Strategic planning is an investment in the business.
Let’s review a few key factors on Strategic Planning that help small business owners determine the value of this process.
1. WHAT IS IT?
- A planning tool for management to formulate high-level business strategy.
- Strategic Planning provides the foundation for the development of a more detailed Business Plan.
- Strategic Planning is top down: Strategic – Tactical – Operational.
2. WHY DO STRATEGIC PLANNING?
- To define the precise mission of the firm.
- To measure the competitive environment.
- To prioritize external opportunities and assess potential threats.
- To help manage growth.
- To focus on key objectives.
- To satisfy succession planning needs.
- To focus on internal strengths and overcome weaknesses.
- To formulate strategy to maintain a competitive position.
3. WHEN TO DO STRATEGIC PLANNING
- When the business needs to establish guidelines for a new or updating of a Business Plan.
- When a review is needed to maximize resource utilization.
- When the business needs to prioritize growth options.
4. What are the goals for Strategic Planning
- Quantify objectives for the business.
- Establish indicators of achievement.
- Develop an implementation plan.
- Assign responsibilities and accountability.
- Identify resource requirement for plan achievement – financial, personnel, equipment, facility, products.
Creating, articulating and sticking to your vision is the single most important job you have as a leader. Strategic planning isn’t a one-time event. Once you’ve laid out your strategy, it’s crucial to stay focused over the long-term.
I hope you are able to plan for success.
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