The Dos and Don’ts of Strategic Planning
If you wanted to get to the top of a mountain, my guess is you’d plan ahead. You’d make sure to look at the weather, pack the right supplies and wear the appropriate gear.
It’s the same concept when you compete in business. It’s difficult to get to the top of your industry without preparation. It takes strategic thinking and planning. To get ahead of everyone in your industry, if they’re pushing 10% growth, you have to figure out exactly what you’re going to do to push 20%.
Failing to strategically plan should be the exception under this mindset, especially since having a business plan can increase your odds of success. Unfortunately, it’s the norm. Research from HLB Mann Judd found that even though 98% of surveyed businesses said they have opportunities for growth and ideas about how to achieve it, just 20% of business owners have a formal plan. They may not know how to put truly workable and meaningful steps together. Awareness of a few dos and don’ts should help get you past this roadblock and ensure you don’t fall behind.
