What step should follow after making initial forecasts for sales, expenses, and profit in a business plan?

After making initial forecasts for sales, expenses, and profit in a business plan, monitoring performance is a crucial next step. This process involves regularly reviewing actual results against the forecasts to see how well the business is meeting its financial goals. By tracking these metrics, a facility manager can identify trends, assess the effectiveness of business strategies, and make informed adjustments as necessary.

Monitoring performance allows for timely interventions if sales are underperforming or expenses are higher than projected, ensuring that the business can stay on track toward its financial objectives. This step is vital for making decisions on resource allocation, operational efficiency, and potential pivots in strategy based on real-time data, which is essential for achieving long-term success.

In contrast, creating advertising strategies, conducting a SWOT analysis, or evaluating competitor responses may come into play later in the planning or adjustment processes but are not the immediate next steps after forecasting. They serve as complementary tools for refining and enhancing the overall business strategy based on the insights gained from performance monitoring.