A business plan is a necessity for any organized and well-structured business. Large or small, it’s also something that should be updated and modified as you shift and grow. Here are 8 reasons why you probably need to update your business plan.

1. A new financial period is starting.
2. You need financing.
3. Large shifts in the market.
4. New or stronger competition.
5. Internal developments.
6. Shifts in management.
7. Crossing a threshold.
8. Old plan is outdated.

Remember, your business plan is just that – a plan. Make changes to it as you and your company changes. Read more at Entrepreneur.com.