from a bank or angel investor requires a more sophisticated plan. Even if you do not need additional funding, a business plan based on an estimated $50,000 business might not be adequate to support a $300,000 one, which may need additional employees, for example.

Whether one of the previous reasons dictates an update or not, make it a practice to review your business plan at least once a year and plot your activities for the coming year. Do this as part of your annual planning and budgeting process at the end of your fiscal year. If you previously had your forecast in a full year increment, this time do it quarterly, and next year monthly.

Who Should Update Your Company’s Business Plan?

You probably prepared the original business plan yourself, since you were likely the only employee. If you have now grown and added staff, try to involve them so there is buy-in. That way, when it is time to implement the plan, your staff will be on-board and the activities will go smoother.

Don’t Have a Plan to Update?

It is never too late. Make an appointment with a SCORE business mentor—go to www.score.org to find a mentor near you. You may also want to visit www.secretsofbusinessplans.com for information about The Secrets to Writing a Successful Business Plan: A Pro Shares a Step-by-Step Guide to Creating a Plan That Gets Results.

Key Lessons

• External and internal events can trigger the need to update your business plan.
• Business plans should be reviewed and possibly updated at least once a year, especially for younger companies.
• Updating your business plan is more focused and fun than the writing the original one.
• Involve staff in the updating process.
• It is never too late to create a business plan.
• Determine if any of the triggering events have occurred in your business
• Schedule an update of your plan by the end of your fiscal year.

Copyright © 2024 SCORE Association, SCORE.org

Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.

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How Often Should You Update Your Business Plan?

Southern California business attorneys can provide you with assistance in determining how frequently a business plan needs to be updated. Companies should have a comprehensive business plan both when they first start operating and once they are established. This business plan can be used to help set goals, resolve disputes, and ensure that the company is on track to remain successful.

Brown & Charbonneau, LLP can assist with the creation of your initial business plan so you are prepared and ready to start your company and build a successful business. We can also provide you with assistance making periodic updates to your business plan as needed. Not only can we guide you through the actual updating process, but we can also give you insight and advice as to how frequently you should update your plan.

Entrepreneur.com recommends that you do a thorough update to your business plan at least once annually. This big update to your plan should include a review of your value proposition; a look at new market segmentations; and a look at the larger potential market for whom your products or services could provide a solution.

You can also do a monthly update, which involves reviewing the difference between the actual results you achieved over the course of the month and the planned results you had hoped to achieve. This update of your plans does not need to be as comprehensive or as detailed as your annual update. The goal is simply to see how you are doing with achieving your objectives and to make any necessary adjustments going forward during the rest of the year.

When major changes occur at your company or in your industry, this is also a good time to update your business plan. Your plan needs to reflect the current situation and it needs to be relevant within the current business landscape that you are operating in. If something major has changed, it is essential that you make an update to your business plan to accommodate that shift.

Why is it Important to Keep Your Business Plan Updated?

Keeping your business plan updated is vital because no company can succeed unless it stays current with the times and unless it evolves. The goals that you have for your organization will be different when you first get started than the goals you have once your organization is already underway. You want your plan to reflect the latest goals that you hope your company will accomplish so you have clear and measurable objectives to work towards.

Updating your business plan regularly can help you to ensure that you and your partners or co-owners are on the same page if there are multiple owners of your company. Sitting down together to update your plans and make any necessary changes ensures that you still have a shared vision and are making company decisions with that vision in mind.

Keeping your plans updated also allows you to adjust to any changes in the law or market conditions that could affect profitability; helps you to identify new competitors and new potential sources of business; and allows you to see how your company is progressing with enhancing profitability over time.

These are just a few of the many reasons why updates to a business plan are so essential for any organization. It is up to you to keep your business plan current and comprehensive, but our legal team can help you with this process to make it easy.

Getting Help from Expert Business Law Attorneys

Working with California business attorneys to keep your plan updated is a smart choice. You want to ensure you update your plans periodically to address legal and regulatory changes, as well as to make certain your company is continuing to make the choices necessary for success.

Your attorney can advise you on when laws or regulations may affect your organization and can help you to ensure you always have a comprehensive business plan aimed at achieving your latest goals.

Brown & Charbonneau, LLP has extensive experience helping companies with the business planning process. Whether your company is just getting off the ground or you have an established business that you want to ensure keeps growing and thriving, our legal team can bring our expertise, business knowledge, and legal knowledge to the table to help you make the plans you need.

Give us a call at 866-237-8129 or contact us online today to find out more about the ways in which our legal team can help you.

How to Run a Productive Monthly Business Plan Review Meeting

Noah Parsons

5 min. read

Updated April 2, 2024

Most people think that meetings are a waste of time. They’re right.

