Strategic Planning

Where’s your trust? What's your plan - Strategic Planning
We are rounding the final corner of this calendar year as we enter into the last 3 months. Many businesses are developing their game plans for 2018 and making changes to long term plans (5 year). Research shows that strategic planning is strongly related to business financial performance. When we look at the reasons for failed businesses we find just under 50% have no written strategic plans. A business plan maybe, but strategic plans – no. How can you build a strategy without one? Even a greater percentage are found to have no mission statement. So what are their hindrances?

1. They say they don’t have time. As the adage goes “if you don’t have time to do it right when will you have tie to do it over?” You have to make time to get better. It doesn’t have to occupy huge amounts of your time. If you need to do it a piece at a time not a problem but do it.
   
2. They say they don’t know how. Some business leaders have never actually been through the strategic planning process so they avoid it. At a minimum you can do a simple SWOT or PEST analysis. There are a number of internet sources to get you started or you can pick up strategy guides at the library.
   
3. They feel there is a lack of trust. That if they share parts of their business operations with employees or outside individuals “their secrets will be stolen”. Often small companies are family owned but are stifled for growth because they lack an objective viewpoint.
   

So what’s holding you back?
Where’s your trust? …You need objective advice
Do you lack the time or the knowledge?  Make the time and acquire the knowledge.
Trust + time+ knowledge= a solid plan.