This is a 2 part series. Go here for part 1: Strategic Planning is For Small Businesses Too – Part 1
If you’re a small business working toward a strategic plan and you commit it all to paper in a short two to five page plan, so much the better! You just moved ahead of many of your competitors. Invite your strongest employees to respond to your strategic issues, concerns and get them involved so they feel some ownership in this simple process. Have a strategy adaptation meeting with all hands twice a year for a couple of hours to clarify the direction, make adjustments and respond to questions.
Your strategic analysis should look at six aspects of the business.
- Your customers: Figure out who your customers are now, who they will be in the future, how they are changing, and what they will want in the future.
- Your people and talent: What skills and capabilities will be needed to address the threats and opportunities? How many people, what kind of new roles will be needed, how will people’s roles change in the future to handle the threats and seize the opportunities? Will the organization grow and are we developing the leadership to manage the changes coming?
- Suppliers and Vendor: Can they give you what will be required to meet future challenges? Are there new offerings that can help you resolve your particular business issues?
- Competitors: Who are the players in your market? What are the strengths they offer? How can you take advantage of their vulnerabilities with your unique capabilities?
- Products and Services: Are you preparing something new, refreshing, and value added for your customers or users which enable them to be more productive?
- Organizational infrastructure & technology: What will the organization need to do differently in the future to keep up with new and emerging customers? Are you using technology to improve productivity?
Strategy really isn’t rocket science; rather it is a common sense and a willingness to ask some challenging questions. Be willing to think it through, communicate with others, and solicit additional perspectives. Write down your conclusions and share them with your organization. Finally, issue a call to work on strategic action each day to compliment the routine tactical work that has to be done to pay the bills and meet current obligations. Help your small business stay ahead of the curve – starting today!
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