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When preparing for the future of your business, you should be aware of the importance of strategic plans to help keep your business on track.

Know the differences between a strategic plan and a business plan.

A  business plan  focuses on the viability of a company and typically covers no more than the upcoming year. Business plans are also regularly used in the  beginning stages of starting a business  and can include obtaining funding and developing all aspects of the business before getting started. During this stage, you must investigate the market and establish realistic financial goals to create your business plan.

A strategic plan, on the other hand, is more conceptual and dynamic. It serves as a roadmap for your small business to reach its goals. It allows you to gauge your company’s performance,  strengths, and weaknesses  over time. By revisiting the plan regularly, you can analyze and update marketing, sales, product development, operational, and revenue goals to achieve your desired results.

Write Your Mission Statement

The first step in creating your strategic plan is to write your company  mission statement . Your mission statement can range from a sentence to multiple paragraphs, but it should convey your company’s purpose to customers, employees, and the community.

When developing a mission statement, ensure the statement will answer the following questions:

  • What is your small business? What type of organization are you creating?
  • What are your products or services?
  • What are your target markets?
  • Who is your ideal client?
  • Who is your ideal employee? What are the desired skills in team members?
  • What are your long-term goals?

After answering these questions, develop a succinct message that can be easily digested by anyone who reads it.

Set Aside Time to Re-evaluate Your Plan

To create or update your strategic plan, evaluate current operations. Periodically, you should take inventory of your business and see where you’re heading, what’s working, and what’s not. When re-evaluating your plan, focus on the following six areas to determine the state of your small business:

  • Your Clients

Who are your current customers? How would you describe your relationships with them? Who are your  prospective  customers? How can you attract them?

How to use this information:  Develop new products for your ideal customers, discover new ways to connect to customers, or change up your marketing efforts.

  • Your Products or Services

What are your products and services? How are they unique? What are their benefits? Which are not selling well? What are your plans for the underperformers? Do you hear any frequent requests from customers?

How to use this information:  Determine what products or services should stay in your lineup, which should leave, and what you can add to create a better experience for customers.

  • Your Financial Performance

 After reviewing past financial statements, are your sales growing? What is one thing you could change to improve performance? How can you achieve that goal?

How to use this information:  Take a close look at your sales to determine where you can either increase revenue or cut back on expenses in order to create a better return on investment.

  • Your Operations

Is your business running smoothly? Do employees complain about ineffective processes? How can you streamline operations? Are there affordable technological solutions?

How to use this information:  Talk to your employees about ways the business can be streamlined. Creating a better work environment often leads to happier, more productive employees.

  • Your Competitive Edge

What makes your company unique? Consider your culture, location, resources, staff, technology, and pricing.

How to use this information:  Discover what makes your company stand out and use those qualities to showcase why your company is so special.

  • Your Environment

What external factors, such as investors, influence your business? Who are your competitors? How do they affect your business?

How to use this information:  Knowing what outside factors can influence your business changes how you do business. Recognize when competitors are doing something unique and stay ahead of the curve.

Determine and Implement Goals

After creating or re-evaluating your plan, you will notice potential areas of improvement. Pick your top 3 or 4 feasible goals. Goals are either  qualitative , such as providing better customer service, or  quantitative , such as increasing profits by 5%. They are usually focused on general performance, financial performance, operations, and deadlines.

With your list of objectives in hand, how will you achieve them? A good technique to examine the best solutions is scenario analysis. This entails asking “if-then” questions—if I change X, then what is the outcome? You and your team can perform a scenario analysis of each action and write the possible outcomes. These techniques will guide you to create your new strategic plan.

To learn more, watch the online workshop “ Creating a Strategic Plan .” For more guidance geared to your business, connect with a  SCORE mentor . And check out our other  free resources  on strategy and planning.

Creating A Strategic Plan This free online workshop provides the components needed to implement a strategic plan, such as a mission statement, goals, objectives and an action plan.

Does Your Small Business Have a Strong Mission and Vision? Starting a business takes more than just spreadsheets, projections and an idea. It takes commitment, passion and a clear mission, vision and values

Copyright © 2023 SCORE Association, SCORE.org

Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.

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Guide to Growth: Strategic Planning for Small Business

Welcome to our guide on strategic planning for small business! If you’re a small business owner, you might be wondering how strategic planning can help you. Maybe you’ve heard the term but aren’t quite sure what it means for your business. 

In simple terms, strategic planning is like drawing a map for your business journey. It helps you figure out where you are, where you want to go, and how to get there. 

Strategic planning forces you to take a step back and think about your business in a holistic way. It helps you identify your strengths and weaknesses, as well as the opportunities and threats that lie ahead. With this information in hand, you can develop a plan to achieve your goals and grow your business.

This guide is designed to introduce you to the basics of strategic planning and show you how it can be a game-changer for your business.

The Importance of Strategic Planning

Strategic planning isn’t just for big companies. It’s vital for small businesses and offers a number of benefits, including:

  • Clarity and focus: A strategic plan helps you define your business goals and objectives. This can help you stay focused and avoid getting sidetracked by day-to-day tasks.
  • Improved decision-making: When you have a strategic plan in place, you can make better decisions about where to allocate your resources and how to respond to changes in the market.
  • Increased competitiveness: Strategic planning helps you identify and leverage your competitive advantages. This can help you win more customers and grow your market share.
  • Attracted investors and lenders: A well-crafted strategic plan can make your business more attractive to investors and lenders. This can give you access to the capital you need to grow and expand.

The Crucial Role of Strategic Planning

Strategic planning helps you set your business’s direction. It’s like having a compass in the wilderness, or a blueprint for building a house. 

A Roadmap to Success

A well-crafted strategic plan is more than a document. It’s a roadmap that leads your business to success. It provides a clear and concise plan for how to achieve your goals, step by step. It helps you focus on what’s important and gives you a framework for making better decisions.

Strategic Planning Tailored for Small Business Owners

As a small business owner, you face unique challenges. But that also means you have unique opportunities.

Understanding Your Unique Challenges and Opportunities

Your business is not like a large corporation. Large corporations have the luxury of following generic strategic planning models, but small businesses have to carefully craft a plan that fits their unique circumstances and goals. You have different resources and face different challenges, so your planning needs to be tailored specifically for your business.

Our Approach to Strategic Planning

Our approach to strategic planning for small business focuses on practical, actionable plans. We help you create a plan that’s realistic and achievable, reflecting your business’s unique situation.

Did you know that we offer a FREE CONSULTATION ? 

Read this great background article from SCORE.

The Strategic Planning Process

Here’s a simple, numbered list outlining the strategic planning process:

  • Assess your current situation.
  • Define your business goals and objectives.
  • Conduct a SWOT analysis.
  • Analyze your competition.
  • Create strategies to achieve your goals.
  • Set up an action plan.
  • Monitor and adjust your plan as needed.

We work with small business leaders, helping them with strategic planning. Read this article to learn our most favorite questions: 7 Questions to Ask for Strategic Planning

Defining Business Goals and Objectives

Setting clear goals and objectives is crucial for your business’s success.

The Significance of Clear Goals

Clear goals give you direction and purpose. They help you focus your efforts and measure your progress.

Goals as Your Business’s Direction

Your goals are the destination on your roadmap. They should be specific, measurable, achievable, relevant, and time-bound (SMART).

Define Your Purpose

Why does your business exist? What’s your mission? Defining your purpose gives meaning to your work and resonates with your customers.

Conducting a SWOT Analysis

How a SWOT Analysis Can Help with Small Business Strategic Planning

The first step in strategic planning for your small business is conducting a SWOT analysis. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. 

This tool helps you look closely at your business to identify what you’re good at (strengths), areas that need improvement (weaknesses), potential opportunities for growth, and external challenges (threats). 

By understanding these key elements, you can make smarter decisions about your business strategy. 

It’s like knowing the weather before you sail; it prepares you for both the sunny days and the storms.

External Factors in Strategic Planning for Your Small Business

Market dynamics and competition: key external factors.

Your business doesn’t exist in a vacuum. There are external forces at play. Market trends, customer preferences, and competitors – they all matter. 

In strategic planning for small business, understanding these factors is crucial. They shape your decisions and strategies. Staying informed and adaptable is key to thriving in a changing business landscape.

Adapting to Change: Strategic Planning’s Role

Change is constant, especially in business. But with strategic planning, you’re not just reacting; you’re ahead of the game. It helps you foresee changes and adapt quickly. Whether it’s a new competitor or a shift in the market, your strategic plan will have you prepared. It’s about being proactive, not just reactive.

Strategic Planning for Small Business Simplified

Breaking down the process for small business owners.

Strategic planning might sound complex, but it’s manageable. Let’s break it down. 

First, set clear, achievable goals. What do you want to achieve this year? 

Next, assess your resources. What do you have, and what do you need? 

Then, develop a plan. Outline the steps to reach your goals. 

Finally, implement and monitor. Put your plan into action and keep an eye on progress. Adjust as needed.

Creating a Plan That Fits Your Business

Your business is unique. Your strategic plan should be too. It’s not about copying others. It’s about creating a plan that fits your business’s size and scope. 

Think about what makes your business special and build your plan around it. Your plan should be a reflection of your business’s identity and aspirations.

Consider optimizing your time and results with a Strategic Planning Facilitator.

In Conclusion: The Value of Strategic Planning for Small Business

To sum up, strategic planning is not just a fancy term. It’s a practical, essential tool for growth. It brings clarity, helps you adapt to change, and keeps you focused on your goals. 

Think of it like a road map for your journey. It helps you see where you are, where you want to go, and the best route to get there. 

Remember, you don’t have to do it alone. Reach out to experts like us, network with other small business owners, and keep learning. 

Most importantly, start small. Set clear goals, make a plan, and take it step by step. This approach will help you grow steadily and avoid common pitfalls. 

Remember, every big success started small. Your small business has big potential, and strategic planning is the key to unlocking it. 

Ready to unlock the full potential of your small business? 

At KPI, we’re here to guide you on the path to success with strategic planning tailored to your unique needs. 

Don’t miss this opportunity to give your business the edge it deserves. 

Contact us today for a free consultation and discover how strategic planning can transform your business journey. Let’s grow together!

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  • Strategic planning for small business: A guide to success

by Waymaker | Jun 6, 2023

Understanding the Importance of Strategic Planning

Defining strategic planning, benefits of strategic planning for small businesses, common challenges in small business strategic planning, assessing your small business’s current situation, conducting a swot analysis, evaluating your business’s financial health, identifying your target market and competitors, setting clear goals and objectives, creating smart goals, aligning goals with your business’s mission and vision, prioritizing goals for maximum impact, developing a comprehensive strategy, choosing the right business model, crafting a unique value proposition, establishing key performance indicators (kpis).

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Small business owners often find themselves with their hands full – managing operations, employees, finances, and customer relationships, just to name a few. With so much on their plates, it can be easy to overlook the importance of strategic planning. However, failing to think ahead can leave a business with no clear direction, making it difficult to achieve growth and success. This article will explore the benefits of strategic planning and guide small business owners through the process of developing a solid strategy.

At its core, strategic planning is about charting a course for the future of your business. It involves setting goals, analyzing your current situation, and identifying opportunities and threats that lie ahead. By taking the time to develop a st rategic plan , you can ensure that your efforts are aligned with your long-term objectives and that you are making the most efficient use of your resources.

Strategic planning is a process that involves the following steps:

  • Assessing your current situation
  • Setting clear goals and objectives
  • Developing a comprehensive strategy

Assessing your current situation involves taking a hard look at your business and the larger market. You’ll want to analyze your strengths and weaknesses, as well as any opportunities or threats that may be on the horizon. This will help you to identify areas where you can improve and opportunities that you can take advantage of.

Setting clear goals and objectives is essential for any strategic plan. You’ll want to define what you want to achieve and when you want to achieve it. This will help you to stay focused and motivated as you work towards your long-term goals.

Developing a comprehensive strategy involves outlining the specific actions that you’ll take to achieve your goals. This may involve developing new products or services, expanding into new markets, or improving your existing operations.

