Page 51 - MICROHUB Handbook - ENGLISH

As the business, market and industry context are continuously changing,
with new Political, Economic, Social, Technological, Environmental and

Legal trends, as well as new competitors emerging, your business model
and plan need to be regularly reassessed. Various spotted opportunities

and threats in the environment need to be acted on so as to allow for
the continued operations and development of your business. For
example, ethical and sustainability considerations as those presented in

Module 6. In such situations, the agility to pivot, change direction,
transform your business model, are key to success and overall business

development.

However, you need to strike a balance between the amount of time and

effort you put into business planning and development as compared to
actual implementation of business operations and their monitoring.

Thus, whilst it is recommended that the latter is done on a continuous
basis, together with informal scanning of the external business

environment, formal reviews of business plan alignment, business plan
revisions are recommended to be done only on a yearly basis. Of

course, should a major shift in business context and market trends be
noted, or significant opportunities or threats to your business spotted,
you should consider and address them with priority.

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