Too many meetings are run poorly, have no real objective, and waste employees’ time—which kills productivity.

There’s tons of advice and information on how to run better meetings and cut down on useless meetings that are making your organization move slower. I absolutely encourage you to  be ruthless in your pursuit of fewer and more efficient meetings .

But, here at Palo Alto Software, we’ve found one meeting that is simply indispensable. It only takes an hour each month, keeps the management team up to speed on everything that’s going on in the company, and helps us plan and manage in a lean and effective way.

This meeting is our monthly plan review meeting. The meeting has been a fixture of our management strategy for years and is simply one of the most effective ways for us to continue to grow the company and adjust our course as necessary.

For us, business planning isn’t just a one-time or annual event. Instead, it’s an ongoing process where we are constantly reviewing our process and adjusting course as necessary while ensuring that we’re  staying on track toward our larger goals .

We treat planning not as a document, but as a management tool  that helps guide decisions and strategy.

Here’s a quick overview of how we structure our monthly plan review meetings and what’s worked for us over the years.

1. Let’s do the numbers

We always start with the numbers first . How did we do last month compared to our forecast? How did we do compared to the same month last year? What does our year-to-date performance look like?

We always spend time drilling into the numbers, beyond the top-line revenue and expenses, to better understand the drivers behind our performance. Did all product lines perform well? Or did some underperform? Did we spend as planned, or were there some areas that we overspent in?

Most importantly, we review our cash position and  cash flow . Did we collect money as planned? What is our cash flow forecast for the next few months?

While financial reports can be reviewed outside of a meeting, reviewing them together as a team encourages questions and discussion around our revenue and spending.

• 2. Are we there yet?

Once we review our financial performance, we review our “ major milestones ”—the big tasks we had hoped to get done in the past month and our plans for the next month.

We discuss how various teams might be working with each other on different projects and talk about the specific milestones that we have planned. Are these still the tactics that we want to work on that will help achieve our goals? Do we need to shift priorities? Is there new learning and information that would have us change our schedule?

By reviewing major initiatives on a monthly basis, we can stay agile  and make changes as needed. As we learn more about our customers and our market, we might shift strategies and develop new milestones.

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• 3. Long-range goals and strategy

Next, we review our long-range strategic goals. While this doesn’t change too often in our situation as an established company, new startups might shift their strategy frequently as they search for a business model that works.

For those early-stage startups, this step of the meeting may be the most important step and take the longest. For more established companies, this part of the meeting might typically only take a few minutes.

Instead of delving deep into a 40-page business plan document to review our strategy, we review our lean plan, or our one-page business plan. It covers our company identity, the core problem we solve for our customers, our solution, competition, and  sales and marketing strategy . It’s  all on one page so it’s easy to read, review, and change quickly .

• 4. Issues to process

Finally, anyone on the team can bring forward any issues that they want to discuss. This could include new opportunities to consider, prioritization of product features, potential partnerships, or internal HR issues.

Everything is fair game and we try to come up with resolutions and next steps for any issue that’s brought up.

We’ve found that this type of open-ended discussion really helps generate new ideas and brings different perspectives from managers of different teams.

I believe that all companies would benefit from a monthly review of their business. These types of meetings keep everyone on the same page, help share information about progress, and turn planning into a tool that helps teams make informed decisions.

To make a monthly strategy meeting successful, you also need to follow a few guidelines:

1. put the meeting on the calendar.

It’s important to make it a formal event that’s on the schedule. It can’t be optional and it has to be at a regular time so that everyone always knows when the meeting is.

For us, we started out with the meeting on the 3rd Thursday of every month. As our bookkeeping and accounting processes have become more efficient, we’ve been able to move our meeting to the 2nd Friday of the month.

2. Follow a repeatable agenda

While different topics will come up for discussion, it’s important that your plan review meeting has a repeatable agenda.

That means making sure that you have your numbers ready for review and that your team has updates on their goals.

3. Be prepared to change the plan

These plan review meetings aren’t just about staying the course and blindly following the plan. Instead, they are about adjusting the plan. Perhaps you’ll discover that you should be investing more in marketing, or that you’re going to be able to expand and hire faster than you originally planned.

The plan review meeting is about making adjustments to your goals and strategies based on what you’ve discovered in the past month.

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

Table of Contents

• 1. Let’s do the numbers

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Biden's new student-loan forgiveness plan has already received over 24,000 comments. There are 2 weeks left to give the administration input.

• There are two weeks left for the public to comment on Biden's new student-debt relief plan.
• Once the public comment period ends, the administration will move toward final implementation.
• Still, legal challenges and the election pose threats to the debt cancellation.

