How is a business plan updated and modified?

§ 124.403 How is a business plan updated and modified? (a) Annual review. Each Participant must annually review its business plan with its assigned Business Opportunity Specialist (BOS), and modify the plan as appropriate. The Participant must submit a modified plan and updated information to its BOS within thirty (30) days after the close of each program year. It also must submit a capability statement describing its current contract performance capabilities as part of its updated business plan. (b) Contract forecast. As part of the annual review of its business plan, each Participant must annually forecast in writing its needs for contract awards for the next program year. The forecast must include: (1) The aggregate dollar value of 8(a) contracts to be sought, broken down by sole source and competitive opportunities where possible; (2) The aggregate dollar value of non-8(a) contracts to be sought; (3) The types of contract opportunities to be sought, identified by product or service; and (4) Such other information as SBA may request to aid in providing effective business development assistance to the Participant. (c) Transition management strategy. Beginning in the first year of the transitional stage of program participation, each Participant must annually submit a transition management strategy to be incorporated into its business plan. The transition management strategy must describe: (1) How the Participant intends to meet the applicable non-8(a) business activity target imposed by § 124.507 during the transitional stage of participation; and (2) The specific steps the Participant intends to take to continue its business growth and promote profitable business operations after the expiration of its program term. [63 FR 35739, 35772, June 30, 1998, as amended at 76 FR 8259, Feb. 11, 2011]