You should be updating your business plan every month, every week and every day; whenever things change, you update your plan. 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.
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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.
If you had a printed version of the whole of (say, the English) Wikipedia, how many printers would you need in order to keep up with the changes made to the live version?
However, blindly following a long-term plan can also kill a company that stubbornly insists on following a plan that isn't working. 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. 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.
The planning process, with its regular review, is critical. A planning process constantly watches the difference between the plan and actual results.
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.