The American people have just two weeks left to give President Joe Biden's administration input on its new student-loan forgiveness plan .

On April 17, the Education Department published its draft rules for a broader version of debt relief to the Federal Register. First unveiled in early April, the new plan is expected to benefit over 30 million borrowers through a range of provisions, including canceling unpaid interest for borrowers and providing debt relief to those who have made at least 20 years of payments.

This new plan is intended to replace Biden's first attempt at relief that the Supreme Court struck down last summer. In contrast to the first plan, this one requires the administration to undergo a process known as negotiated rulemaking, which entails a series of negotiations with stakeholders and an opportunity for the public to comment on the plans before final implementation.

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The plan is now in the public comment period, and there are two weeks left for anyone who wishes to provide input on the administration's proposals. So far, according to the Federal Register , the plan has received 24,532 comments as of Friday morning.

The comments are available to be viewed publicly, and some of them were supportive of Biden's plan. One stated:

"The more student loan debt that can be forgiven the better. My mom's loans were forgiven last month, and it has changed her life. The period of time when my loans were paused allowed me to buy a home. My loans are currently in repayment, and if that burden could be lifted it would be life-changing for me."

Meanwhile, others were more critical:

"No if you borrow money you need to pay it back. why should people who are hard working pay for a lazy person school. student loans needs to be payed back by the borrower not by people who are working for a living."

Once the public comment period ends on May 17, the Education Department can choose to adjust its proposals based on the feedback it received or move ahead toward final implementation. In the coming months, the department also plans to unveil a separate proposal to get relief to borrowers experiencing financial hardship, which will also have a public comment period.

The department has said it plans to move as quickly as possible with the relief this fall, but not only does the presidential election bring uncertainty to the fate of the relief — it's highly likely legal challenges will once again attempt to block it from carrying out.

For example, Missouri Attorney General Andrew Bailey wrote on X that he would see Biden in court after the release of new details for the debt relief, and he already filed a lawsuit to block the SAVE income-driven repayment plan , arguing it was an overreach of the administration's authority.

Watch: Why student loans aren't canceled, and what Biden's going to do about it

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Switching Phone Carriers in 2024: What to Know Before Changing Providers

Before you switch your wireless service, make sure you have the answers to these six questions.

Switching wireless providers isn't easy. Although there are three major networks in the US, the actual number of wireless carriers and plans is significantly higher. Sifting through this big, confusing mess can be overwhelming, but we want to help make this process a little easier. Here's how to choose a cell phone plan in 2024.

Which network works best for you? 

In the US there are three major networks: AT&T, T-Mobile and Verizon. All three offer services directly and have robust nationwide networks that offer 4G LTE (fast) and 5G (really fast) data. 

The most important aspect of choosing a network is finding one that works in your area. This makes it hard for us to give a blanket recommendation of any one carrier. For example, T-Mobile's service in New York may be excellent, but if you're in rural Iowa, Verizon is more reliable. 

While your mileage may vary, the good news is that these networks are growing and improving all the time, particularly as the three major players continue to try and blanket the US with 5G. It's quite possible that a decade ago you left a network complaining about its sparse service, but now it has beefed itself up because of that arms race to acquire customers.

If you know any friends or family in your area that already use the carrier you're considering, ask about their experience. You could also go to a carrier's store and see if they offer any free ways to try out the service before switching over, such as  T-Mobile's Network Pass  which lets you sample T-Mobile's service for free for three months. Verizon  offers a similar 30-day "trial" program  while the Cricket prepaid service  has its own trial offering  that lets you try out parent AT&T's network.

Then, of course, there are the plans themselves. Below is a comparison of some of the latest plans from AT&T, T-Mobile and Verizon. For this chart, we focused on each carrier's cheapest plan, as well as their respective "middle" options that we think could make sense for most people. 

It is worth noting that some plans, like T-Mobile's Go5G include streaming perks like Netflix while Verizon lets you add perks like the Disney Bundle (Disney Plus, ESPN Plus and Hulu) for $10 per month if you have its latest Unlimited Welcome, Plus or Ultimate plans. 

Most Verizon and AT&T unlimited plans (with the notable exception being AT&T's Value Plus VL) also don't require you to have every line on the same plan, so if only one of your family plan's lines needs extra hotspot data, you can drop the others down to cheaper options and save a little there. 

If you're looking for multiple lines on T-Mobile and its cheapest rate, you're better off going with its regular Essentials or Essentials Saver plans. A promotion the carrier is doing has it available for $100 per month for four lines. 

Wireless plans compared

Know the smaller and prepaid players.

Visible, Google Fi and Mint Mobile are just a few of the many MVNOs that rely on larger networks. 

