Short answer: begin with intended use, preserve genuine strengths, test the links between market, strategy, operations and financials, then order findings by impact.
1. Intended use and audience
- Is the financing, fundraising, immigration, grant, internal or stakeholder purpose explicit?
- Does the plan answer the core questions of that audience without pretending to make its decision?
- Are the request, use of funds, ownership and proposed outcome consistent throughout?
2. Evidence and source consistency
- Are current operating facts separated from forecasts and aspirations?
- Where source documents conflict, does the plan use the newest controlling information?
- Are important claims supported, qualified or clearly identified as assumptions?
3. Industry, market and competition
- Does the industry section explain structure, current conditions, economics and future direction?
- Is the relevant customer and geography defined?
- Are material competitors discussed individually before the competitive position is synthesized?
- Does the research actually change strategy, or does it merely decorate the plan?
4. Business model and execution
- Is the customer problem linked to a clear offering and revenue mechanism?
- Do pricing, acquisition, sales, delivery, retention and capacity work together?
- Are technology, supplier, regulatory and staffing dependencies visible?
- Does the roadmap explain what each stage changes for the business and its audience?
5. Financial consistency
- Can customer or unit volume be traced to capacity and staffing?
- Do timing, investment, financing and working capital agree with the narrative?
- Are historical results, forecast assumptions and scenarios clearly distinguished?
- Do summary figures reconcile to the underlying schedules?
6. Prioritize the revisions
Not every imperfection deserves equal attention. A good review separates immediate credibility issues, important execution improvements and optional presentation enhancements. It explains why each finding matters and what a usable correction looks like.
See this approach applied in the XX Arts & Design Academy Existing Plan Review.