Why is strategic planning so important for small businesses? There are several key benefits:

  • Improved decision-making: A strategic plan provides a framework for making decisions that align with your long-term goals. This can help you to avoid short-term thinking and make decisions that will benefit your business in the long run.
  • Increased efficiency: By identifying your priorities and allocating your resources accordingly, you can make the most efficient use of your time and money. This can help you to achieve your goals more quickly and with less waste.
  • Better communication: A well-crafted strategic plan can help you to communicate your vision and goals to employees, investors, and other stakeholders. This can help to build buy-in and support for your business.
  • Greater adaptability: As your business environment changes, a strategic plan can help you to pivot and adjust your approach accordingly. This can help you to stay ahead of the curve and remain competitive.

While the benefits of strategic planning are clear, many small business owners struggle to develop and implement a solid strategy. Some of the most common challenges include:

  • Time constraints: Small business owners have a lot on their plates, and finding the time to plan for the future can be difficult. However, investing time in strategic planning can ultimately save you time in the long run by helping you to avoid costly mistakes and inefficiencies.
  • Lack of expertise: Developing a strategic plan requires a deep understanding of your business and the larger market, which many small business owners may lack. Consider seeking out outside expertise or partnering with a consultant to help you develop a solid plan.
  • Resistance to change: Sometimes, it can be difficult to convince employees or partners to embrace a new strategy or way of doing things. Communication and transparency are key here – be sure to explain the reasoning behind your strategy and involve others in the planning process as much as possible.

Despite these challenges, it’s important for small business owners to remember that strategic planning is a critical component of long-term success. With the right tools and mindset, any business can develop a clear and effective strategy.

Before you can start developing your strategic plan, it’s important to take a step back and assess your current situation. This involves conducting a comprehensive analysis of your business’s strengths, weaknesses, opportunities, and threats (SWOT analysis), as well as evaluating your financial health and understanding your target market and competitors.

Assessing your small business’s current situation is crucial to ensure that you have a clear understanding of where your business stands in the market. By conducting a SWOT analysis, you can identify your business’s internal strengths and weaknesses, such as your unique selling proposition and areas where you may be falling behind your competitors. Additionally, you can identify external opportunities and threats, such as potential areas for growth or new competition.

A SWOT analysis is a useful tool for identifying your business’s internal strengths and weaknesses as well as external opportunities and threats. To conduct a SWOT analysis, consider the following questions:

  • Strengths: What are your business’s unique strengths? What do you do better than your competitors?
  • Weaknesses: What are your business’s current weaknesses? Are there areas where you are falling behind your competitors?
  • Opportunities: What are some potential opportunities for growth or expansion in your industry?
  • Threats: What are some external threats that could impact your business, such as changes in the regulatory environment or new competition?

By answering these questions, you can gain a better understanding of your business’s current situation and develop strategies to improve your strengths and address your weaknesses.

Fiscal responsibility is critical to the success of any small business. Before developing a strategic plan, it’s important to evaluate your business’s financial health. This includes analyzing your cash flow, profitability, and overall financial stability.

By evaluating your business’s financial health, you can identify areas where you may need to cut costs or increase revenue. This can help you make informed decisions about your business’s future and ensure that you have the resources you need to achieve your goals.

Understanding your target market and competitors is critical to developing a successful strategy. To do this, consider the following questions:

  • Who are your target customers? What are their needs and preferences?
  • What sets you apart from your competitors? What do they do well, and where are there opportunities for you to differentiate yourself?
  • What are some potential barriers to entry or competition?

By identifying your target market and competitors, you can tailor your marketing and sales efforts to reach the right customers and stand out from your competitors. This can help you build a loyal customer base and increase your revenue over time.

Strategic Planning

Setting clear goals and objectives is an essential step in achieving success for any business. It is important to have a solid understanding of your current situation and then create specific, measurable, achievable, relevant, and time-bound (SMART) goals that align with your business’s mission and vision.

When you set SMART goals, you are creating a roadmap for your business that will help you stay focused and on track. These goals will provide you with a clear direction and a way to measure your progress towards success.

Creating SMART goals requires careful planning and consideration. To make sure your goals are effective, you should follow these guidelines:

  • Specific:  Your goals should be clearly defined and specific. This means that you should avoid setting vague or general goals that are difficult to measure or achieve.
  • Measurable:  Establish quantifiable targets or metrics to track progress toward your goals. This will help you to measure your progress and determine whether you are on track to achieving your goals.
  • Achievable:  Your goals should be challenging but attainable. Setting goals that are too easy will not provide you with the motivation to achieve them, while setting goals that are too difficult will only lead to frustration and disappointment.
  • Relevant:  Your goals should be aligned with your business’s mission and vision. This means that you should consider your business’s values and purpose when setting your goals.
  • Time-bound:  Set a deadline or timeline for achieving each goal. This will help you to stay focused and motivated, and will also provide you with a sense of urgency to achieve your goals.

Aligning your goals with your business’s mission and vision is essential to ensure that you are working towards the right objectives. This involves understanding your business’s values and purpose and identifying key areas of focus.

By aligning your goals with your business’s mission and vision, you can ensure that you are working towards the right objectives and that you are making progress towards achieving your overall business goals.

Once you have identified your goals and objectives, it’s important to prioritize them based on their potential impact on your business. This involves considering the resources required to achieve each goal and the potential return on investment.

By prioritizing your goals, you can ensure that you are focusing your resources on the most important objectives and that you are making the most of your time and effort.

In conclusion, setting clear goals and objectives is an essential step in achieving success for any business. By creating SMART goals, aligning them with your business’s mission and vision, and prioritizing them for maximum impact, you can ensure that you are working towards the right objectives and making progress towards achieving your overall business goals.

With your goals and objectives established, it’s time to develop a comprehensive strategy for achieving them. This involves choosing the right business model, crafting a unique value proposition, and establishing key performance indicators (KPIs).

Your business model defines how your business creates, delivers, and captures value. To choose the right business model, think about your target market, your products or services, and your revenue streams.

Your value proposition is what sets you apart from your competitors and defines your business’s unique identity. To craft a strong value proposition, focus on your customers’ needs and preferences and identify what sets you apart from your competitors.

KPIs are a way to measure progress toward your goals and objectives. The specific KPIs you choose will depend on your business’s unique situation and goals. Some examples of KPIs include revenue, customer acquisition, customer retention, and employee satisfaction.

Strategic planning is a critical component of long-term success for small businesses. By taking the time to assess your current situation, set clear goals and objectives, and develop a comprehensive strategy, you can ensure that your business is headed in the right direction. While the process of strategic planning may seem daunting, the benefits are clear – improved decision-making, increased efficiency, better communication, and greater adaptability. With the right mindset and tools, any small business can chart a course for growth and success.

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Strategic Planning for Small Businesses: 5 Steps to Get Things Back on Track

By Robbie Gould on 09/28/2023

A small business owner stares into his computer with papers in hand

Running a small business is no small feat. It's a journey that you've embarked upon with determination and grit, working your way up to a sustainable place.

As someone who's proudly self-made, you might find yourself occasionally feeling out of the loop when it comes to certain business concepts and terminology – especially if you haven't obtained a formal degree in business.

One term that may have piqued your curiosity is "strategic planning." You're not alone in wondering what this term means and whether it's relevant to your world.

Read on to see how a strategic planning process can apply to your business in a practical and actionable way. (Without all the jargon and buzzwords.)

Strategic planning isn’t rocket science, and there’s a good chance you are already implementing some of these tactics.

The strategic planning definition

Strategic planning means, essentially, writing down a plan for your business going forward and changes or points of progress along the way.

Things get a little more heady when you consider what kind of strategy your business needs, how to create that plan and how to break it down into measurable, actionable steps. As an organizational method, strategic planning can be as complicated as entire leadership teams devoted to researching and implementing data-driven strategies. (Buzzword!)

But strategic management isn’t just for large corporations with fancy boardrooms.

Strategic planning can be as simple as setting small goals that build into a larger goal. A thoughtful process of casting a vision for your business and carrying it out.

While you might not have a bachelor's degree in business , your real-world experience is an asset. You've already been making decisions that have shaped your business's trajectory – strategic plans are about doing that intentionally and purposefully over a measured period of time.

Getting started with strategic planning

Strategic planning empowers you to define your business's direction, allocate resources wisely (is it better to spend money on a billboard or a social media ad?) and adapt to changing market conditions, ultimately giving your business the best shot at achieving its goals.

The following steps can help you develop your strategy and plan its execution.

Step 1: Reflect on your journey

Take a moment to reflect on your journey as a business owner. What challenges have you overcome? What successes have you celebrated? What lessons have you learned from your failures? What would you do differently?

These insights are all you . And they are the critical foundation of your strategic plan.

Step 2: Set clear goals

Think about where you want your business to be in the next year, three years and five years.

Write those down as your timeline. These goals will be your destinations on your business roadmap and your strategy execution will be the engine that delivers you there.

Step 3: Know your market

You've already got plenty of market knowledge as a small business owner. You know you’re your client base likes and dislikes. You know how to deliver your service or product in the way people want.

Now you need to identify trends, customer preferences and potential opportunities. This is crucial for crafting a strategy map that resonates with your audience.

Step 4: Try a SWOT analysis

Don't let the acronym scare you – it is your mighty ballpoint pen that does the hard work here – not a team of 16 highly-trained officers in tactical gear.

SWOT stands for Strengths, Weaknesses, Opportunities and Threats, and it is a strategic tool used by businesses and strategic planners to evaluate their current position in the market. 1

Conducting a SWOT analysis involves examining each of these four aspects systematically. Make this part of your plan by writing each section out.

  • Opportunities

To work through these, businesses gather data, engage stakeholders and critically evaluate these elements. The insights you gain from this analysis can guide your decisions. Build on your strengths, address your weaknesses, capitalize on opportunities and mitigate potential threats. 1

This holistic evaluation informs the strategic planning process, helping businesses chart a course that aligns with their goals and maximizes their chances of long-term success.

Step 5: Add important elements of strategic planning

Some people prefer to begin with these elements. But for many small businesses that are already up and running, it makes sense to identify some of this information when you’ve already done a SWOT analysis.

These strategic plan elements encompass your overarching goals and objectives, the actionable steps required to achieve them and a clear roadmap that outlines the journey from where your business stands today to where you envision it in the future.

Your strategic plan should consist of the following elements :

Mission statement: A mission statement succinctly encapsulates the core purpose and values of your business, serving as a guiding beacon for both your team and your customers. 2

Vision statement: A vision statement paints a vivid picture of your desired future, outlining the ultimate aspirations and achievements your business aims to realize over time.

Ethical/Values statement: An ethical/values statement articulates the moral principles and core beliefs that underpin your business operations, demonstrating your commitment to integrity, responsibility and social consciousness.

Competitive advantage: A competitive advantage represents the unique strengths and distinct qualities that set your company apart from rivals, enabling you to outperform in the market and attract a loyal customer base. The better you're able to articulate and act on your advantage, the greater advantage you can create.

That's a small example of the yin and yang that exists throughout the business world.

Financial plan/assessment: A financial plan/assessment entails a comprehensive evaluation of your business's monetary health and strategies, encompassing budgeting, forecasting and resource allocation to ensure sustainable growth and profitability.

Action plan: AKA a plan of action. This element outlines specific tasks, timelines and responsible individuals, providing a practical blueprint for executing your strategic goals, accountability and turning your vision into tangible results.

Evaluation process: This involves systematically analyzing the outcomes of your business initiatives, measuring their effectiveness against predetermined objectives and using the insights gained to refine your strategies and enhance future decision-making.

Step 6: Identify actionable steps

Break down your long-term goals into actionable steps. What do you need to do on a daily, weekly and monthly basis to inch closer to your goals? This makes the big picture more manageable and realistic.

First, you must clean your bedroom if you want to clean the world.

Step 7: Conduct regular reviews

Your business isn't static, and neither should your strategic plan be. Set aside time regularly —maybe every quarter — to review your progress, adjust and celebrate milestones.

The practical benefits of strategic planning

Now that we've got the strategic planning definition down with all its vital elements, let's dive into how actually sticking to a strategic plan can benefit your small business:

Clearer direction

Just like a compass, strategic planning gives you a clear direction. It helps you define where you want your business to go and how you're going to get there. Having a well-defined path can boost your confidence and guide your everyday decisions, ensuring that each step you take is purposeful and aligned with your overarching goals.

Resource allocation

In a small business, resources are precious.

Strategic planning helps you allocate your resources —time, money and energy — in the most effective way. This prevents a lot of wasted resources and ensures you're focusing on activities that truly drive growth.

