qprev_HBB Manual 2.qxd - Small Business BC

as part of your ongoing review as you regularlymonitor things in the business. Then, once a year,do a more formal review of business performanceagainst planned performance. For this annualreview, your previous written business plan willbe invaluable. The annual review is the time tocheck back on the projected progress points laidout in your plans. Did you achieve your goals?Were your projections accurate?Such an annual review is often done as part ofcompleting and filing the tax return. What youlearn from evaluating a previous year should beapplied to planning for the coming year. As partof the annual review, prepare a summary of yourconclusions and the changes you plan to make inthe next year.As you can appreciate, having a written plan canbe very useful for knowing what to evaluate inyour business success. Revising the plan givesyou new objectives to strive for.104solutions for small business home-based business