There is no definitive answer to how often you should update your business strategy, as it depends on various factors such as the nature of your industry, the pace of change, the size of your organization, and the feedback from your stakeholders. However, some general guidelines are:
- You should update your business strategy at least once a year, preferably at the beginning or end of your fiscal year. This is when you can review your performance, evaluate your progress, and set new goals for the next year12
- You should update your business strategy every quarter, or every 90 days, to monitor your results, adjust your actions, and align your team. This is when you can track your key metrics, celebrate your wins, and identify your challenges34
- You should update your business strategy whenever there is a significant change in your internal or external environment that affects your assumptions, opportunities, or threats. This could be a change in customer behavior, market demand, competitor activity, technology innovation, regulation, or any other factor that impacts your business12
Updating your business strategy regularly is important because it helps you stay focused, agile, and responsive to the changing needs of your customers and the market. It also helps you communicate your vision, values, and goals to your employees, investors, and partners24
I hope this answer helps you learn how often you should update your business strategy. If you want to get some tips on how to update your business plan, you can check out this article from Entrepreneur. 😊