Adaptability

Change might not be your favorite thing, but strategic planning doesn't mean rigidly sticking to a plan no matter what. It's about being prepared for changes and challenges while staying true to your mission and vision statements.

This can actually make change feel less overwhelming.

Competitive edge

Small businesses often compete with larger players. Strategic planning allows you to identify your strengths and weaknesses, enabling you to capitalize on what makes your business unique and find ways to stand out in the market.

Resource maximization

Remember that you've already achieved so much without a bachelor's degree. Strategic planning builds on that experience, helping you maximize your strengths and overcome your limitations, just like you've done many times in the past.

Who should be involved in strategic planning?

In a large organization, strategic planning should include top executives and representatives from various departments. In a small business, strategic planning might come down to just you or a small team.

If possible, gathering a few key people together for strategic planning will strengthen your plan, and help your employees get on board. By fostering a culture of open communication and collaboration, you can harness the collective wisdom of these individuals to create a strategic roadmap that is both visionary and grounded in practicality.

When you should use strategic planning

In the business world, strategy plans usually align with quarterly financial reporting cycles.

Regarding when to implement a strategic plan, small business owners should do so when they want to make practical decisions that match their goals, helping their business grow steadily and wisely.

In times of economic uncertainty, having a well-crafted strategic plan enhances resilience and safeguards against unforeseen disruptions.

What's the difference between a business plan and a strategic plan?

A business plan and a strategic plan serve distinct purposes in business.

A business plan is a comprehensive document that outlines the specifics of how a business will operate. It typically includes detailed information about the company's products or services, target market, competition, marketing strategies, financial projections and operational processes. A business plan is often created when starting a new business or seeking funding, and it provides a guideline for achieving short-term and mid-term goals.

On the other hand, a strategic plan is a broader framework that focuses on the long-term direction and vision of a business. It defines the overall goals and objectives of the organization and outlines the strategies to achieve them. Unlike a business plan, a strategic plan doesn't delve into operational details – instead, it provides a higher-level perspective on where the business is headed and how it will stay competitive and relevant over time.

Embrace strategy planning and empower your success

Strategic planning is not a mystical concept reserved for elite global businesses. It's a practical approach to shaping your business's future.

As a small business owner, you've already mastered the art of making decisions, overcoming challenges and seizing opportunities. Strategic planning takes these skills and directs them towards a clear path of growth and success.

So, the next time you hear the term "strategic planning," don't feel left out or overwhelmed. Embrace it as a tool that will help you achieve your organization's goals. With your entrepreneurial spirit and a practical approach, you're more than equipped to navigate the world of strategic planning and guide your business towards even greater accomplishments.

If you're interested in gaining more insight into how you could boost your marketing strategy by creatively stretching your marketing resources, check out our article, " 8 Small Business Marketing Tips to Help You Make More With Less ."

1 S Schooley. Business News Daily. What is a SWOT Analysis? (And When To Use It). Date accessed 8/23/23. https://www.businessnewsdaily.com/4245-swot-analysis.html 2 D McCarthy. LiveAbout.com. 7 Important Elements of a Strategic Plan. https://www.liveabout.com/strategic-plan-elements-2276139

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Try This Plan Outline Template for Small Businesses

Steff Green

Steff Green

8-Step Strategic Plan Outline Template for Small Business Owners

As a new business owner, you likely spend most of your time in the day to day operations of your business. 

However, when you've got your business off the ground and found your place in the market, it's time to think about long term planning and strategy. 

In this blog post, we provide an introduction to creating a small business strategy plan, so you can continue to guide your business in the right direction. 

Editor's note: This blog post was updated from its original version on 21 May 2020.

What is a strategic plan?

A strategic plan is a plan where you set out your goals for the business and a strategy for making them a reality. The plan is valuable not only to help you plot a course of action to ensure you meet your goals, but it’s an important document to help staff, shareholders, stakeholders and potential investors to see the “big picture” for your company.

Everyone's strategic plan will be different depending on their unique business needs and goals, but most plans should include the follow eight sections. Refer to the descriptions of each section as you chart out your own plan:

Section 1: The Executive Summary

The point of this section is to succinctly outline your plan for the business and its direction. It should be written in a way that enables employees, stakeholders, investors and other interested parties to quickly grasp the concepts, even if they don’t understand the industry.

Tips for the Executive Summary

  • Complete this section last. You’ll be able to call out ideas and information highlighted in other sections.
  • Don’t go into details or give numbers, unless they are big, round conceptual numbers. Just focus on the big picture.

Section 2: Mission Statement

Your mission statement is your company manifesto. It’s what you bring to the world. It’s who you are and why you do what you do. In the statement, go into more detail than you did in the executive summary, focusing on the overarching goals and themes for your company.

Tips for the Mission Statement

  • Don’t overthink it. For many business owners this is the hardest section to write. Just start by writing freely about your own goals and where you want to company to be in five or ten years. Let the words flow out. You can edit later.
  • Have a look at mission statements on other company websites to get an idea of how others articulate the essence of their business.
  • Think of the mission statement as the document that drives all your decisions. Employees and stakeholders should be able to read the statement before making a difficult choice, and then be able to say, “This is the choice that aligns with the company’s goals.”

Section 3: SWOT Analysis

SWOT analysis is a specialised analytical technique that focuses on looking at Strengths, Weaknesses, Opportunities and Threats. This is the section where you outline the strategies you’re going to use to take your business in the direction you want it to go, and identify what might stand in your way.

Tips for SWOT Analysis

  • You should consider hiring a business analyst to help you with your strategic plan and, in particular, this section.
  • Look at examples of SWOT analysis done on other businesses to understand what you need to do.

Section 4: Goals

You move your company forward by setting and achieving specific goals, whether those goals are based on a certain number of customers or income, or something else entirely. In this section, you identify a series of goals for the company.

Tips for writing goals:

  • Make sure your goals are SMART: Specific, Measurable, Achievable, Reasonable and Timely.
  • First, set your long-term goals. These have a timeframe of five to ten years.
  • Then, identify the steps that need to be taken to reach those goals. Drill down until each step can be identified as a short- or medium-term goal. Include these in the strategic plan.
  • Don’t feel as though you’re locked down to the plan or your goals. Things could change over the next couple of years, and your strategic plan will simply change too. But having a plan in place to start with, even if it isn’t the plan you finish with, is vital for your continued success.
  • In the goals section, you should also include data on your Key Performance Indicators - KPIs. These are the numbers that tell you how you’re doing against your goals. You need to track these KPIs and measure them regularly, so you can continue to plot a course towards your goals.

Section 5: Financial Plan

So, where’s the money for you great goals and plans and schemes going to come from? In the financial plan section, you outline the hard numbers.

Tips for the Financial Plan:

  • Don’t try and do this section yourself, unless you are an accountant. Bring a business analyst or accountant on board to give you accurate, realistic figures.
  • Financial projections often include three scenarios: a conservative scenario, a likely scenario, and an aspirational scenario. Remember not to base your expectations on the latter.
  • Once you’ve got the financial plan in place, you should track your progress month-to-month against your goals. Using software (such as job management software for professional services businesses) can help you get an accurate picture of how your business is doing and whether you need to move the guideposts.

Section 6: Target Customers and Industry Analysis

In this section, you take an in-depth look at the state of your industry and the people - clients and customers - who you serve.

Tips for the Industry & Customer analysis

  • In this section you look closely at your competitors, and figure out their strengths and weaknesses in the market. In order to crush your enemy, you need to truly understand him!
  • Use this data on your competitors to figure out your own competitive strengths and weaknesses. Do you have any strategies for eliminating or minimising those weaknesses?
  • Figure out if your market is growing or shrinking, and what you can expect demand for your product/service to be over the life of your company.

Section 7: Marketing Plan

The marketing plan outlines how you intend to present your company to market and what your goals and projections are for increasing your customer base or reaching the next level.

Tips for the marketing plan:

  • First, define and outline your USP - Unique Selling Proposition. This is the “it” factor that sets your company apart from the rest. Your USP should be something that resonates strongly with customers, such as delivering quality, speed or a unique product.
  • Next, think about positioning. How is your product or service positioned? Is this right? What can you do to change it? Are you a premier brand or do you target cost-saving customers?
  • Think also about different distribution channels and how the marketing for each channel may differ. For example, if you own a retail store, but you also sell online, how will you market those two different storefronts?
  • What kinds of offers and special deals are you going to provide?
  • What marketing collateral do you have and what do you still need to create?
  • Outline both your above-the-line and below-the-line strategies.

Section 10: Conclusion

Wrap everything up at the end with a clever conclusion and a peppy statement about your company’s bright future. Bring in data from the different sections together to focus attention on the important areas for growth and the areas you need to dramatically improve.

Depending on the type of business you are operation, you may need additional sections, particularly where you talk about your team or operations plan, or provide specific financial details.

Once you've established a strategic business plan, you'll need the right tools to put it in action. WorkflowMax all-in-one job management software   will help your professional service business manage projects from lead to quote to invoice and everything in between.

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Strategic Planning

Small business strategic planning: 10 tips to transform your company

small business owners strategic plan

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Within our strategic planning practice we have worked with every conceivable type of business, large and small. Larger companies are more likely to engage in strategic planning, not because it is more relevant for them but because they tend to hire professional managers who understand the dramatic impact that a strategic plan can have on profitability and morale.

About half of Vistage members (I have worked with more than 50) engage in some type of strategic planning process, with varying degrees of formality. You may be wondering, why wouldn’t everybody want a plan?

One has to start by understanding the underlying psychology. We get caught in a trap, where the urgent nature of today’s work always takes precedence over strategy. We feel greater accomplishment from finishing routine tasks than attacking larger projects that deliver enterprise value but may require months to complete.

To be fair, small businesses are more strained for resources than larger companies. They do not have dedicated people for things such as research and development. But regardless of size, every entrepreneur should find time to be thoughtful about the future of their company.  I have a vivid memory of sitting with a really smart young entrepreneur who wept in her office out of fear she could lose it all. The pressure on small business owners is immense, and a thoughtful planning process can chart a course to a successful future, one with more clarity and less stress.

One thing I have found is that many entrepreneurs have a plan in their head, and they are under the impression that is good enough; it isn’t.  Lack of clarity manifests in poor decision making about new products, who to hire, where to staff a sales team and what equipment to buy. When these decisions are made in a vacuum and without sufficient data and context, a management team has to spend a lot of time unwinding mistakes. This is why the notion that we don’t have time to plan is really just a rationalization (one could even call it an excuse). The greater proportion of our time we spend planning (instead of reacting), the less time we expend.

Other small business owners will rationalize that they can’t plan because the world is a volatile place; and it is. But the businesses that plan what they can control, are in better position to react to the things that they can’t.

So here are 10 steps for small businesses to build a successful strategic planning process:

1. Include the right people

Often business owners are resistant to share information out of fear that it will end up in the wrong hands. So they keep a tight circle on who they have strategic conversations with. The problem with this is that the people closest to the customers are the ones with the most information about their problems, and potential solutions. In many companies, capable employees are unwilling to share their opinions. We encourage our clients to include as many people who they can trust (and who can think strategically) in their strategic planning process, and that tends to be a wider circle than they might expect.

2. Gather the data

Having access to pertinent market data is the number one barrier for most small businesses. Like investment bankers, we access industry reports on behalf of our clients but that is not practical for most businesses. However, there is a wealth of free information available at sources such as the Bureau of Labor Statistics, Bureau of Economic Analysis and low cost consumer research tools at sites such as gutcheckit.com.

Also, companies often do a poor job capturing and mining internal data. Every company should segment their reporting by channel, customer, product categories, etc. Surveying your strategy participants is also a useful way to gather information and rank strategic issues by importance.

If you are a really small company, these principles may be executed with five people but it is still the same.

3. Expect preparation

Strategic planning is garbage in, garbage out. Every person participating in strategic planning should be expected to prepare for a strategy conversation, whether that be by developing information or learning more about the mechanics of the business.

4. Create the right environment

Creating a safe harbor, a place where people feel safe about having strategy conversations is as important as making sure the physical environment (such as an off-site location) is suited to creativity. Many companies hire facilitators to keep the meeting on track.

