Planning is for all businesses, not just startups. Existing businesses can benefit from business planning as much as new ones, if not more. Whether you call it business planning or strategic planning, the goal is the same: To identify where you want to go and how to get there.
Business owners who fail to plan on a regular basis are likely to make costly wrong turns and miss out on opportunities for growth.
The reality is that the marketplace changes rapidly. Customer needs and wants evolve. Businesses must proactively position themselves if they are to survive much less thrive.
Regardless of how much markets change, one thing remains true: To succeed in business, a company must focus on providing value to its customer base. Remaining relevant and valuable to customers doesn’t happen by accident. Have a plan!
Make the Time
I’ve never met a business owner who was bored. For existing businesses, the major barrier to planning is time.
If you ask most business owners if they want to increase profitability or better position their business with a lucrative exit strategy, they’d say yes. Being proactive and purposeful is critical to achieving these goals.
Carve out some time you can set aside to focus on the future. If you wait until you have more time, when will that be?
Get Data and Feedback
Any business planning endeavor should start with data. This includes historical financial data, market intelligence, and lessons learned – both successes and failures.
ASBTDC can provide direction and data to support you in the planning process.
Is your business looking to expand into new markets? ASBTDC consulting includes market research that you can use to evaluate market opportunities. Aligning priorities with market intelligence enables you to take strategic steps towards growth and increased profitability.
Commit to Act
Some businesses must make big changes, while others may need only a slight shift.
Changing direction in a business is like changing direction in a boat. Smaller businesses actually have the advantage here. Use your nimble size to adapt your course and put your plans into motion.