We Just Made $94 Billion Dollars... Now What?

Q: We just made $94 billion dollars this year. What should we do next?

A: Create a new business plan.

It's never too late to update your business plan.

Car manufacturer Nissan (NASDAQ: NSANY) demonstrated that fact this morning when they announced a new five-year business plan. With a projected mix of market expansion, cutting-edge technologies, and growing product lines, Nissan will strive to significantly increase per-share dividend, and achieve five percent revenue growth on average over the next five years.

The new strategy plan is called Nissan GT 2012, with "G" representing growth and "T" for trust. In addition to their product development goals, Nissan is also shining a light in-house, and will put effort into improving management, brand and service quality.

Typically, business plan creation is associated with up and coming ventures, or existing companies eager to expand into uncharted waters. Why then would Nissan, a company with clear expertise in the automobile arena, and which raked in over $94 billion last year, commit to such an intense overhaul?

Well, for starters, a business plan is a static document. There is no doubt that business plans are integral to the proper conceptualization of your business, the mapping of your desired financial trajectory, and the fabrication of the strategies you will implement and execute upon day in and day out. Much like your favorite jeans from high school, however, it is possible to outgrow your current business plan. In fact, it might be time for you to re-evaluate your current business strategy today.

While especially crucial for technology companies in industries like automotives or computer hardware, where revolutionary progress is made at a break-neck pace, even companies in more traditional areas might be in need of a refresher. For instance, a bank that did not create a strategy to institute secure online banking as an option for their customers may be in danger of losing customers to more tech-savvy competitors.

A new business plan can be just what's needed to refresh your approach and effectively restructure your business to gain competitive edge.