For many, if not most, middle-market CEO’s, Strategic Planning sounds worse than a trip to the dentist.
Regardless of what we conjure up when we hear the words “Strategic Planning”, this is a lost art for many business owners. It is lost in the busyness of the day. Yet it could be the most important step in getting a business ready to double or triple in revenues, profits and value.
Let’s take the mystery and pain out of Strategic Planning. What is Strategic Planning?
Regardless of the textbook definition, we think of Strategic Planning as follows: Look at the products or services that we offer, the industry in which we live and the strengths and weaknesses of our management and employees. What business are we really in? What course of action do we need to take to get the business to the “next level”. The process must also help us determine what that “next level” is – or in other words, “what is the end game?”
For example, if we are a $10 million business in the widget industry, we might ask ourselves the following questions:
- How can we gain more customers buying our widgets?