Step 6: Review and adjust

After setting SMART goals and tracking your progress with specific measurements and data, the next important step is to regularly review and update your business plan.

Just having a plan and tracking your numbers isn’t enough. The business world changes all the time, and your plan needs to change with it. That’s why it’s important to stop, check your progress, and make changes when needed. This keeps your business plan useful and relevant.

Why Reviewing and Adjusting Matters

There are a few key reasons why regular reviews and updates are essential:

  • Keep Up with Changes: The business world doesn’t stay still. Your plan needs to stay up to date.
  • Improve Your Strategy: Tracking your goals and results helps you see what’s working and what isn’t. This lets you focus on what gets the best results and stop what doesn’t.
  • Catch Problems Early: Your first plan might miss some risks or gaps. By reviewing regularly, you can spot issues before they become serious or expensive.
  • Stay Motivated: Checking your progress helps you stay on track. If something isn’t working, you can fix it and keep moving forward. This also helps you stay focused on your targets and use your time wisely.

How to Evaluate What’s Working (and What’s Not)

Use data to guide your reviews. Don’t just rely on gut feeling. Use real numbers from surveys, website stats, and other sources. This helps you compare what you planned to what’s actually happening and decide what needs to change.

Example:
Let’s say your goal is to increase website traffic by 25% in six months. You would track how many people visit your site, where they come from, and how long they stay. If the numbers aren’t going up, check the data—maybe your marketing isn’t reaching the right people, or maybe one traffic source isn’t working well.

Making Adjustments

After checking your results, make changes if needed. If you’re facing challenges or something unexpected happens, don’t be afraid to adjust your goals or approach.

Examples of when to adjust:

  • Your customers’ needs or behaviour change.
  • A new competitor appears in your market.
  • A marketing campaign doesn’t bring results.
  • You realise the goal isn’t achievable as planned.

Changing one part of your business plan often means adjusting other parts too, since everything is connected.

How Often Should You Review?

Here’s a suggested schedule for reviewing your business plan:

Monthly:
Do a quick check-in. Look at key numbers like sales, website traffic, customer acquisition costs (CAC), and cash flow. Make quick fixes if needed. Check stock levels and customer satisfaction.

Quarterly:
Take a deeper look. Are you reaching your goals? Review your financials, marketing campaign results, and short-term goals. Note any milestones you’ve reached.

Annually:
Do a full review of your entire business. Look at:

  • Your financial results
  • Market trends and competitors
  • Your long-term goals
  • Product or service performance
  • SWOT analysis (Strengths, Weaknesses, Opportunities, Threats)
  • How your actual performance compares to your original plans

Real Examples

Example 1: Sales Goal

  • Goal: Increase sales by R8,000 per month over a year.
  • Review: Track monthly sales and related metrics like leads and conversion rates.
  • Adjustment: If you’re not reaching the R8,000 goal, look at why. Are sales methods weak? Are lead sources not delivering? Make changes like improving your sales approach, increasing marketing, or adjusting your prices.

Example 2: Social Media Growth

  • Goal: Double followers and increase engagement by 20% on Instagram, TikTok, and Facebook by December 31.
  • Review: Use monthly or quarterly reports to track likes, shares, and comments.
  • Adjustment: If TikTok has followers but low engagement, look at your content. Is it the right style or frequency? You might test new content ideas or shift focus to the platform where your audience responds best. If a competitor is doing really well, study their approach and adjust yours.

Helpful Tools for Tracking and Reviewing

Use these tools to stay organised and keep an eye on your goals:

  • Dashboards/Tracking Sheets: Monitor progress on key metrics like sales, leads, and conversion rates.
  • Business Plan Software (e.g., LivePlan, Bizplan): Helps manage different parts of your plan and connects with financial data.
  • CRM Software: Tracks sales and customer interactions.
  • Marketing Tools: Measure how your marketing campaigns are doing.
  • Analytics Tools: Watch website traffic, social media engagement, and customer behaviour.

In Summary

Setting SMART goals gives you a good starting point—but reviewing and adjusting your plan regularly is what keeps your business on the path to success. Check your progress monthly, quarterly, and yearly. Use data to guide your decisions, be ready to change what isn’t working, and always keep your goals up to date. That’s how you make sure your plan stays useful, realistic, and ready for whatever comes next.