5. Build your plan

Entrepreneurs have a lot of anxiety about writing a plan but it is actually the easy part if you have done your homework.  Components of a strategic plan usually include things like an executive summary, financial projections, SWOT analysis, external factors, market/competitive analysis, vision map and action plan.

6. Focus on growth and value

Often companies engage in operational planning and call it strategic planning. Continuing to do what you have always done is not strategy at all (unless you have weighed alternatives). Focus on how you will grow the business, and in particular what product or service innovations will improve the customer experience.

7. Organize around strategic objectives and an actionable plan

The number one thing that should come out of a strategic plan is unity about four or five overarching objectives that serve as a script for the management team. They should be illustrated in some form of vision map that can be shared with managers (and perhaps all employees) throughout the company.

I get to clean up after a lot of companies who hold strategy sessions and fail to put their strategy into action. Don’t even bother doing strategic planning if you don’t come out of it with an actionable plan with an assigned champion and due dates. When action items are organized by objectives, the objectives remain alive even after action items are completed.

The most successful companies I have been around are the ones with clear intention about converting their strategic plan into their corporate DNA. They do this by:

  • Sharing their vision map with a broad group of people
  • Building a corporate scorecard
  • Tie their performance management (including incentive plans) back to the strategy
  • Celebrate wins and engage their employees in the process.

9. Execute relentlessly

As Mike Tyson once said, “everyone has a plan until they get punched in the mouth.”

If you only take one thing from this post it should be this: MEET WITH YOUR TEAM EVERY MONTH OR QUARTER TO REVIEW THE STRATEGY AND ACTION PLAN, PERIOD.

10. Think of strategic planning as a process and not an event

Companies operate on all types of cycles. Whether you engage in strategic planning annually or quarterly, it must be a repeatable process (strategy, budget, scorecard, performance management, action plan). Rinse and repeat every year.

Great leaders inspire others with their vision. They don’t get caught in the trap of being operators every day without connection to the broader strategy. Reinforce your plan every day, until every employee understands it and buys in to your vision.

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Category: Strategic Planning

Tags:   Business Strategy , National Small Business Week , small buisness

small business owners strategic plan

Marc Emmer is President of Optimize Inc., a management consulting firm specializing in strategic planning. Emmer is a sixteen-year Vistage member and a Vistage speaker. The release of his second book, “Momentum, Ho

Planning is essential for the success of any business. In business circles, strategic planning refers to a process in which an organization construes its strategies and makes decisions concerning the allocation of resources to plans set forth by the business. A strategic plan can break or make your enterprise; thus you must put in lots of effort in the development stage.

Anyways, read the below. This might help. http://www.namasteui.com/tips-for-creating-a-strategic-plan-for-your-business/

— Regards, Sourav Basak Namaste UI

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Strategic Planning Is Essential for Your Business to Succeed. Here's Why (and How to Do It Right). By following these simple tips, you can ensure that your strategic planning process is successful and that your business achieves its goals.

By Nick Mascari • Jul 15, 2022

Opinions expressed by Entrepreneur contributors are their own.

Strategic planning is an organization's process of defining its strategy or direction and making decisions on allocating its resources to pursue this strategy. It may also extend to control mechanisms for guiding the implementation of the strategy.

Successful businesses need a strategic plan . Without a plan, your company will likely wander haphazardly with no priorities and employees confused about their purpose in this new landscape of yours! So, spend time developing an effective strategic plan for where you want things to go; even if the planning process takes time and resources, once implemented correctly, it can certainly make all the difference between success and failure in your business. Strategic planning is essential, especially for small and medium-sized enterprises (SMEs), because it helps them focus on their limited resources and how to use them best.

Related: How to Fall in Love With Strategic Planning

Strategic planning process

There is a three-dimensional structure for strategic planning. With its categorization, you can clearly understand how the aspects of your strategy fit together:

What's the situation now? Check in on your current strategic position and clarify your mission, vision and values.

What's next after this? Establish a competitive advantage and a clear vision for your business. Identify the direction your business is going.

What's the plan of action to get there? Lay out a clear roadmap of where you're at to where you're headed, outlining what you'll require to execute your plan.

Once the planning goals have been set, strategies are developed to achieve them. These strategies are then implemented, and the results are monitored to see if the objectives have been met. If they have not, the process is repeated until the desired results are achieved. Here are a few things to remember when creating a strategic plan :

Create a truly differentiated strategy

One of the most important aspects of any business is its strategy. Your strategy should be unique to your business and designed to give you a competitive advantage in your industry. Without a differentiated strategy , it won't be easy to scale your business and achieve sustained success.

There are many factors to consider when developing a strategy, but one of the most important is your target market . Who are you trying to reach? What needs do they have that your business can address? Once you have a clear understanding of your target market, you can begin to develop a strategy that will allow you to reach them effectively.

In addition to your target market, you'll also need to consider your competition. Who are your competitors? What are they doing that's working, and what's not working? And finally, what can you do differently to stand out from the crowd? Answering these questions will help you develop a truly differentiated strategy.

Related: How Strategic Planning Transforms Chaos Into Confidence

Align your team

Once you have a clear and actionable strategy, it's time to start aligning your team . This means creating a clear and concise vision for your business and ensuring that everyone on your team is aware of and committed to achieving it.

It's also critical to establish clear roles and responsibilities within your team. Everyone should know what they are responsible for and how their work fits into the larger picture. By aligning your team, you can ensure that everyone is working toward the same goals and that your business is running like a well-oiled machine.

Accelerate your results

Once you have a clear strategy and an aligned team, it's time to accelerate your results. This means setting tangible goals and putting systems and processes in place to help you achieve them. But it also means having the right people on your team — those who are passionate about your company's mission and have the skills and experience to help you achieve your goals.

One of the best ways to accelerate your results is to develop a strategic advantage over the competition. You need to position your company as a market leader to achieve this. One way to accomplish this is through marketing and sales initiatives, product development and exceptional customer service.

Another way to develop a strategic advantage is to differentiate your company from the competition. Start by offering unique products/services or providing an exceptional customer experience . Whatever your differentiation strategy is, make sure it is clear to your team, and communicate it to your customers.

Related: Keys to Business Growth in 2022: Lead Your Team, Manage Yourself and Execute Your Strategic Plan

Advance your plan

As your business grows and evolves, it's crucial to constantly revisit and update your strategic plan. Strategic planning is not a one-time event but rather an ongoing process that should be reviewed regularly to ensure that your business is on track to achieve its goals.

Here are a few tips for updating your strategic plan:

Set realistic goals: Be sure to set achievable goals that are aligned with your company's mission and values. As your business grows and changes, so too will your goals.

Be flexible: The business world is ever-changing, so it's vital to be flexible in your planning. Be prepared to correct course when necessary in order to stay on track.

Keep your team involved: Strategic planning is not something that should be done in a vacuum. Make sure to involve your team in the process, so that everyone is on the same page and working towards the same goals.

Communicate, communicate, communicate: Once your strategic plan is finalized, be sure to communicate it to all members of your team. Strategic planning is only successful if everyone knows and works towards the same goals.

A strategic plan is a great tool to have in your arsenal. It is capable of helping your business achieve great things. Here are a few examples:

Strategic planning can help you double the cash flow rate: Strategic planning can help you manage and control your finances more effectively. Having a clear plan in place gives you a roadmap to follow and helps you make better financial decisions.

Strategic planning can help you triple your industry average for profitability: A well-crafted strategic plan can help you focus on the most profitable areas of your business and make decisions that will increase your profitability.

Strategic planning can help you increase valuation relative to competitors: Strategic planning can help you create a sustainable competitive advantage and position your business for success in the long-term. By developing a clear plan, you can make decisions that will help you stand out from your competitors and make your business more valuable.

Strategic planning can help you grow shareholder, employee and customer value: Strategic planning can help you create shareholder value by growing your business and increasing your profitability. It can also help you attract and retain employees by providing them with a clear sense of purpose and direction. And finally, it can help you win and keep customers by providing them with a superior product or service.

Strategic planning is essential to any business and should be given the attention it deserves. With a well-thought-out strategic plan, your business can reach new heights. By following these simple tips, you can ensure that your strategic planning process is successful and that your business achieves its goals.

CEO of Mascari Strategy Group L.L.C.

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Why Every Small Business Needs a Strategic Plan (and How to Create One)

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Every Small Business Faces Volatility

I'm making a bold claim about strategic planning for small businesses: the ones that have them are in the best position to weather volatility. Businesses without a strategic plan are in for a rude surprise.

Here's a personal example that paints the picture.

Back in my publishing days, the imprint I worked for struggled. Imagine my shock when I strode into the office one day and discovered that my boss had quit and I was elevated to take his place as the publisher of the worst-performing division of Thomas Nelson. I knew things weren't great before my boss left, but I didn't realize how bad things were until I took the reins.

Here's what I found:

  • We were the least profitable imprint of fourteen in the company. We had lost money the previous year, and people in the other divisions were mumbling that our performance had dragged the whole company down.
  • Revenue hadn't grown in years. And to add insult to injury, one of our competitors walked away with our bestselling author.
  • We were consuming enormous corporate resources and providing virtually no return to our shareholders.
  • The team was small and overworked. We published about 125 new titles a year with ten people, and the quality suffered.

The imprint had no vision or plan. This was the first thing I set about to fix when I took over. And once we created a strategic plan and executed it, we turned things around in 18 months. What was the worst-performing division in the company became the best.

And it all started with a plan. 

But what about businesses now in the post-pandemic world?

The Data About What’s Ahead

Bank of America recently published a report surveying 1,300 small business owners in the United States, asking what they expected in the next year.

The results were surprisingly positive.

In the face of rising interest rates, inflation, supply-chain issues, and hiring challenges, 66% expect their revenues to increase, and more than half are considering expanding.

But the U.S. Chamber of Commerce paints a less rosy picture, with confidence among small business owners dipping as fast as at the start of the pandemic. Inflation, a worsening economy, and a sense that the worst is yet to come top the issues that have business owners' attention.

How Do Small Business Owners Move Forward When Their Gut Contradicts the Data?

When one report says business owners are excited about their expected revenues in the next year and another says things are bleak, you have to wonder who they're talking to. Whoever is closer to the truth, we can be sure that no small business owner looks at the same economic environment through the same lens.

This is why strategic planning is crucial for every small business owner.

But before we get into the benefits of a strategic plan and how to build one, let's first define what a strategic plan is.

What Is a Strategic Plan?

A strategic plan is a written vision of where you want to take the company combined with a plan for getting there. This vision defines where you want your organization to be in three years. 

  • What will your business be three years from now?
  • What's the plan to get there? 
  • What are the obstacles that can throw us off course? 
  • How are we going to respond to those when they happen? 

Strategic planning is about working on your business to get a 30,000-foot view of your company and ensure you're headed on the right course.

You and your leadership team can do the planning work in three days if you do it right.

Why Strategic Planning Matters for Small Businesses

Every business is different. As we saw with the Bank of America report, there are small business owners who expect to do better in the next six months than they have in a while. Their approach to the next year will be different from that of a business owner who's more severely impacted by inflation and interest rate hikes.

Wherever you fall on the spectrum of concern over the economy, I would still say strategic planning is a must. In my 40-plus years of business, I've found three main benefits of creating a strategic plan:

Benefit 1: A strategic plan improves your odds of success.

If you've been in business for a while, you know how tenuous success can be. It can be feast or famine. 

But here's the reality: according to the U.S. Department of Commerce, about a million businesses will be started this year. Eighty percent of those businesses will fail within the first five years. 

Of the 20% that survived the first five years, 80% of those will fail in the next five years. This leaves a 4% chance of surviving ten years. 

I don't like those odds. 

Strategic planning gives you vision, direction, and benchmarks to help you evaluate tangible opportunities from distractions that can sink you.

Benefit 2: A strategic plan provides focus for your work.

Great new ideas are sometimes just distractions masquerading as opportunities. Falling for their trap is a fast track to your business becoming really unfocused. And for you and everybody on your team, a lack of focus leads to massive overwhelm. 

The strategic plan provides a filter and focus, so your team spends the bulk of their time working on the most important things. 

Executing your strategic plan moves your business toward the milestones on your Vision Script. 

Without that plan, the work is unfocused. The result is that your people are busy with work that doesn't matter, because it's not headed in a strategic direction

Benefit 3: A strategic plan gives confidence to you and your team.