While AT&T, T-Mobile and Verizon operate the major networks, other smaller providers offer service on their airwaves. First, there are the prepaid brands each carrier owns. Verizon has Visible, AT&T has Cricket and T-Mobile has Metro and now Mint Mobile . All use their parent's respective networks for service. 

Smaller players also rely on the larger networks for service. Google Fi, for example, uses T-Mobile's network, while cable companies Comcast and Spectrum rely on Verizon for their respective Xfinity Mobile and Spectrum Mobile brands. 

Boost Mobile, which is owned by Dish , uses a combination of T-Mobile and AT&T while Dish builds out its own 5G network . Dish has started offering its own service that rivals the big carriers, which it calls Boost Infinite .

The benefit of these smaller carriers -- many of which are known as mobile virtual network operators, or MVNOs -- is that you can get access to the larger provider's service at a more affordable rate. If you found that Verizon works best where you live but its service is too pricey, switching to Visible, Spectrum Mobile or Xfinity Mobile could potentially allow you to keep similar coverage but pay a bit less (although you may lose out on some other perks like free streaming services). 

We've broken down a few of these providers , including which provider uses which network and explained some of the trade-offs you'll want to keep in mind. 

Know how much you owe on your installment plan

Getting a new iPhone at a deep discount from a carrier often requires a big commitment.

Two-year contracts have largely disappeared from the US wireless market. Unfortunately, they now seem set to be replaced by increasingly longer installment plans.

AT&T and Verizon now consistently only offer 36-month installment plans for the latest devices from Apple, Google and Samsung. T-Mobile, meanwhile, still has options for 24-month installments with plans like its Go5G Plus offering better upgrade deals every two years and Go5G Next offering deals every year.

With these longer timelines you can get a flagship phone for significantly less, but you need to stay on that carrier (and potentially with a pricier unlimited plan) for two or three years. If you leave before that time has passed, you risk needing to pay out the balance owed on the phone, which some providers require before they "unlock" the device to be used on other networks. 

Major carriers often offer several hundred dollars when you switch, which can help subsidize the price of the change. You'll want to check your account online or go into your carrier's store to find out how much you might still owe on your phone before you leave. 

Decide if you should keep your current phone

The modernization of phones and networks means your existing phone will probably work just fine on a new carrier. All the major wireless carriers offer a similar assortment of the latest devices, particularly when it comes to the iPhone and the Galaxy lines.

To make the most of any switch you'll probably want to take this opportunity to upgrade your device, particularly if it's a few years old and lacks modern features like 5G. There are often extra deals when adding or opening a new line to help pay off any installment plan or get you to a better device. 

If you'd rather keep what you have, your existing device will probably work just fine so long as it's unlocked from your prior provider.

Know your discounts

Keep in mind that all of the carriers offer additional savings, which you could be eligible for depending on your employer, military status, student status or even age. If you're on a family plan, a family member could qualify even if you don't. 

First responders, military members, veterans, nurses and teachers, in particular, can get discounts from every major carrier.  Verizon offers discounts for students and a range of professions, while T-Mobile's Work Perks could knock 15% off Go5G Plus or Go5G Next plans and AT&T offers a similar program for its Unlimited Premium PL and Elite plans  that it calls Signature. 

If you're 55 or older, you may also be eligible for a discounted plan: T-Mobile offers discounted plans nationwide for as low as $55 a month for two lines, while Verizon and AT&T offer similar options but only for Florida residents.

We break down the discounts in greater detail here, for  AT&T , Verizon  and  T-Mobile .

This could save you money if you switch, or potentially lower your current rate a bit and save you the hassle of changing providers.

Understand the perks

If you have the right Verizon plan you could get free Disney Plus. 

Many of the major carriers bundle in perks for using their higher-end unlimited plans, particularly streaming services. Verizon offers the Disney Bundle (Disney Plus, Hulu and ESPN Plus) as a $10 monthly perk for its latest unlimited plans while T-Mobile offers Netflix Standard (with ads) on its Go5G branded offerings and also includes a subscription to Apple TV Plus and Hulu (with ads) with Go5G Next. 

Even prepaid and smaller carriers like Cricket (HBO Max with Ads) and US Mobile (a variety of options) offer perks with their unlimited plans. 

In addition, Verizon has perks for services including Apple One, Walmart Plus and a Netflix/Max bundle while T-Mobile's Go5G plans also offer in-flight Wi-Fi and unlimited data abroad. T-Mobile's Metro offers 100GB of Google One storage and one-year subscriptions to ViX Premium while AT&T gives six months of free gaming with an extended trial of Nvidia's GeForce Ultimate . 

If you're already paying for one or more of these subscriptions, switching to the right provider could be a way to help you save even more.

We'll continue to update this with more cell phone plan tips.

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