As a small business owner, you’re a member of a unique group of people that face a specific set of challenges when it comes to business planning. You’ve identified the right niche, hired a rock-star team, and are poised to conquer the business world! When the initial buzz wears off and you’re left to compete in an ever-changing marketplace, how will you succeed? What keeps you up at night? With statistics to show that only half of small businesses survive for five years, and only one-third after 10 years, longevity is likely top of mind. Strategic planning can help your company go the distance.
A small business is an independent business having fewer than 500 employees.
U.S. Small Business Administration, Office of Advocacy
Strategic planning is not just for business giants, and it doesn’t have to be overly time consuming or complex. A strategic plan defines a company’s purpose, sets goals and objectives, creates measurement for evaluation, and communicates to key stakeholders. A simple— but thoughtful— plan will help bring clarity to chaos and ensure your company not only survives, but also thrives amongst the competition.
More Connected Planning:
Strategic planning is a worthwhile endeavor. With the cards seemingly stacked against small businesses from the start, a good plan could be the key to long-term success. Beat the odds with big strategic planning ideas for your small business.
Small business owners—we want to hear from you! How do you manage strategic planning? Share your tips and tricks below.