Here's a dirty little secret: your team knows when you're winging it. They know when there's no plan. Having a plan helps you:

  • Get a better night's sleep. 
  • Gain confidence that things are headed in the right direction.
  • Know that you're not just busy but being productive. 

Most importantly, having a plan gives the team confidence in your leadership. Everybody wants to follow a leader with a plan. Nobody in the history of the world ever said, “What I'm looking for is a leader without a plan.” That just doesn't happen.

How to Create an Effective Strategic Plan

Now that we've covered what a strategic plan is and how it helps you, let's dig into creating one. You can create a solid strategic plan for your small business by setting aside time with your leadership team and writing a plan containing these elements:

  • Vision. Create a clear picture of where the company is headed.
  • Current Reality. Come face-to-face with your current reality. This is the time to be honest with yourself and your team. Conduct a SWOT analysis.
  • Where You're Going. Based on the vision and your current reality, define where you're going over the next three years (but especially in the next year).
  • How You're Going to Get There. This is the strategic piece: Define how you will get from where you are to the destination you defined in Step 3. 
  • Benchmarks to Know You're on Track. List progress markers that will indicate you're moving closer to realizing your vision.

I've been part of many strategic planning processes, but the most useful ones include these five elements.

One more requirement for you to create an excellent strategic plan: it must be written down. Why write your plan? For clarity.

The ideas between your ears can be fuzzy. But when you start to get your ideas out on paper and have your team do the same—it's easier to tweak and fine-tune to get the absolute crystal clarity you need. 

Remember . . . 

What to Do if You Need Help

An effective strategic plan is your atlas that guides you through whatever changes your company faces in the next three years.

When it's done the right way, it keeps you on track, helping you avoid fool's gold opportunities that distract you from the vision and goals you set down in your strategic plan.

And while you can create a strategic plan on your own, that's not for everybody. If the idea of creating an effective plan for your small business is intimidating, we're offering an on-demand version of our Strategic Design Workshop .

This workshop details every financial report you'll need, the information to gather from your team, and how to put it all together in a plan that becomes your company's field guide for the next 12 months. 

Business owners who sign up for the On-Demand Strategic Design Workshop will walk away with:

  • Powerful strategies that move your company forward. With our framework for strategic planning and the coaching you get during the workshop, you will have a plan that's actually useful. And when you do it right, this resource will become your company's compass.
  • A rubric for decision-making. When you go through this exercise, you know what's important for your company. You'll be ready when situations and circumstances change over the next year. And you'll have the flexibility to modify as you go, all while your company makes steady forward progress.
  • A tool that helps you identify fool's gold opportunities and make positive, impactful decisions.

Click here to learn more.

Final Thoughts

Whether you create a strategic plan on your own or you get help from something like the Strategic Design Workshop, I can't emphasize enough how important strategic planning is for your company's success, especially with a highly volatile economy. When I reflect on my past business mistakes, almost every single one can be traced to a lack of planning.

This doesn't have to be you.

Remember, the strategic plan isn't just about what you do. It's also about what you don't do.

You'll have a document that tells you and your leaders what matters for your company. What initiatives to pursue. Which initiatives to ignore or delay.

If you haven't created a strategic plan for your small business, carve out some time and get one in place. 

Your future self will thank you.

Disclosure of Material Connection: Some of the links in the post above are “affiliate links.” This means if you click on the link and purchase the item, we will receive an affiliate commission. Regardless, we only recommend products or services we use and believe will add value to our readers. We are disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.

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Episode 504: Annual Strategic Plan

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Annual Strategic Plan for Small Business.

How to create an Annual Strategic Plan for your small business , with host Henry Lopez. Why you should create a strategic plan at the start of the new year and how to do so.

Henry shares best practices and tips, and walks through the 10 steps to create your strategic plan – giving you a clear strategy and actionable plan to help you achieve continued success with your small business this year.

FREE DOWNLOAD:

  • Annual Strategic Plan Outline Use this outline to create an annual strategic plan for your small business. The 10 Steps to Creating an Effective Annual Strategic Plan.

Annual Strategic Plan for Small Business:

  • Direction and Focus : It provides a clear direction and focus for your business, helping you align resources and efforts towards specific goals. With limited resources, focus is critical.
  • Resource Allocation : It helps you with the efficient allocation of resources, ensuring that time, money, and effort are invested in areas that will yield the most benefit. Where should you spend your money to grow your business? How much should you budget for marketing? Does it make sense to hire additional staff? Will you invest in additional vehicles or equipment?
  • Performance Measurement : A strategic plan sets benchmarks and goals, allowing for the measurement of progress and performance over the year. “What gets measured gets managed.” – Peter Drucker.
  • Adaptability : An effective strategic plan enables small businesses to anticipate and prepare for changes in the market, staying adaptable and responsive.
  • Long-term Success : A strategic plan lays the groundwork for long-term success and growth, helping your small business navigate challenges and seize opportunities.
The renowned management consultant Peter Drucker said: “ The best way to predict the future is to create it .” This emphasizes the proactive role that strategic planning plays in shaping the future success of a small business.
  • More than just a plan, you need a strategy.
  • With simple planning: You control the costs (allocation of resources). You are the customer (and your internal departments with their budgets). It’s comfortable because we have lots of control.
  • An integrative set of choices that positions your small business on a playing field (market) of your choice in a way that you can win.
  • Strategy has a “theory” – “…here is why we should be on this playing field, not another one. And here is how on that chosen playing field we are going to be better than anybody else at serving the customers on that playing field.”
  • This theory must be coherent and doable. It must translate into actions.
  • What is the Plan going to collectively help the business accomplish?
  • A Strategy specifies a competitive outcome that you wish to achieve, which involves customers wanting your product or service, enough that they will buy enough of it to help you make the profit you want to make. The tricky thing is you don’t control the customer.
  • The challenge with Strategy: The “customer” is the actual customer (compared to internal with just planning). You don’t control them. You control revenues.
  • If you are only “planning”, then a better competitor is strategizing to beat you.
  • Reference Source: Roger Martin – former dean of the Rotman School of Management at the University of Toronto and one of the world’s leading thinkers on strategy. Harvard Business Review Interview of Roger Martin .
  • 10 Steps to Create Your Strategic Plan: Creating an annual strategic plan for your small business involves several high-level steps. Your annual strategic plan is a crucial tool for guiding the direction, priorities, and actions of your business over the course of this coming year. When we break it down to this level of detail for the purposes of learning, it can seem overwhelming and excessive. Take this as just a template or guide of what you may include in a Strategic Plan, but then be realistic and practical about what you include in yours. It does not need to be complicated or lengthy to be effective. Download the full version of the Annual Strategic Plan Outline .
  • Review of Previous Year.
  • Vision and Mission.
  • Complete a SWOT Analysis.
  • Plan for Risks and Contingencies.
  • Determine Your Strategy.
  • Set Goals, KPIs and Objectives.
  • Action Plans.
  • Budget Planning.
  • Share and Get Buy-In.
  • Review and Adapt.

Remember, the strategic plan should be a living document, adaptable to changes in your business environment. It’s also important to involve key team members in the planning process to gain diverse insights and foster commitment and buy in to the plan’s execution.

  • “ Begin with the end in mind ” – Stephen Covey.
  • This quote from Stephen Covey highlights the importance of setting clear goals and objectives in the planning process.
  • Download: Annual Strategic Plan Outline – 10 Steps to creating your Annual Strategic Plan .
  • You need a plan to succeed.
  • You need a strategic plan to focus on the right things – to allocate your limited resources carefully to realize the best returns.
  • Your Annual Strategic Plan should be guided by a “Strategy”.
  • And your strategic plan is a living document that you refer to regularly, and adjust as needed, through the year.

Episode Host: Henry Lopez is a serial entrepreneur, small business coach, and the host of this episode of The How of Business podcast show – dedicated to helping you start, run and grow your small business.

Small Business & Solopreneur CPA - Matt Chiappetta

Free Downloads:

  • Annual Strategic Plan Outline – 10 Steps to creating your Annual Strategic Plan

small business owners strategic plan

  • Playing to Win: How Strategy Really Works by A.G. Lafley and Roger L. Martin
  • Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz.

Related Podcast Episodes:

Episode 223: Goal Setting
Episode 506: Budgeting Fundamentals for Small Business

You can find other episodes of The How of Business podcast, the best small business podcast, on our Archives page.

This episode of The How of Business podcast is sponsored by  Relay .

Relay - online banking and money management.

Special offer  for The How of Business listeners,  sign up for Relay using this link   and you’ll also get $50  added to your account once you fund your new account.

This episode of The How of Business podcast is sponsored Relay. Relay is an online banking and money management platform for small business.

As a small business owner, you need banking that’s truly built for your small business. No more fees. No minimum balances. No more bookkeeping problems come tax season. And no more branch visits to complete basic banking tasks.

Now you can take control of your money with Relay, an online banking and money management platform that puts you in complete control of your cash flow.

First, there are no account fees, no overdraft fees, and no minimum balances, which means you get to keep more of your hard-earned money.

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Relay also allows you to:

  • Make unlimited payments via ACH, wires or checks.
  • Earn interest on every spare dollar with Relay savings accounts.
  • Provide secure, read-only access to your accountant and bookkeeper.
  • And speed up bookkeeping with reliable bank feeds that sync directly into QuickBooks Online and Xero.

Best of all, it takes less than 10 minutes to  apply online and it’s absolutely FREE !

Relay  customer deposits are FDIC Insured through their partner bank, Thread Bank, member FDIC. Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance provided through Evolve Bank & Trust and Thread Bank; Members FDIC. The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted.

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A Small Business Owner's Guide To Strategic Leadership

Are you a small business owner seeking to grow, innovate, and navigate the challenging business terrain? Then consider this your introductory guide to strategic leadership.

This guide will provide a clear understanding of what strategic leadership is and why it's vital for your venture. You'll learn about different styles of leadership and the core principles that underscore strategic individuals . Whether you aim to motivate your employees , make informed decisions, or envision a brighter future for your enterprise, a strategic approach is key.

What is Strategic Leadership? 

Strategic leadership is a management style that embraces the benefits of proactive management . It means employing long-term strategies while considering the big picture.

You're not just focused on daily operations, but also on positioning your business for growth and overcoming future challenges. It encourages flexibility, innovation, and employees' involvement in decision-making. In essence, strategic leadership is about steering your small business toward sustainable success while maintaining a dynamic work culture.

What are the Principles of Strategic Leadership? 

In Henry Mintzberg’s books Strategy Safari and The Strategy Process, he mentions 5 principles of strategic leadership. These can help you develop a strategy for your company.

Here are the 5 principles of strategic leadership:

Plan: Develop a detailed strategy to guide your business.

Ploy: Be clever in your approach and tactics, outsmarting competitors where necessary.

Pattern: Maintain consistency in actions to create reliable patterns that employees trust. 

Position: Understand your market position and use this knowledge to grow.

Perspective: Be open-minded and keep an eye on the big picture and long-term goals.

What Types of Skills Do Strategic Leaders Need?

To apply the principles of strategic leadership, you’ll need to have a specific set of skills. These skills can be innate in the candidate or be taught by most skill-oriented employees.

Here are some of the types of skills that strategic leaders need:

Seeing the Big Picture: You're able to think about how your actions can affect the company’s aims or the success of a project instead of focusing on minor details. 

Future-Orientated: You are constantly foreseeing opportunities for growth and making long-term plans. You see into the future rather than focusing on the now. 

Embracing Change: You are open-minded, flexible, and ready to pivot when necessary.

Decisiveness: You're able to make tough decisions with speed and accuracy.

Curiosity: A strategic leader never stops learning, questioning, and seeking.

Communication: Your vision is clearly communicated throughout your organization.

Diplomacy: You manage relationships with grace, ensuring a positive work environment while driving towards your goals. You know how to be honest without burning bridges.

What are the Types of Strategic Leadership?

As we delve further into the concept of strategic leadership, it's crucial to explore its types. Each style has unique characteristics and impacts how you operate as a small business owner .

Transactional Leadership

This leadership style centers around a system of rewards and punishments. Here, as a small business owner, you set clear goals for your employees, and they know exactly what to expect when these goals are or aren't met. It's a straightforward approach that emphasizes compliance.

