For small businesses, the strategic planning process is multi-faceted. We have to think about where the company is, and where it needs to be, as far as its capabilities, infrastructure, and direction, but we also have to think about strategic planning in terms of growing the business and growing revenue. And though they’re very much tied together, you have to have a direction in order to focus your growth.
As a small business, it’s imperative to figure out your areas of expertise and focus, before you say we’re going to go out and grow, and by how much. What are you going to grow? A new capability? Maybe. It could be part of your corporate strategic goal to add this capability to your repertoire. Or, maybe, you’re going to expand your existing capabilities because you’re very good at them, and you want to leverage your strengths.
Strategic planning is an iterative process. It is important to take care of your overarching strategic plan before you plan your growth, because your areas of growth and the things you want to accomplish should be governed by the overarching goals of your company.
In a series of posts, we’ll look at these different areas of strategic planning and what you need to consider.
Strategic planning is not a point of time, but your plan is continuously revised as you get new information, and as things change in your organization. It’s always a working plan, and a work in progress.