(Entrepreneur.com) — After your first year, re-read the business plan you started with. One reason to review it now is to update and, if necessary, revise your goals or schedules. Re-reading your business planalso re-acquaints you with the goals you had in the beginning but may have lost touch with during the hectic startup days. Fix these goals in mind as you enter years two through five.
Now is the time to begin formalizing the processes and procedures you’ve developed during your first year. The basic goal is to get information out of people’s heads and onto paper. Writing down operations procedures in a manual also helps you think through the elements of critical tasks in the company. Having a system that’s rational and repeatable is invaluable as you plan for your first sustained growth phase.
