Your competitors have changed: You’ve heard it a million times before – the one constant in business is change. If your competitors pivot, you need to revisit your plan.

You’re expanding into new markets: How you allocate time and resources will change when you move into new markets. A revised business plan lets you set realistic goals.

Your company has changed: Your business may have changed a lot since you wrote your original plan. If so, it all needs to be included in the plan.

You need financing: Potential backers will need to see an updated business plan to help them make informed decisions.

The old plan doesn’t reflect the current state of your business: Perhaps things have changed significantly, or it wasn’t well drafted. Either way, your plan needs updating.