If your business plan has been collecting dust for the past few years, it may be time to give it a second look — and get it working for your business.

To be successful, a business plan must be something you can act on, says Duncan MacPherson, co-founder and co-CEO of Kelowna-based Pareto Systems. People feel good about making business plans, but often the plan doesn’t result in any action.

Follow these tips to create an updated and effective business plan that you will follow:

> Look for opportunities
The first step in updating your business plan is to look for problems with your current business or areas that could use some improvement.

Analyze your business for untapped opportunities and overlooked vulnerabilities, MacPherson says.

An example of an untapped opportunity is: failing to take advantage of a relationship with a centre of influence.

An overlooked vulnerability, on the other hand, relates to best practices. For example, MacPherson says, you could lose knowledge about your business operations if a team member leaves and that knowledge was never written down.

In your revised plan, you can focus on these opportunities and vulnerabilities.

> Set targets
Get back on track by writing out a few goals for the business and for your life.

MacPherson recommends you ask yourself: where do I see myself this year and in the future? What do I want my business to look like? What do I want my life to look like?

Don’t just think about what you want. Be sure to write it down.

> Create a plan
Put your business plan into motion with a few well thought-out initiatives.

List the activities you have to do to meet your goals for the business, MacPherson says. For example, you could segment your client base or create a call rotation for speaking with clients.

> Take responsibility
Make yourself or a team member responsible for implementing the business plan.

Consider working with a coach, MacPherson says, to help keep you accountable to yourself and to the business. Or, consider hiring a staff member to take charge of practice management.

> Don’t forget your clients
When re-crafting a business plan, don’t sacrifice your current client relationships for prospecting goals.

Advisors often ignore their current clients when looking to find new clients, MacPherson says. It’s far more effective, however, to get new business from existing clients by deepening your business relationships with them. It also reduces the risk of clients moving their accounts to another advisory practice.

Make sure the business plan focuses on your current clients first. Then, write out steps for prospecting initiatives.