Strategic Planning For Small Business

A strategic plan is a roadmap to grow your business.

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For external parties, such as investors, partners, and customers, your mission can inspire them to take the actions you want.

Section 4: SWOT The reason to include a SWOT analysis (analysis of your Strengths, Weaknesses, Opportunities and Threats) in your Strategic Plan is to help you determine the best opportunities to pursue to achieve your growth goals.

They key is to first identify your 5 year or long-term goals.

Next, identify your one-year goals; that is, what you must achieve in the next year for it to be successful and to put your company on the right trajectory to achieving your 5 year goals.

Those small businesses are asking themselves relevant questions such as what went right during the 1st half of the year? It succinctly lays out a company’s goals and explains why they are important.

The strategic planning process also helps small businesses identify areas for potential improvements so they can operate at their fullest potential.

It also helps you identify which strengths you must develop in the near future to improve your company.

Section 5: Goals Setting and achieving goals is the hallmark of successful companies and is a critical element of your strategic plan.

Every small business planning for success needs to engage in the strategic planning process both at the beginning of each year, at the mid-year point and finally at year end.

Small businesses generally don’t need the sophistication and time consuming strategic planning process of Fortune 500 companies.

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