Transformational Leadership

As a transformational leader, you inspire your employees to exceed expectations through your vision and passion. You challenge them toward growth and motivate them to work for more than simply their personal gain. It breeds innovation, creativity, and a passionate work environment.

Visionary Leadership

This leadership style is all about dreaming big and selling this dream to your team. As a visionary leader, you define the path forward, paint a vivid picture of the future, and bring everyone on board with your vision. It's a motivating approach that often sparks innovation.

Collaborative Leadership 

This type of leadership places emphasis on team collaboration. As a small business owner, you encourage your employees to work closely together, value each other's input, and make collective decisions. It gives a sense of shared responsibility, fostering a strong team spirit.

In Conclusion… 

As a small business owner, strategic leadership can be your ticket to long-lasting success. Every successful company was once a small start-up with a determined leader at its helm. So take this information, equip yourself with these techniques, and step out to lead strategically.

posted October 19, 2023

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The Small Business Playbook For Annual Strategic Planning

December 10, 2020

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If you haven't started already, it’s officially time to get your business ready for 2021! (And yes, we realize annual strategic planning seems unthinkable after the year we've all had. But it's also arguably never been more important!)

So if you're stuck or procrastinating, I recently chatted through all things annual planning with Growth Connect CEO Scott Fritz and Elite Entrepreneurs CEO Brett Gilliland. AKA the 2 people who've completely changed the way Trainual thinks about its future! And here are all of their top plays for facilitating planning sessions and setting goals that business can actually hit in the new year:

Align leadership first

If your business has multiple owners or partners, make sure you’re all on the same page before you even think about starting planning for next year. Scott has facilitated annual planning sessions for dozens of entrepreneurs. And he says the most common problems he runs into all happen when leaders aren’t aligned.

“I've seen eyes rolling around the table from the other executive leadership team members because they knew the owners weren't aligned.”

But defining goals and a strategy are pointless if the people at the very top don’t have one clear vision for the company. You'll end up with unclear goals, confusing messaging, and ultimately, a lot of wasted time.

Scott solves this with his “Partner Alignment Sessions,” where he interviews each owner and defines what success looks like. That way, come the annual strategic planning session, there are no objections or surprises.

Brett adds, “if you’re not anchored to a destination that you’re all going to together, it’s kind of hard to plan how to get there.”

So before coming to the table with a broader team, make sure the leadership team is aligned. Brett suggests having everyone answering the same survey. Each question, addressing the 3 foundational components of your vision : purpose, values, and mission.

And figure out a way to align any answers that differ. This doesn’t have to be in-depth, but it does need to gut check that everyone is on the same page.

🔥 Tip: Document your mission, vision, purpose, and values in Trainual. Then, assign the subject directly to all your team members to keep everyone aligned and accountable. Try for free.  

Facilitate or participate - not both

According to Scott, you can’t be both a facilitator and a participant. You have to choose one. So while it’s entirely possible to run a strategy session internally. You do need to sort out any biases that your internal facilitator (AKA the employee running the session) has beforehand. Plus, make sure they understand the role and are  really  great at it! 

Minimum, this person should have great time management skills, be able to fairly guide discussions between departments, and approach every topic with empathy. Plus, they can't be afraid to move things along if the team starts running in circles. 

With that being said, playing referee is tough when you have skin in the game. So if you don’t have someone on your team with an exceptional talent for facilitation, we highly recommend using an external partner. (We do!) That way, the neutral 3rd-party can keep things moving with no agenda other than your team’s success.

Disconnect for your annual strategic planning

If there’s any time to step back from the day-to-day, it’s during your annual strategic planning session. One of the biggest mistakes you can make is hosting it onsite. That’s because fully disconnecting is impossible when you’re at the office. There are just too many distractions – and it's way too easy to get pulled away for a fire drill.

“It needs to be a 2-day retreat. And 300 miles from the office so that no one can drive back,” Scott suggests. 

There also needs to be strict rules around shutting down laptops, phones, and any other devices that distract. In one of the groups I’m part of, we actually have a $100 fee for any audible notification during our meetings. It seems tough, but it also works to keep us engaged. 

Of course, in 2020, things are only more complicated when these meets are happening  virtually . But you can still insist on turning cellphones off, logging out of chat, and focusing solely on planning. 

And the best way to do that is to lead by example. Whatever rules you set, follow them, so your team knows you’re just as invested as they are. 

Get the right people in the room

The number of people at your planning session is important. Too many, and it’s difficult to make sure everyone’s voice is heard. And too few, and there's not enough nuance.

According to Scott, the perfect number is at least 4 and no more than 12. Brett agrees, saying that “6 to 8 is that sweet spot.” That way, everyone can participate in all the exercises without muddying the waters too much.

One way to keep the room lean is to curate who’s in the room and when. Not everyone will need to be present for the entire session. So invite people through the session to speak on behalf of their department or a particular issue.

Another way is to get everyone involved before you start planning. Meaning, about a week before the session, let each department run through the same exercises you’ll do with your leadership team. Then, bring those results to the annual planning session to help inform decisions.

Think bigger picture

Annual strategic planning

It can be hard to get an entire team out of the day-to-day of the business – especially your leadership team. But annual strategic planning requires looking at your company as a whole. This is why your leadership team and owners need to be present. 

There aren’t necessarily magic exercises that are going to spark big picture thinking. However, there are proven methods that help. For example, “a problem well defined is a problem half-solved,” says Brett. So don’t get too caught up in the  how  of doing this. 

Instead, make sure the team is gathering all of the puzzle pieces to inform priorities. Start by having each department write down (yes, on paper) their answers to these questions:

  • What are the biggest problems in the business?
  • How about the biggest opportunities?
  • What are competitors doing?
  • Does your team have any suggestions?

I think of it like cleaning out a closet or garage. You have to get everything out and in your line of sight before you can properly organize it all. And that starts by getting all the challenges out in the open. 

So by literally seeing the challenges and opportunities in front of you, you can start to categorize what comes next. And work together to turn possible threats into actionable opportunities and set priorities.

Settle on your top 3 to 5

It can feel overwhelming to decide exactly  what  you want to walk out of the annual planning session with. But a top priority list is the perfect way to ensure you aren’t trying to tackle too much. So, using the opportunities you've identified above, set 3 to 5 high-level priorities to keep your team aligned moving forward. 

Smaller teams might thrive with just 3 priorities, where a midsize company can probably find 5 to focus on. But that said, some midsize teams can get more focused in the coming year by sticking to 3. 

Label priorities with a name that sticks, something that everyone can repeat back. Then, assign each one an owner. Scott is careful to note, “ownership does not equal doership.” The owner isn’t responsible for getting all of the work done. They’re accountable for making sure the team works together to accomplish the goal. 

Once an owner is assigned, work as a team to define smaller, quarterly goals that support the annual priorities. And be sure to define what a win looks like, so there’s no question when you hit the mark.

Roll out your plan company-wide

Make unveiling the year’s priorities a big deal - especially if this is the first time your team is hitting such a big milestone. So don’t just get your team aligned, but get them pumped for the things to come. 

We’ve found that the best way to do this is a company-wide town hall. Set aside 2 hours for everyone to get together. And give a high-level overview of what comes next. We’ll even have priority owners stand up and walk the team through next year’s game plan. 

And because this is a topic that should be more of a celebration than another boring meeting, we highly recommend giving your town hall a fun theme . Here at Trainual, our last quarterly town hall was Harry Potter themed, complete with costumes. And it’s an easy way to get people engaged in what’s being discussed - especially if it’s happening over Zoom.

Trainual's Harry Potter themed town hall

🔥 Roll out a Trainual Subject that covers everything you go over in your annual strategic planning town hall. That way, everyone can stay aligned on the key priorities all of next year! Start your free trial to build a Subject.

Walk away with a reporting plan

Create a cadence for reporting back on these objectives throughout the year, so there’s no confusion when you can expect status updates. Here are 2 ways to make this happen:

1. Weekly stand-ups

“After the party is cleaned up,” says Brett, “we print everything up on cards. Each priority owner delegates who owns the actual work around these posters and physically marks off tasks that have been accomplished.” He recommends a weekly (bi-weekly max) check-in that ensures everyone is on the same page. 

Another great way to do this is to use a paperless project management tool (like Asana) to make sure anyone can reference the goals at any time.

2. Monthly updates

Scott prefers a monthly cadence, where priority owners provide a status report leading up to each meeting. 

Start by sharing the big wins for the priority. Then, move on to look at all the action items. You should have a few to check off - or if you’ve hit any roadblocks, a few to add. Just be sure to dive into these roadblocks offline at a later date. 

“This meeting shouldn’t take more than 20 minutes,” Scott says. After closing with a word from each attendee about how they feel, move on to the next steps. 

However you decide to plan for next year, it's really just important that you have a plan. That way, even if 2021 ends up feeling more like 2020, you know where you're trying to go and can pivot accordingly to make sure you get there.

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Navigating the Path to Prosperity: Entrepreneurial Finance Strategies for Business Owners

E ntrepreneurial finance transcends the mere handling of money; it’s a multifaceted approach encompassing strategic planning, resource allocation, and the astute utilization of financial assets to attain business objectives. It’s a dynamic process that involves transforming visionary business goals into tangible financial realities. By delving beyond the surface of monetary transactions, entrepreneurial finance becomes the compass guiding businesses toward sustainable growth and enduring success. It emphasizes the orchestration of financial resources in alignment with the broader strategic vision, thereby creating a robust foundation for a thriving enterprise.

The Power of the Right Mindset: Shaping Financial Success

The influence of mindset on entrepreneurial finance decisions cannot be overstated. Outdated or negative perceptions about wealth act as barriers to financial progress. Cultivating a positive money mindset is, therefore, a pivotal aspect of achieving entrepreneurial success . This mindset involves viewing financial challenges as opportunities, embracing a proactive approach to risk, and fostering resilience in the face of setbacks. A positive money mindset not only shapes financial decisions but also fuels the determination to navigate the complexities of entrepreneurial finance with confidence and optimism.

Your Business as a Financial Asset: A Strategic Perspective

Recognizing your business as a substantial financial asset is more than a conceptual shift; it’s a strategic imperative in entrepreneurial finance. The equity of your business, a quantifiable measure derived by subtracting liabilities from total assets, serves as a tangible indicator of its financial value. This recognition emphasizes that your business is not just an operational entity but a dynamic contributor to your personal financial portfolio. By actively enhancing your business’s value through strategic initiatives, innovations, and operational efficiencies, you orchestrate a concurrent expansion of your personal wealth. This mindset fosters a holistic approach where each decision made in the realm of entrepreneurial finance is viewed as a strategic move contributing to your overall financial health and prosperity.

The Importance of Debt Management: Navigating the Dual-Edged Sword

Debt, a double-edged sword in entrepreneurial finance, holds the potential for both growth and peril. While judicious use of debt can provide leverage for expansion and investment, excessive debt can precipitate insolvency and financial distress. Effective management of both business and personal debt emerges as a critical component for maintaining financial stability. It involves a delicate balance, where strategic borrowing aligns with business goals and vigilant debt repayment safeguards against potential pitfalls. Entrepreneurs navigating this dual-edged sword with prudence can leverage debt as a tool for growth without compromising financial integrity.

The Role of a Financial Plan: Charting the Path to Success

A comprehensive financial plan is the entrepreneurial finance roadmap, guiding businesses toward their financial objectives. It goes beyond mere numbers, providing a detailed overview of your current financial status and outlining a clear trajectory for achieving goals. This strategic document becomes a game-changer for business growth, serving as a compass that directs financial decisions . A well-devised financial plan helps entrepreneurs anticipate challenges, capitalize on opportunities, and maintain financial agility in a dynamic business environment. It acts as a proactive tool, aligning financial resources with business strategies and ensuring that every financial move contributes to the overarching success of the venture.

The Significance of an Emergency Fund: Safeguarding Business Resilience

The business landscape is inherently unpredictable, and unexpected financial challenges can arise at any moment. These exigencies pose potential threats to the stability and continuity of businesses. Recognizing this reality, the significance of establishing an emergency fund becomes paramount in entrepreneurial finance. An emergency fund acts as a financial cushion during turbulent times, offering businesses a lifeline to weather unforeseen crises. It provides the liquidity needed to address immediate expenses, navigate disruptions, and maintain operational stability. By having a robust emergency fund in place, businesses gain the much-needed financial resilience to confront challenges head-on, ensuring that unforeseen circumstances don’t derail their progress.

