When words like Strategic Business Planning gets thrown around the average small business owner, you get reactions from them like “Strategic Business bla bla bla is used by top corporations – who have the resources, time and money and not by small businesses who spend most of their time with the day to day running of the business”.
Maybe that was too long of a reply but it summarizes the mindset of the average business owner, they think strategy isn’t for them talk-less of planning strategically. All that is needed in their opinion, is a good idea, the urge and persistent to see it through! While that is correct, without a plan and a strategy to compete in the ever changing and competitive marketplace, odds are that the business will fail to reach its highest potential. If you prefer to watch the video where I talk about and explained the concept of Strategic Business Planning, the importance and the 3 important and effective elements of a strategic plan for small business, please scroll to the down to watch the video. At its core, Strategic Business Planning is the process whereby a business comes up with a strategy that allows it to ANTICIPATE and RESPOND to the ever changing and competitive environment that the business operates in.
Strategic Business Planning is the process whereby a business comes up with a strategy that allows it to ANTICIPATE and RESPOND to the ever changing and competitive environment that the business operates in.
If we want to go more academic, we would say “Strategic Planning is a process where a specific intent is formulated and associated goals are identified and decisions on which actions to be taken that will realize the intent and achieve the set goals set in place.
Quick advantages of a Strategic Plan:
- Enables the business owner know and accentuate the competitive advantage his/her business has.
- Enables the business owner know how to position his/her business against rivals
- Allows the business owner know which market to focus on
- Allows the business owner know which opportunities to pursue.
Creating a Strategic Plan for your business can be easy and not so expensive like it is perceived to be. Matter of fact, if you’ve got time, it can be free. All you have to is get the elements right BUT it is always advisable to get an external consultant or party to analyze your business critically to avoid bias. The 3 simple elements of a strategic plan that you can make use of to begin to position or re-position your business in a strategic and competitive position can be seen in the video below.