A well-executed plan that is revised on a regular basis can increase profits, cut costs and reduce the amount of time a business owner needs to spend working for the business, like just another employee.

While many small business owners use a business plan to obtain funding, leases and lines of credit from suppliers, they seldom take the time to revise and update the plans on a regular basis. They're missing out on one of the most powerful methods of improving their business's performance. A plan that is treated like a valuable asset or key employee will reap benefits and rewards that are many times the value of the time and effort it takes to keep it current.

One of the best uses of a revised business plan is charting the future growth of the business. By setting goals and time limits for reaching those goals, everyone in the business knows what the plan of action will be and can contribute towards reaching and exceeding them before the deadline set by the plan.

A continuously updated business plan can also alert a company to threats and weaknesses that could harm the business. Detecting a downward trend in sales, or a spike in customer service complaints may not require a review of a master plan.

A repeating pattern of missed goals and underperformance that isn't glaring, but is apparent from examining past revisions of the business plan may reveal a need to change business practices, retrain personnel or hire more managers.

Most importantly, a business plan that includes the participation of everyone from employees to customers can create a "brand awareness" that boosts a company's effectiveness in the marketplace. If customers become an important source of "viral" advertising because they feel a connection with the company, that becomes an asset that cannot be bought at any price.

Employees who feel as responsible for the company's image and reputation as the owner will actively find ways to protect and promote the company beyond their job description.

For those businesses that don't bother with this "extra effort" on a regular basis, the very real threat of competition and changes in the marketplace will make them vulnerable to loss of market share, increased costs in doing business and outright failure.

Being short-sighted and unable to see the road ahead means that when a sudden turn appears, it's likely that the unprepared business will take a turn for the worse. A poorly planned business is also less likely to inspire loyalty and retain good employees. The reason "good help is hard to find" is because well-planned companies are few and far between.

Even a small business, run by one person, can benefit greatly from a regular review of the business plan that started the business. Having a clear vision of what to do and when to do it can reduce stress, improve performance and reduce the time it takes to complete the tasks that the business requires to remain healthy and profitable.

Knowing in advance where you, the owner, want to be in six months or a year means you can recognize and exploit "lucky breaks', because you know them when you see them. The unprepared business owner, who lacks a clear plan for the future, may miss out on that same break because it took too long to figure out how it might fit in to a better future.