Living Within Your Means: A Timeless Principle for Financial Well-Being

The age-old wisdom of “living within your means” holds profound relevance in the realm of entrepreneurial finance, applying even to those with substantial wealth. At its core, this principle involves a disciplined approach to spending, where expenses are kept below income levels. Overstepping income boundaries can lead to debt accumulation, jeopardizing financial stability and eroding the net worth of both individuals and businesses. Embracing this principle is not merely about frugality but about establishing a sustainable and prudent financial lifestyle. Entrepreneurs who adhere to this fundamental practice lay the groundwork for sound financial management, ensuring that financial resources are allocated judiciously and in alignment with long-term financial goals.

Measuring Wealth: The Concept of Net Worth as a Barometer

The concept of net worth, calculated by subtracting liabilities from total assets, stands as a reliable barometer of wealth in entrepreneurial finance. A higher net worth signifies a greater accumulation of wealth. Enhancing net worth, therefore, becomes a key indicator of effective management in entrepreneurial finance. This metric encapsulates the financial health of individuals and businesses alike, offering a holistic view of their economic standing. Entrepreneurs who actively work towards increasing their net worth engage in strategic financial planning, wealth-building initiatives, and astute management practices. Elevating net worth isn’t just a numeric achievement; it reflects the mastery of entrepreneurial finance and the ability to navigate the complex interplay of assets and liabilities with finesse.

1. What is entrepreneurial finance?

Entrepreneurial finance is the strategic management and allocation of financial resources to achieve business goals. It involves the planning, utilization, and allocation of funds to turn business visions into financial realities.

2. Why is a positive money mindset important in entrepreneurial finance?

A positive money mindset is crucial as it significantly influences financial decisions. Cultivating a positive attitude toward wealth is essential for overcoming obstacles and fostering entrepreneurial success .

3. How can I manage debt effectively in my business?

Managing debt effectively involves using it as a tool for growth without overburdening the business. Striking a balance between leveraging debt for expansion and avoiding excessive debt is vital for financial stability.

4. What is the role of a financial plan in entrepreneurial finance?

A financial plan acts as a roadmap for entrepreneurial finance. It outlines the current financial status, sets objectives, and charts a course toward achieving financial goals. A well-devised financial plan is a game-changer for business growth.

5. How can I increase my net worth as an entrepreneur?

Increasing net worth involves enhancing the financial value of your business. Recognize your business as a significant financial asset, manage debt wisely, and implement strategic financial planning to boost your net worth over time

Featured image provided by Pixabay; Pexels; Thanks!

The post Navigating the Path to Prosperity: Entrepreneurial Finance Strategies for Business Owners appeared first on Under30CEO .

Navigating the Path to Prosperity: Entrepreneurial Finance Strategies for Business Owners

Small Business Strategic Plan Template

Small Business Strategic Plan Template

As a small business owner, you know that having a solid strategic plan is the key to achieving long-term success. But creating a strategic plan from scratch can be overwhelming and time-consuming. That's where ClickUp's Small Business Strategic Plan Template comes in!

With ClickUp's template, you can streamline your planning process and create a roadmap for your small business in no time. Here's how it can help you:

  • Define clear goals and objectives that align with your vision
  • Identify the actions and resources needed to achieve those goals
  • Prioritize tasks and track progress to stay on track
  • Collaborate with your team and assign responsibilities
  • Adapt and pivot your plan as your business evolves

Don't waste time reinventing the wheel. Start building your small business strategic plan today with ClickUp's template.

Benefits of Small Business Strategic Plan Template

When using the Small Business Strategic Plan Template, you can enjoy the following benefits:

  • Align your team: Get everyone on the same page and ensure everyone understands and is working towards the same business objectives.
  • Identify opportunities: Analyze your business environment and uncover new opportunities for growth and expansion.
  • Mitigate risks: Assess potential risks and develop strategies to minimize their impact on your small business.
  • Track progress: Set milestones and key performance indicators to track your progress and ensure you're on track to achieve your goals.
  • Adapt and pivot: As circumstances change, easily update your strategic plan to adapt and pivot your business accordingly.

Main Elements of Small Business Strategic Plan Template

Whether you're starting a new small business or looking to grow your existing one, ClickUp's Small Business Strategic Plan template has got you covered! Here are the main elements of this template:

  • Custom Statuses: Track the progress of your strategic initiatives with five different statuses including Cancelled, Complete, In Progress, On Hold, and To Do, ensuring that you stay on top of your business goals.
  • Custom Fields: Utilize eight custom fields such as Duration Days, Impact, Progress, and Team Members to capture essential information about your strategic initiatives, making it easier to track and evaluate their success.
  • Custom Views: Access six different views including Progress, Gantt, Workload, Timeline, Initiatives, and Getting Started Guide to visualize your strategic plan from different perspectives, helping you stay organized and focused on achieving your business objectives.
  • Project Management: Leverage ClickUp's powerful project management features such as task dependencies, time tracking, collaboration tools, and integrations to streamline your small business operations and ensure smooth execution of your strategic plan.

How to Use Strategic Plan for Small Business

Crafting a strategic plan for your small business can seem daunting, but with the help of the Small Business Strategic Plan Template in ClickUp and following the steps below, you can create a roadmap for success that will guide your business towards its goals.

1. Define your vision and mission

Start by clarifying your business's vision and mission. Your vision is the long-term goal or aspiration that you want your business to achieve, while your mission is the purpose or reason why your business exists. These statements will serve as the foundation of your strategic plan and will help guide your decision-making.

Use a Doc in ClickUp to brainstorm and refine your vision and mission statements.

2. Analyze your current situation

Conduct a thorough analysis of your business's current situation to identify strengths, weaknesses, opportunities, and threats. This analysis, often referred to as a SWOT analysis, will help you gain a clear understanding of where your business stands and what external factors may impact its success.

Utilize custom fields in ClickUp to track and evaluate each element of your SWOT analysis.

3. Set strategic goals and objectives

Based on your vision, mission, and analysis of your current situation, establish strategic goals and objectives that will guide your business's growth and development. These goals should be specific, measurable, attainable, relevant, and time-bound (SMART) to ensure they are actionable and achievable.

Create tasks in ClickUp to outline each strategic goal and assign relevant team members to track progress.

4. Develop an action plan

With your goals and objectives in place, it's time to develop an action plan that outlines the steps and initiatives your business will take to achieve them. Break down each goal into smaller, actionable tasks and assign responsibilities to team members. Consider timelines, resources, and potential obstacles to ensure a realistic and effective plan.

Use the Gantt chart in ClickUp to visualize your action plan and track progress over time.

By following these steps and utilizing the Small Business Strategic Plan Template in ClickUp, you can create a strategic plan that will guide your business towards success. Regularly review and update your plan as needed to adapt to changing circumstances and keep your business on track.

add new template customization

Get Started with ClickUp’s Small Business Strategic Plan Template

Small business owners or entrepreneurs can use the Small Business Strategic Plan Template to create a roadmap for success and achieve their business goals.

First, hit “Add Template” to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you’d like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to strategically plan for your business:

  • Use the Progress View to track the progress of each task and goal
  • The Gantt View will help you visualize the timeline and dependencies of your strategic plan
  • Utilize the Workload View to ensure that tasks are evenly distributed among team members
  • The Timeline View will give you a clear overview of your strategic plan and its milestones
  • Use the Initiatives View to break down your strategic plan into actionable initiatives
  • The Getting Started Guide View will provide step-by-step instructions on how to use the template effectively
  • Organize tasks into five different statuses: Cancelled, Complete, In Progress, On Hold, To Do, to keep track of progress
  • Update statuses as you work through your strategic plan to keep everyone informed of progress
  • Monitor and analyze tasks to ensure maximum productivity and success.

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What is a bullet journal uses for your small business.

What is a Bullet Journal?

Got millions of ‘to-dos’ floating around in your head? Responding to emails, updating employee data, sorting out inventory, small businesses are hit with endless tasks on a daily basis. To ensure none of these important business tasks get pushed to the back of your mind and eternally forgotten, it might be wise to start a bullet journal .

What is a Bullet Journal?

A bullet journal is a system of journaling and note-taking using bullet points. The purpose of the bullet system is to jot down incoming information and daily tasks, so they are processed, executed and don’t go forgotten.

Bullet journals come in a myriad of formats, with digital systems now available. However, many businesses prefer the old-fashioned pen and paper system.

Benefits of Using a Bullet Journal for Small Businesses

Running a small business involves juggling numerous tasks and responsibilities. A bullet journal can be a powerful tool to help you stay organized, focused, and productive. Here are some benefits of using a bullet journal for your small business:

  • Efficient Task Management : Bullet journals are designed for quick and efficient task management. You can jot down tasks, projects, and important deadlines in a clear and concise format, ensuring nothing falls through the cracks.
  • Customizable Planner : Bullet journals are highly customizable. You can tailor your journal to match the specific needs and objectives of your business. Whether you’re tracking client meetings, project timelines, or financial goals, your bullet journal can be adapted to suit your unique requirements.
  • Cost-Effective Solution : Small business owners often operate on tight budgets. Unlike expensive planners or digital tools, a bullet journal costs very little. All you need is a notepad and a pen, making it a cost-effective solution for staying organized.
  • Quick Setup and Learning : Time is precious for entrepreneurs. Bullet journals require minimal setup, and the system is easy to learn. Aside from a few simple symbols, you can start using your bullet journal effectively right away, without a steep learning curve.
  • Visual Task Management : Having a visual, easy-to-read to-do list at your fingertips allows for instant task prioritization. You can quickly assess what needs attention each day, helping you stay organized and ensuring important tasks are always on your radar.
  • Boosts Productivity and Satisfaction : Completing tasks and marking them as “done” in your bullet journal can be highly satisfying. This sense of accomplishment can inspire greater productivity and motivate you to tackle your to-do list with enthusiasm.
  • Keeps Business on Track : With a bullet journal, you can track business tasks, procedures, and projects efficiently. It serves as a reliable reference point, preventing essential business matters from being overlooked or neglected.
  • Flexible Format : Whether you prefer the tactile experience of pen and paper or the convenience of digital organization, bullet journals can adapt to your preferences. You can create a digital version in a word document or spreadsheet if that suits your workflow better.
  • Enhances Mental Well-being : Knowing that you have a structured system in place to manage your business tasks can reduce stress and enhance your mental well-being. You can confidently tackle challenges and enjoy peace of mind, knowing your business is well-organized.

What is a Bullet Journal and How Can Your Small Business Use One?

How to Create a Bullet Journal

The idea is that as traditional journaling and note-taking centered on full, lengthy sentences takes time, constructing to do lists and notes in easy-to-follow bullet points is significantly quicker to create.

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Bullet journals can be composed using a language known as Rapid Logging. Rapid Logging includes four components — topics, page numbers, short sentences and bullets.

Correctly-formatted bullet journals include a topic in the top corner of the page. The topic related to the tasks on the page in order to give clarity to the entry. For example, the topic might be ‘employees’ or ‘sales’, whereby all information entered on the page relates to ‘employee’ tasks or ‘sales’ tasks respectively.

Pages in a bullet journal should also be numbered so they can be referred to quickly and conveniently.

Every entry put in the journal should be bulleted and written in short, concise and objective sentences. The rapid logging system comprises of different symbols/bullets which denote different categories in the journal, including tasks, events and notes. A ‘ . ’ bullet represent tasks, events are denoted by an ‘O’, a ‘_’ represents facts.

Such bullets are a vital part of the journal as it brings visual organization to the data, helping you, not only organize data and information more quickly, but also reference it at a glance.

The status of tasks should also be logged through quick and easy to categorize and understand symbols. An ‘X’ represents and task is complete. An ‘>’ shows a task is migrated and an ‘<’ represents a task is scheduled.

For example, ‘ . x sign office lease’, would show, at a glance, that the task of signing the office lease is now complete.

Projects and launches can be added to the list as they come in. The bullet journal should be used to capture new information to help you stay on track of tasks and projects.

What is a Bullet Journal and How Can Your Small Business Use One?

