Just because one growth strategy was successful for one business owner doesn’t mean you will achieve the same results. Therefore, when it comes to your business’s strategic planning strategy, you need to take a good, hard look at your business and what you want to accomplish over the next 5, 10, 20 years.
Are you thinking about establishing or reassessing your company’s strategic plan? Check out the resources below for some inspiration.
Success rarely just happens. In fact, it takes a lot of hard work, planning and direction from a company’s management team. Furthermore, it requires firm-wide dedication to a comprehensive road map called a strategic plan.
Have your sales and profits remained relatively flat for years? Do you see potential but don’t know how to tap into it? Following these guidelines will help add the structure and forward thinking required to take your business to the next level.
Small and middle-market companies seldom develop strategic business plans – plans that are founded on proven strategic management concepts. A plan that uses a cross-functional team. And if they do have a strategic plan, they rarely implement, monitor and refine it based on events and situations both inside and independent of the company.
Take stock of your competitive advantages and the degree to which these differentiators warrant increased sales. Do unique features warrant increased sales levels? Can you enhance offerings to improve your competitive position? What new offerings are possible within the current market segment and skill set of the business? Ultimately, your business is limited to the breadth and accuracy of your vision.
Typical business owners have more than 60 percent of their net worth tied up in their business. That’s a huge piece of their nest egg. Yet, most business owners don’t treat their business as an investment – as something they need to watch, nurture and care for just as they do their 401(k) or other investments.