Several small business owners do not have a strategic plan for their companies. This is due to two key reasons: they believe that strategic planning is only for big organizations, or they do not consider it to be a top priority in the wake of more urgent tasks. In the absence of strategic planning, any business, be it big or small, lacks the much-needed direction it needs to become a successful organization.
Michael Saltzstein is a visionary business leader from Alpine, California, and an expert in strategic business planning, enterprise initiatives, global risk management, financial structures, and multi-line claims. He says that when a small to medium business finds itself growing, it needs to ensure that it does not waste resources that are not in conjunction with its long-term objectives. If you own an SMB, the strategic plan offers you the blueprint that shows you should stay on track for achieving your goals in a marketplace that dynamically changes every day.
Strategic planning for small businesses does not have to be a time-consuming or expensive affair like large companies. However, he says that your plan needs to detect what you wish to accomplish and how you want to achieve these goals.
He recommends the following tips for small to medium business owners
If your business is ready for tackling the process of strategic planning, consider the following tips to make your plans work successfully-
- Mitigate distractions – The process of strategic planning is pushed aside by more pressing business tasks that need to be finished daily. Ensure the planning process gets the attention it needs, so when planning it, stay away from the office so that you can plan without distractions.
- Rope in team members – Your strategic plan should be stronger if it has several multiple points of view where your team members are involved, especially early on in the process. It gives you better support for the business plan. As a small to the medium business owner, you should encourage open and free discussion, especially during the planning process. Ensure that all the key people should be on board to come out with the final plan.
- Know your company well – Here, the company’s mission, values, and vision should be defined well. This will set the direction for the strategic plan. If you have not done it already, you should clearly articulate why the business exists as a company, your core beliefs, what you want to be known in the market for, and the guiding principles.
Michael Saltzstein suggests you should understand your present situation, and to reach your goals, you should understand the position you should begin from. Therefore, it is prudent to conduct a SWOT analysis that is a good exercise for clarifying the present situation and knowing about the internal and external factors that are likely to hinder and help you pursue your business goals. When it comes to attaining goals, you should consider both your long-term and short-term goals.