More Small Business Benefits of Using a Bullet Journal

Whilst creating and, importantly, maintaining a bullet journal might seem like a fairly basic and even mundane tool, this simple to create, navigate and update system can help a business owner or entrepreneur see, at a glance, where they need to be spending their time and which tasks can be put on the backburner.

Provides Customizable Planner Costing Virtually Nothing

Bullet journals are customized and tailored so they meet the unique tasks and objectives of your own business or entrepreneurial venture. Furthermore, if you’re operating your small business on a tight financial leash, rather than having to spend a fortune on state-of-the-art planners, a bullet journal costs little more than a notepad and a pen!

Allows Simple Set Up and Maintain

Small business owners and entrepreneurs are strapped for time and the beauty of the bullet journal is that no complex system needs to be learned. Other than remembering a few simple symbols, bullet journals can be set up and learned in an instant.

Keeps Your Business Organized

Having a visual, easy-to-read to do list in front of you allows you to instantly see what you need to do each day. Subsequently, you can prioritize tasks with greater ease and help keep all those vital business tasks, procedures and projects on track, so nothing important gets left in the dark.

Inspires Productivity and Satisfaction

There is nothing quite as satisfying as seeing tasks marked as complete on a to do list. Such satisfaction can lead to a more productive day’s work as you strive to get everything ‘ticked off’ the list. Not only this but having all those vital tasks completed by the end of the week, means you can put your feet up and relax at the weekend without having to worry about work.

Depending on whether you are a ‘pen and paper’ kind of person or prefer to rely on digital organization by working your bullet journal into a word document or an excel spreadsheet, bullet journals are a flexible, inexpensive and simple way to help keep your business — not to mention your mental well being — on track and running smoothly.

What is a Bullet Journal and How Can Your Small Business Use One?

Implementing Bullet Journals in Team Collaboration

Bullet journals can transform team collaboration by serving as a centralized system for tracking tasks, deadlines, and projects. They can be introduced in team settings to ensure all members are aligned with their goals and responsibilities.

For effective integration, consider designating a communal bullet journal for project tracking or encouraging team members to maintain their individual journals that are reviewed in weekly meetings.

Highlighting tasks, assigning responsibilities, and setting deadlines in a visually engaging manner can significantly enhance team productivity and ensure that no critical task is overlooked.

Bullet Journaling for Strategic Planning and Goal Setting

Strategic planning and goal setting are vital for the growth of any small business, and bullet journals can play a crucial role in this process. Business owners can dedicate sections of their bullet journals to outline strategic objectives, break them down into actionable steps, and set timelines for achievement.

This method allows for a tangible representation of goals and progress, making it easier to stay focused and motivated. Monthly review pages can help assess what strategies are working and what needs adjustment, keeping the business agile and aligned with its long-term vision.

Integrating Bullet Journals with Digital Tools

While bullet journals excel in offering a hands-on approach to organization, integrating them with digital tools can create a comprehensive productivity system. For instance, tasks and appointments recorded in a bullet journal can be synced with digital calendars to ensure reminders and notifications.

Project management tools like Trello or Asana can complement the bullet journal by providing a platform for team collaboration, while the journal itself can host more detailed planning and brainstorming sessions.

This hybrid approach leverages the tactile benefits of bullet journaling with the convenience and accessibility of digital tools.

What is a Bullet Journal and How Can Your Small Business Use One?

Bullet Journaling for Financial Tracking and Management

For small business owners, financial management is a top priority, and bullet journals offer a simple yet effective way to keep finances in check. Sections of the journal can be dedicated to tracking expenses, monitoring cash flow, and planning budgets.

Creating monthly financial summaries can provide quick insights into financial health, helping business owners make informed decisions. Additionally, setting aside pages for financial goals and savings plans can keep financial aspirations clear and trackable.

Bullet Journaling for Customer Relationship Management

A bullet journal can be an invaluable tool for managing customer relationships by tracking interactions, preferences, and feedback. Designate sections of your journal to log client meetings, phone calls, and follow-up actions.

This method not only helps in personalizing customer interactions but also ensures timely follow-ups, contributing to customer satisfaction and loyalty. Moreover, keeping a record of customer feedback and suggestions can guide future business strategies and service improvements.

Personal Productivity and Well-being with Bullet Journaling

Entrepreneurship is as much about personal well-being as it is about business success. Bullet journals can help small business owners manage stress, set personal goals, and maintain a healthy work-life balance.

Sections dedicated to personal reflections, exercise schedules, and hobby tracking can encourage a holistic approach to productivity, ensuring that business owners stay energized and motivated.

Recognizing achievements, both personal and professional, can foster a positive mindset and drive further success.

Bullet Journaling for Creative Brainstorming and Idea Generation

A bullet journal can become a breeding ground for creativity, offering a space to jot down spontaneous ideas, sketch concepts, and develop innovative solutions. Use your journal to organize brainstorming sessions, doodle product designs, or map out marketing campaigns.

The unstructured format of a bullet journal encourages free-thinking and creativity, making it an ideal tool for exploring new avenues for business growth and development.

A bullet journal is a versatile and effective tool for small business owners and entrepreneurs. Its simplicity, customizability, and cost-effectiveness make it a valuable asset in managing the multitude of tasks and responsibilities that come with running a business.

From efficient task management to visual organization, a bullet journal helps you stay on top of your business operations, ensuring that important matters are addressed promptly.

Furthermore, the satisfaction of completing tasks and achieving goals can boost productivity and inspire a sense of accomplishment.

By incorporating a bullet journal into your daily routine, you not only enhance your business’s organization but also contribute to your own mental well-being.

Whether you choose the traditional pen-and-paper approach or opt for a digital adaptation, the key lies in finding a system that aligns with your workflow.

The flexibility of bullet journals allows you to tailor them to your specific business needs, making them a valuable companion on your entrepreneurial journey.

As small business owners navigate the complexities of their ventures, a bullet journal serves as a reliable partner, helping to keep everything on track, ensuring that no vital tasks are forgotten, and ultimately contributing to the success and growth of the business.

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  1. How to Craft a Strategic Plan

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  6. Strategic Planning for Your Business

    An effective strategic planning process involves having discussions with employees and outside vendors, as well as analyzing your small business and the industry. The outcome is a formal document—the strategic plan—that details your business's current status, its strengths and weaknesses, and the goals and objectives you want to achieve ...

  7. 2019 Small Business Strategic Planning Guide

    In this strategic planning kit, we're going to look at the strategic planning process Keap employed to grow the company over 10 years into a $100 million enterprise. By following these guidelines, your business can do more than just survive—you can thrive. Find out how your fellow small business owners define success.

  8. The 2020 Ultimate Guide to Strategic Planning For Your Small Business

    Create a Plan for the Next 90 Days - Here is where small businesses need to deviate from how large companies tackle strategic planning. As a small business, you can move faster than others.

  9. Strategic Planning for Small Businesses: 5 Steps to Get Things Back on

    Discover the true definition of strategic planning and unveil actionable insights to align your small business aspirations with practicality and informed decisions. We use cookies on our website to support technical features that enhance your user experience, and to help us improve our website.

  10. Try This Plan Outline Template for Small Businesses

    Learn the basics of creating a strategic plan for your small business. Follow our 8-step guide to help your business plan for the future. ... As a new business owner, you likely spend most of your time in the day to day operations of your business. However, when you've got your business off the ground and found your place in the market, it's ...

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    A strategic plan is a great tool to have in your arsenal. It is capable of helping your business achieve great things. Here are a few examples: Strategic planning can help you double the cash flow ...

  14. PDF U.S. Small Business Administration Strategic Plan

    While talking with small business owners across the country, I have heard stories of unprecedented struggles as they have reeled from the effects of the pandemic . But I have also witnessed a new sense of hope . At the SBA, we want our small businesses to not only ... Small Business Administration | Strategic Plan: Fiscal Years 2022-2026.

  15. Why Every Small Business Needs a Strategic Plan (and How to Create One)

    Benefit 2: A strategic plan provides focus for your work. Great new ideas are sometimes just distractions masquerading as opportunities. Falling for their trap is a fast track to your business becoming really unfocused. And for you and everybody on your team, a lack of focus leads to massive overwhelm. The strategic plan provides a filter and ...

  16. Achieving Business Growth: Strategic Planning for Small Business Owners

    For small business owners, creating a marketing strategy is essential to achieving business growth. It's important to create an organized and detailed marketing plan so you can better focus your goals and allocate resources efficiently. As seen at https://gosmallbusiness.co.uk/, to do this successfully, having a clear understanding of your ...

  17. Annual Strategic Plan for Small Business

    Annual Strategic Plan for Small Business. How to create an Annual Strategic Plan for your small business, with host Henry Lopez.Why you should create a strategic plan at the start of the new year and how to do so. Henry shares best practices and tips, and walks through the 10 steps to create your strategic plan - giving you a clear strategy and actionable plan to help you achieve continued ...

  18. 5 Steps to Craft a Winning Strategic Business Plan for Small Business

    For a small business owner, strategic planning helps you create a document that details the current status of the company and the direction you want to take it in. It's a process that helps your ...

  19. A Small Business Owner's Guide To Strategic Leadership

    These can help you develop a strategy for your company. Here are the 5 principles of strategic leadership: Plan: Develop a detailed strategy to guide your business. Ploy: Be clever in your approach and tactics, outsmarting competitors where necessary. Pattern: Maintain consistency in actions to create reliable patterns that employees trust.

  20. The Small Business Playbook For Annual Strategic Planning

    Think bigger picture. Brett and Scott suggest using this diagram to take a holistic look at your business, its mission, and your priorities. It can be hard to get an entire team out of the day-to-day of the business - especially your leadership team. But annual strategic planning requires looking at your company as a whole.

  21. PDF U.s. Small Business Administration

    FY 2018-2022 Strategic Plan charts a course for the SBA to fulfill its mission for America's entrepreneurs and small business owners. In this plan, the Agency sets four core strategic goals for the next 5 years: 1. Support small business revenue and job growth; 2. Build healthy entrepreneurial ecosystems and create business friendly ...

  22. Full article: Small business strategic management practices and

    Here, we apply Fuzzy set Qualitative Comparative Analysis (fsQCA) to explore how various combinations of six different SMPs - entrepreneurial orientation (EO), strategic planning, goal setting, total quality management (TQM), social capital, and small business owners' analysis of financial ratios - affect performance.

  23. Navigating the Path to Prosperity: Entrepreneurial Finance ...

    Entrepreneurial finance is the strategic management and allocation of financial resources to achieve business goals. It involves the planning, utilization, and allocation of funds to turn business ...

  24. Small Business Strategic Plan Template

    As a small business owner, you know that having a solid strategic plan is the key to achieving long-term success. But creating a strategic plan from scratch can be overwhelming and time-consuming. That's where ClickUp's Small Business Strategic Plan Template comes in! ... When using the Small Business Strategic Plan Template, you can enjoy the ...

  25. What is a Bullet Journal? Uses for Your Small Business

    Bullet Journaling for Strategic Planning and Goal Setting. Strategic planning and goal setting are vital for the growth of any small business, and bullet journals can play a crucial role in this process. Business owners can dedicate sections of their bullet journals to outline strategic objectives, break them down into actionable steps, and set ...

  26. Borrowing Money In 2024? Here's What Business Owners Need To ...

    As the new year begins, small-business owners continue to grapple with challenges in securing a line of credit. In the previous fiscal year, the Small Business Administration (SBA) played a ...

  27. 30 Emerging Technologies That Will Guide Your Business Decisions

    Use this year's Gartner Emerging Tech Impact Radar to: ☑️Enhance your competitive edge in the smart world ☑️Prioritize prevalent and impactful GenAI use cases that already deliver real value to users ☑️Balance stimulating growth and mitigating risk ☑️Identify relevant emerging technologies that support your strategic product roadmap Explore all 30 technologies and trends: www ...

  28. White House and SBA Announce Landmark Investments in Vital Small

    By U.S. Small Business Administration Published on February 14, 2024 Throughout its 65-year-long history, SBA's Small Business Investment Company (SBIC) program, has seeded, scaled, and sustained some of the most innovative and successful businesses in the world including Apple Computers, Tesla, and Intel, among many others.

  29. Exit planning services for small business owners: Excellent business

    We use the skills and knowledge of two Certified Exit Planning Advisors (CEPA), Mike Zimmerman, President and Founder, and John Packer, Small Business Director, to help you grow the value of your ...