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| Strategic Planning - Why Bother? |
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Statistics show that businesses that plan run a better chance of succeeding. Even when faced with such data, many small business owners deny the need to use their time for planning. They question the applicability of such efforts to operations like theirs, and insist the ideas in their heads are enough.
Many professionals have noted that there is something magical about writing things down. When you're adopting a plan for the future of your business, the same definitely holds true. Whether we admit it or not, when we reduce our thoughts to writing, we formalize them and view them as being more real - more important. So, even if you think you've got it all straight in your head, write it down!
What should you write? Start by looking at your operations. Summarize your strengths and weaknesses, your vulnerabilities and your opportunities. Then, draft a mission statement which describes for yourself, your employees and your customers your most important goals, and how you intend to meet them. This requires high level, honest evaluation of your business as well as your personal ethics.
Next, you must try your best to effectively and objectively evaluate the needs of your customers. Who are they, what do they need and why? Determining the actual needs of your customers, as opposed to your perceptions of their needs, is critical. Take a look at your competitors, too. What do they offer and how does it compare with your "menu?" Examining our customers and competitors should allow us to arrive at solid conclusions as to how we can best satisfy our customers in a way which is unique and valuable to them, thereby increasing our profits and stability. Finally, define action steps you can take to move forward with your plans, and take the leap ... you'll be glad you did!
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